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The Six Major Puzzlesin InternationalMacroeconomics: IsThere a Common Cause? Maurice ObstfeldKenneth Rogoff2000 год

The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?
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Аннотация: The central claim in this paper is that by explicitly introducing costs of international trade (narrowly, transport costs, but more broadly, tariffs, nontariff barriers, and other trade costs), one can go far toward explaining a great number of the main empirical puzzles that international macroeconomists have struggled with over twenty-five years. Our approach elucidates J. McCallum's home-bias-in-trade puzzle, the Feldstein-Horioka saving-investment puzzle, the French-Poterba equity-home-bias puzzle, and the Backus-Kehoe-Kydland consumption-correlations puzzle. That one simple alteration to an otherwise canonical international macroeconomic model can help substantially to explain such a broad range of empirical puzzles, including some that previously seemed intractable, suggests a rich area for future research. We also address a variety of international pricing puzzles, including the purchasing-power-parity puzzle emphasized by Rogoff, and what we term the exchange-rate disconnect puzzle. The latter category of riddles includes the Meese-Rogoff exchange-rate forecasting puzzle and the Baxter-Stockman neutrality-of-exchange-rate-regime puzzle. Here, although many elements need to be added to our extremely simple model, trade costs still play an essential role.
Год издания: 2000
Авторы: Maurice Obstfeld, Kenneth Rogoff
Издательство: University of Chicago Press
Источник: NBER Macroeconomics Annual
Ключевые слова: Monetary Policy and Economic Impact, Global Financial Crisis and Policies, Global trade and economics
Другие ссылки: NBER Macroeconomics Annual (HTML)
Library Union Catalog of Bavaria, Berlin and Brandenburg (B3Kat Repository) (HTML)
Digital Access to Scholarship at Harvard (DASH) (Harvard University) (PDF)
Digital Access to Scholarship at Harvard (DASH) (Harvard University) (HTML)
eScholarship (California Digital Library) (PDF)
eScholarship (California Digital Library) (HTML)
RePEc: Research Papers in Economics (HTML)
RePEc: Research Papers in Economics (HTML)
RePEc: Research Papers in Economics (HTML)