作者：BURDA, MC; GERLACH, S
作者单位：Centre for Economic Policy Research - UK; Brandeis University
摘要：The deterioration of the U.S. merchandise trade deficit in the 1980's fell mostly on durable goods. Using a representative-agent model, we show that the key distinction between the trade balance in nondurables and durables is the role of intertemporal prices in the latter. A decrease in intertemporal prices associated, for example, with an exchange-rate overvaluation should therefore be expected to worsen the trade balance in durables more than in nondurables. This interpretation of the compos...
