作者: Paul Bergin , Reuven Glick
DOI: 10.1111/J.1467-9396.2007.00662.X
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摘要: This paper analyzes how a model where goods are endogenously nontraded can help explain the relationship between current account and real exchange rate fluctuations. We formulate small open economy two-period in which switch being traded or nontraded. The demonstrates movements interest impose significant costs on intertemporal trade. also shows that variety of nonlinear relationships is possible rate, depending relative transport substitutability preferences goods. In contrast to recent work, our analysis implies such trade may be concern for many countries, not just those with large imbalances.