International Finance Discussion Papers: Technology Shocks: Novel Implications for International Business Cycles - Couverture souple

Raffo, Andrea

Couverture souple

ISBN 10 : 1288725043 ISBN 13 : 9781288725045

Editeur : BiblioBazaar, LLC, 2013

Synopsis

Understanding the joint dynamics of international prices and quantities remains a central issue in international business cycles. International relative prices appreciate when domestic consumption and output increase more than their foreign counterparts. In addition, both trade flows and trade prices display sizable volatility. This paper incorporates Hicks-neutral and investment-specific technology shocks into a standard two-country general equilibrium model with variable capacity utilization and weak wealth effects on labor supply. Investment-specific technology shocks introduce a source of fluctuations in absorption similar to taste shocks, thus reconciling theory and data. The paper also presents implications for the transmission mechanism of technology shocks across countries and for the Barro and King (1984) critique of investment shocks.

Détails de l'édition

• Éditeur: BiblioBazaar, LLC
• Date d'édition: 2013
• Langue: anglais
• ISBN 10: 1288725043
• ISBN 13: 9781288725045
• Reliure: Broché
• Nombre de pages: 58
• Coordonnées du fabricant: non disponible
• Personne responsable: non disponible