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The Cyclical Behavior of Net Exports: Temporary and Persistent Movements (1996)

Phillips, Kerk L.

Oxford, UK : Blackwell Publishing Ltd

Review of international economics 4 (1996), S. 0

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ISSN: 1467-9396

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: This paper explores the empirical relationship of net exports, domestic output, and foreign output. It presents evidence supporting a consumption-smoothing motive for trade in goods. Classical models of the international macroeconomy typically allow for trade in claims on both home and foreign output. This paper lends empirical support to this setup by showing that highly transitory shocks to output cause net exports from the country experiencing the shock to rise. Persistent shocks have opposite effects—a result consistent with the role persistent shocks play in signaling future investment opportunities.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00085.x

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