Trade in capital goods and investment-specific technical change

被引：19

作者：

Boileau, M

机构：

[1] Univ Colorado, Dept Econ, Boulder, CO 80309 USA

[2] Univ Quebec, Ctr Res Econ Fluctuat & Employment, Montreal, PQ H3C 3P8, Canada

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2002年 / 26卷 / 06期

关键词：

international real business cycles; machinery and equipment;

D O I：

10.1016/S0165-1889(01)00005-7

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the role of trade in capital goods and investment-specific technical change in the determination of the cross-country correlation of output and the volatility of the terms of trade. The cross-country correlation of output for G7 countries ranges from 0.42 to 0.85 and the relative volatility of the terms of trade ranges from 1.24 to 6.06. The standard model with total factor productivity change and trade in final goods only generates an average cross-country correlation of 0.05 and an average volatility of 0.68. Models with trade in capital goods and investment-specific technical change produce an average cross-country correlation of 0.71 and an average volatility of 2.81. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：963 / 984

页数：22

共 25 条

[1]

[Anonymous], 1985, TRADE LIBERALIZATION

[2]

Arvanitis AV, 1996, AM ECON REV, V86, P67

[3]

Backus D., 1995, Frontiers in Business Cycle Research

[4]

BACKUS DK, 1994, AM ECON REV, V84, P84