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| Author: | Sadka, J. C. Yi, K. |
| Title: | Consumer durables, permanent terms of trade shocks, and the recent US trade deficits |
| Journal: | Journal of International Money and Finance
1996 : OCT, VOL. 15:5, p. 797-811 |
| Index terms: | BUSINESS CYCLES CONSUMER DURABLES TRADE IMPORTS USA |
| Language: | eng |
| Abstract: | This paper employs an open economy real business cycle model to suggest that part of the 1980s US trade deficits may have been driven by permanent declines in consumer durable import prices. It is also shown that most of the resulting decline in the trade balance is due to wealth effects, not substitution effects. |
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