dc.contributor.author | ENDERS, Zeno | |
dc.contributor.author | MÜLLER, Gernot J. | |
dc.date.accessioned | 2007-01-12T09:22:35Z | |
dc.date.available | 2007-01-12T09:22:35Z | |
dc.date.issued | 2006 | |
dc.identifier.issn | 1725-6704 | |
dc.identifier.uri | https://hdl.handle.net/1814/6449 | |
dc.description.abstract | Using vector autoregressions on U.S. time series, we find that technology shocks induce an ‘S’-
shaped cross-correlation function for the trade balance and the terms of trade (S-curve). In calibrating
a prototypical international business cycle model to match the S-curve under complete
and incomplete financial markets, we find two distinct sets of parameter values. While both model
specifications deliver the S-curve, the underlying transmission mechanism of technology shocks
is fundamentally different. Most importantly, only in the incomplete markets economy the terms
of trade appreciate and thus amplify the relative wealth effects of technology shocks - as suggested
by time series evidence. | en |
dc.format.extent | 675470 bytes | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en | en |
dc.publisher | European University Institute | |
dc.relation.ispartofseries | EUI ECO | en |
dc.relation.ispartofseries | 2006/36 | en |
dc.rights | info:eu-repo/semantics/openAccess | |
dc.subject | S-curve | en |
dc.subject | Technology shocks | en |
dc.subject | Terms of trade | en |
dc.subject | Trade balance | en |
dc.subject | Incomplete markets | en |
dc.subject | F41 | en |
dc.subject | E32 | en |
dc.subject | F32 | en |
dc.title | S-Curve Redux: On the International Transmission of Technology Shocks | en |
dc.type | Working Paper | en |
dc.neeo.contributor | ENDERS|Zeno|aut| | |
dc.neeo.contributor | MUELLER|Gernot J|aut| | |
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