International Trade in Durable Goods : Understanding Volatility , Cyclicality , and Elasticities

@inproceedings{Engel2007InternationalTI,
  title={International Trade in Durable Goods : Understanding Volatility , Cyclicality , and Elasticities},
  author={Charles Engel},
  year={2007}
}
Data for OECD countries document: 1. imports and exports are about three times as volatile as GDP; 2. imports and exports are pro-cyclical, and positively correlated with each other; 3. net exports are counter-cyclical. Standard models fail to replicate the behavior of imports and exports, though they can match net exports relatively well. Inspired by the fact that a large fraction of international trade is in durable goods, we propose a two-country two-sector model, in which durable goods are… CONTINUE READING
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