Dissecting the dynamics of the US trade balance in an estimated equilibrium model

Journal of International Economics - Tập 90 - Trang 302-315 - 2013
Punnoose Jacob1, Gert Peersman2
1Reserve Bank of New Zealand, New Zealand
2Ghent University, Belgium

Tài liệu tham khảo

Adjemian, 2011, Dynare: Reference Manual, Version 4 Adolfson, 2007, Bayesian estimation of an open economy DSGE model with incomplete pass-through, Journal of International Economics, 72, 481, 10.1016/j.jinteco.2007.01.003 Backus, 1994, Dynamics of the trade balance and the terms of trade: the J-curve?, American Economic Review, 84, 84 Barro, 1984, Time-separable preferences and intertemporal substitution models of the business cycle, Quarterly Journal of Economics, 99, 817, 10.2307/1883127 Basu, 2011, International business cycles and the relative price of investment goods, Canadian Journal of Economics, 44, 580, 10.1111/j.1540-5982.2011.01645.x Bauwens, 1999 Bems, 2007, US imbalances: the role of technology and policy, Journal of International Money and Finance, 26, 523, 10.1016/j.jimonfin.2007.03.004 Bergin, 2006, How well can the new open economy macroeconomics explain the exchange rate and current account?, Journal of International Money and Finance, 25, 675, 10.1016/j.jimonfin.2006.04.001 Bodenstein, 2011, Oil shocks and external adjustment, Journal of International Economics, 83, 168, 10.1016/j.jinteco.2010.10.006 Bussière, 2010, Productivity shocks, budget deficits and the current account, Journal of International Money and Finance, 29, 1562, 10.1016/j.jimonfin.2010.05.012 Carlstrom, 1997, Agency costs, net worth, and business fluctuations: a computable equilibrium analysis, American Economic Review, 87, 893 Christiano, 2012, Risk shocks, Northwestern University Mimeo Christiano, 2010, Financial factors in economic fluctuations Corsetti, 2012, What drives US foreign borrowing? Evidence on external adjustment to transitory and permanent shocks, American Economic Review, 102, 1062, 10.1257/aer.102.2.1062 Corsetti, 2006, Twin deficits: squaring theory, evidence and common sense, Economic Policy, 48, 597, 10.1111/j.1468-0327.2006.00167.x Corsetti, 2006, Productivity, external balance and exchange rates: evidence on the transmission mechanism among G7 countries Corsetti, 2008, International risk sharing and the transmission of productivity shocks, Review of Economic Studies, 75, 443, 10.1111/j.1467-937X.2008.00475.x Cummins, 2002, Investment-specific technical change in the US (1947-2000): measurement and macroeconomic consequences, Review of Economic Dynamics, 5, 243, 10.1006/redy.2002.0168 De Walque, 2005, An estimated two-country DSGE model for the Euro-area and the US economy, National Bank of Belgium Mimeo Engel, 2006, The U.S. current account deficit and the expected share of world output, Journal of Monetary Economics, 53, 1063, 10.1016/j.jmoneco.2006.05.002 Engel, 2011, International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities, Journal of International Economics, 83, 37, 10.1016/j.jinteco.2010.08.007 Erceg, 2008, Trade Adjustment and the Composition of Trade, Journal of Economic Dynamics and Control, 32, 2622, 10.1016/j.jedc.2007.09.015 Fagan, 2001, An Area-Wide Model (AWM) for the Euro-Area Furlanetto, 2010, Investment-specific technology shocks and consumption Greenwood, 2000, The role of investment-specific technological change in the business cycle, European Economic Review, 44, 91, 10.1016/S0014-2921(98)00058-0 Guerrieri, 2010, Interpreting investment-specific technology shocks, 1000 Jacob, 2008, Dissecting the dynamics of the US trade balance in an estimated equilibrium model Jaimovich, 2009, Can news about the future drive the business cycle?, American Economic Review, 99, 1097, 10.1257/aer.99.4.1097 Jermann, 2012, Macroeconomic effects of financial shocks, American Economic Review, 102, 238, 10.1257/aer.102.1.238 Justiniano, 2010, Can structural small open economy models account for the influence of foreign disturbances?, Journal of International Economics, 81, 61, 10.1016/j.jinteco.2010.01.001 Justiniano, 2010, Investment shocks and business cycles, Journal of Monetary Economics, 57, 132, 10.1016/j.jmoneco.2009.12.008 Justiniano, 2011, Investment shocks and the relative price of investment, Review of Economic Dynamics, 14, 101, 10.1016/j.red.2010.08.004 King, 1988, Production, growth and business cycles I: the basic neoclassical model, Journal of Monetary Economics, 21, 195, 10.1016/0304-3932(88)90030-X Kollmann, 1998, US trade balance dynamics: the role of fiscal policy and productivity shocks and of financial market linkages, Journal of International Money and Finance, 17, 637, 10.1016/S0261-5606(98)00022-9 Lubik, 2006, A Bayesian look at the new open economy macroeconomics, NBER Macroeconomics Annual, 20, 313, 10.1086/ma.20.3585427 Mandelman, 2011, Investment-specific technology shocks and international business cycles: an empirical assessment, Review of Economic Dynamics, 14, 136, 10.1016/j.red.2010.08.001 McGrattan, 1994, The macroeconomic effects of distortionary taxation, Journal of Monetary Economics, 33, 573, 10.1016/0304-3932(94)90044-2 Rabanal, 2010, Euro-dollar real exchange rate dynamics in an estimated two-country model: an assessment, Journal of Economic Dynamics and Control, 34, 780, 10.1016/j.jedc.2009.11.003 Raffo, 2008, Net-exports, consumption volatility and international business cycle models, Journal of International Economics, 75, 14, 10.1016/j.jinteco.2007.10.001 Raffo, 2010, Technology shocks: novel implications for international business cycles Smets, 2007, Shocks and frictions in US business cycles: a Bayesian DSGE approach, American Economic Review, 97, 586, 10.1257/aer.97.3.586 Thoenissen, 2011, Exchange rate dynamics, asset market structure and the role of the trade elasticity, Macroeconomic Dynamics, 15, 119, 10.1017/S1365100509991039