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政大典藏 > College of Commerce > Department of International Business > Periodical Articles > Item 140.119/64814

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Title:	Traded Bond Denominations, Shock Persistence and Current Account Dynamics: Another Look at the Harberger-Laursen-Metzler Effect
Authors:	林柏生 Fang, Chen;Lin, Po-Sheng
Contributors:	國貿系
Date:	2013.10
Issue Date:	2014-03-21 16:39:36 (UTC+8)
Abstract:	This paper presents an analytical framework to clarify the mechanism through which terms-of-trade shocks are transmitted to savings, investment and the current account. By imposing specific preferences to simplify their calculations in the presence of hysteresis, conventional investigations have incorrectly interpreted the macroeconomic effects of terms-of-trade disturbances. By concentrating on traded bond denominations and shock persistence, the present analysis reexamines the Harberger–Laursen–Metzler effect and offers new insight. The relevant results provide a rational explanation as to why external price changes lead to a variety of phases of different signs in the evolution of the current account dynamics.
Relation:	Pacific Economic Review,18(4),502-529
Data Type:	article
DOI link:	http://dx.doi.org/10.1111/1468-0106.12032
DOI:	10.1111/1468-0106.12032
Appears in Collections:	[Department of International Business] Periodical Articles

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