International Business Cycles in a Limited Participation Model of Money
2004/03/30
研討會日期 : 2004-03-30
時間 : 15:00
主講人 : 楊大慶先生
地點 : B棟110室
演講者簡介 : 楊大慶先生為Ph.D. Candidate in Economics， Ohio State University (Expected June, 2004)。
其主要研究領域為Macroeconomics、International Economics及Econometrics。
演講摘要 : Among developed countries the cross-country correlations of output are higher than those of consumption. Models in the literature of international business cycles have had difficulty explaining this fact. A two-country limited participation model of money is constructed and calibrated, assuming heterogeneity among households and firms in their abilities to react to monetary shocks. Households’ saving decisions are made before monetary shocks are realized. This friction and the cash-in-advance constraint together are able to weaken consumption smoothing among agents, hence to reduce the international correlation of consumption. International bank lending provides a direct linkagebetween two countries’ production, and generate cross-country correlations of output that are greater than those of consumption.
