haku: @author Serven, L. / yhteensä: 4
viite: 2 / 4
| Tekijä: | Serven, L. |
| Otsikko: | Terms-of-trade shocks and optimal investment: another look at the Laursen-Metzler effect |
| Lehti: | Journal of International Money and Finance
1999 : JUN, VOL. 18:3, p. 337-366 |
| Asiasana: | INVESTMENT TRADE INTERNATIONAL |
| Kieli: | eng |
| Tiivistelmä: | Conventional analyses of the effect of terms-of-trade shocks provide a misleading view of their impact on investment and on the current account due to the exclusion of capital goods imports from the analytical framework -- a feature that is both arbitrary and unrealistic. This paper reexamines the consequences of permanent and transitory changes in the terms of trade in a rational-expectations model of a small open economy with trade in both consumption and capital goods. |
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