文献类型：期刊文献

英文题名：Trading frictions and consumption-output comovement

作者：Zhao, Yan[1];Guo, Shen[2];Liu, Xingfei[3,4]

机构：[1]E China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China;[2]CUFE, China Acad Publ Finance & Publ Policy, Beijing, Peoples R China;[3]Renmin Univ, IZA, Beijing, Peoples R China;[4]Renmin Univ, Sch Labor & Human Resources, Beijing, Peoples R China

年份：2014

卷号：42

起止页码：229

外文期刊名：JOURNAL OF MACROECONOMICS

收录：;WOS:【SSCI(收录号:WOS:000347023700017)】；

语种：英文

外文关键词：Nontradable-goods; Consumption-output comovement; small open economy

摘要：The tradable sector has a lower consumption-output comovement than that in the nontradable sector. An artificial autarky generates identical comovements. Once the economy is open, however, the comovement in the nontradable sector becomes too low. The paper demonstrates that the intensity of labor adjustment across sectors is the main reason for the above results. In autarky model, investment adjustment is limited, so is labor and output; with free trade, investment and hence labor adjust to a greater size and output moves oppositive to consumption in the nontradable sector. Therefore, a model with trading frictions can account for the data. (C) 2014 Elsevier Inc. All rights reserved.