发帖
雷达卡
| Abstract |
The centralclaim in this paper is that by explicitly introducing costs ofinternational trade (narrowly, transport costs but more broadly,tariffs, nontariff barriers and other trade costs), one can go fartoward explaining a great number of the main empirical puzzles thatinternational macroeconomists have struggled with over twenty-fiveyears. Our approach elucidates J. McCallum's home bias in trade puzzle,the Feldstein-Horioka saving-investment puzzle, the French-Poterbaequity home bias puzzle, and the Backus-Kehoe- Kydland consumptioncorrelations puzzle. That one simple alteration to an otherwisecanonical international macroeconomic model can help substantially toexplain such a broad arrange of empirical puzzles, including some thatpreviously seemed intractable, suggests a rich area for futureresearch. We also address a variety of international pricing puzzles,including the purchasing power parity puzzle emphasized by Rogoff, andwhat we term the exchange-rate disconnect puzzle.' The latter categoryof riddles includes both the Meese-Rogoff exchange rate forecastingpuzzle and the Baxter-Stockman neutrality of exchange rate regimepuzzle. Here although many elements need to be added to our extremelysimple model, we can still show that trade costs play an essential role.
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