INTERPRETING COMOVEMENTS IN THE TRADE BALANCE AND THE TERMS OF TRADE
成果类型：
Article
署名作者：
BACKUS, DK
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(93)90056-4
发表日期：
1993
页码：
375-387
关键词：
摘要：
I examine the relation between the trade balance and the terms of trade in a two-country dynamic stochastic exchange economy with complete markets. Along an equilibrium path for this economy, the relation is governed by the substitutability between foreign and domestic goods. I find, in contrast to non-stochastic analyses of the Harberger-Laursen-Metzler effect, that a positive association does not require persistent shocks or non-constant rates of time preference. This contrast highlights the role played by the structure of asset markets, complete and otherwise, in generating equilibrium comovements.