Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 남덕우 | - |
dc.date.accessioned | 2016-11-16T02:23:00Z | - |
dc.date.available | 2016-11-16T02:23:00Z | - |
dc.date.issued | 2015-05 | - |
dc.identifier.citation | JOURNAL OF INTERNATIONAL ECONOMICS, v. 97, NO 1, Page. 162-177 | en_US |
dc.identifier.issn | 0022-1996 | - |
dc.identifier.issn | 1873-0353 | - |
dc.identifier.uri | http://www.sciencedirect.com/science/article/pii/S0022199615000926 | - |
dc.identifier.uri | http://hdl.handle.net/20.500.11754/24387 | - |
dc.description.abstract | This paper argues that it is important to distinguish surprise and anticipated components of total factor productivity (TFP) when we study the international transmission of TFP shocks. We document that surprise and anticipated shocks to US TFP induce distinct dynamics for international relative prices (the real exchange rate and the terms of trade) and international trade (real exports, real imports, and the trade balance). Our empirical findings can reconcile some conflicting empirical results in the literature and hence lead to a better understanding of the international transmission of TFP shocks. In addition, we evaluate a standard international macroeconomic model and discuss the mechanisms that may help to replicate our empirical findings. (C) 2015 Elsevier B.V. All rights reserved. | en_US |
dc.description.sponsorship | This is a substantially revised version of the paper that was previously circulated under the title, "The Effects of News About Future Productivity on International Relative Prices: An Empirical Investigation." We thank the editor and three anonymous referees for many insightful comments. We would also like to thank Paul Beaudry, Anton Cheremukhin, Mario Crucini, Mick Devereux, Charles Engel, Kevin Huang, Ryo Jinnai, Enrique Martinez-Garcia, John Rogers, Rob Vigfusson, Kenneth West, Carlos Zarazaga, and seminar participants at various seminars and conferences for helpful discussions. Janet Koech and Payton Odom provided excellent research assistance. All views are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve System. Deokwoo acknowledges support for this work from Hanyang University through a general research fund (HY-2014-G). | en_US |
dc.language.iso | en | en_US |
dc.publisher | ELSEVIER SCIENCE BV | en_US |
dc.subject | International transmission of TFP shocks | en_US |
dc.subject | News shocks | en_US |
dc.subject | Real exchange rate | en_US |
dc.subject | Trade balance | en_US |
dc.subject | Backus-Smith puzzle | en_US |
dc.subject | Impulse response function matching estimation | en_US |
dc.title | The effects of surprise and anticipated technology changes on international relative prices and trade | en_US |
dc.type | Article | en_US |
dc.relation.no | 1 | - |
dc.relation.volume | 97 | - |
dc.identifier.doi | 10.1016/j.jinteco.2015.04.009 | - |
dc.relation.page | 162-177 | - |
dc.relation.journal | JOURNAL OF INTERNATIONAL ECONOMICS | - |
dc.contributor.googleauthor | Nam, Deokwoo | - |
dc.contributor.googleauthor | Wang, Jian | - |
dc.relation.code | 2015014354 | - |
dc.sector.campus | S | - |
dc.sector.daehak | COLLEGE OF ECONOMICS AND FINANCE[S] | - |
dc.sector.department | DIVISION OF ECONOMICS & FINANCE | - |
dc.identifier.pid | deokwnam | - |
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