Business cycles with staggered prices and international trade in intermediate inputs

被引:29
作者
Huang, Kevin X. D. [1 ]
Liu, Zheng
机构
[1] Fed Reserve Bank Philadelphia, Dept Res, Philadelphia, PA 19106 USA
[2] Vanderbilt Univ, Dept Econ, Nashville, TN 37235 USA
[3] Emory Univ, Dept Econ, Atlanta, GA 30322 USA
关键词
multiple stages of production; international trade in intermediate goods; staggered prices; international quantity correlations; exchange rates;
D O I
10.1016/j.jmoneco.2006.05.016
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
International trade in intermediate inputs and, increasingly, in goods produced at multiple stages of processing has been widely studied in the real trade literature. We assess the role of this feature of modern world trade in accounting for some stylized facts about international business cycles. Our model with staggered prices and trade in intermediates across four stages of processing does well in explaining the observed international correlations in aggregate quantities, and it performs much bet, ter than a single-stage model with no trade in intermediates. The model in itself does not provide a full account of the cyclical behavior of the real exchange rate, but, compared to the single-stage model, it moves in the right direction. (C) 2006 Elsevier B.V. All rights reserved.
引用
收藏
页码:1271 / 1289
页数:19
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