Structural Change in the External Balances Response to Macroeconomic Policies: Perspective from a Two-Sector New Open Economy Macroeconomic Model

The response of the Japanese trade balance against expansionary macroeconomic policy shocks changed from positive to negative in the 1990s. With consideration of intratemporal (between tradable and nontradable goods) and intertemporal elasticity of substitutions, we investigate this cause using two‐...

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Bibliographic Details
Published in:Review of international economics 2013-11, Vol.21 (5), p.1021-1031
Main Author: Yamamoto, Shugo
Format: Article
Language:English
Subjects:
Balance of trade
Economic policy
Economic theory
Elasticity
Elasticity of substitution
Empirical research
Impulse response functions
International trade
Japan
Macroeconomic policy
Macroeconomics
Mehrsektoren-Modell
Neue Makroökonomik offener Volkswirtschaften
Open economies
Regression analysis
Research methodology
Schock
Structural change
Studies
Substitutionselastizität
Vector-autoregressive models
Wirkungsanalyse
Wirtschaftspolitik
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