International Transmission with Heterogeneous Sectors

• 成果类型: Article
• 署名作者: Jin, Keyu; Li, Nan
• 署名单位: University of London; London School Economics & Political Science; International Monetary Fund
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20150379
• 发表日期: 2018
• 页码: 36-76
• 关键词: real exchange-rates; business cycles; incomplete markets; Nontraded goods; TRADE; consumption; RISK; PRODUCTIVITY; DYNAMICS; shocks

摘要

This paper documents new facts about the behavior of capital- and labor-intensive goods over the business cycle and also identifies a mechanism that generates international investment co-movement through shifting compositional changes of production and trade across sectors. Our model's quantitative predictions not only match aggregate and sectoral statistics but also generate empirically plausible sectoral composition effects. Finally, we show that essential segments of the transmission process receive empirical support.