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Thursday, July 23, 2020 | History

2 edition of Traded and nontraded goods prices, and international risk sharing found in the catalog.

Traded and nontraded goods prices, and international risk sharing

Giancarlo Corsetti

Traded and nontraded goods prices, and international risk sharing

an empirical investigation

by Giancarlo Corsetti

  • 26 Want to read
  • 23 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English


Edition Notes

StatementGiancarlo Corsetti, Luca Dedola, Francesca Viani
SeriesNBER working paper series -- working paper 17501, Working paper series (National Bureau of Economic Research : Online) -- working paper no. 17501.
ContributionsDedola, Luca, 1967-, Viani, Francesca, National Bureau of Economic Research
Classifications
LC ClassificationsHB1
The Physical Object
FormatElectronic resource
ID Numbers
Open LibraryOL25165981M
LC Control Number2011657386

real exchange rates of changes in the relative price of non-traded goods based solely on US/EU exchange rate data. As demonstrated convincingly by Engel (), and reflected in our own results, the movements in these particular bilateral real exchange rates are completely dominated by deviations from the law of one price for traded goods. Nontraded goods, both in the form of final consumption goods and as an input into the production of final tradable goods, are an important aspect driving international relative price movements.

This chapter describes how the economic prices of non-tradable goods and services are estimated. Non-tradable items are those which are not traded internationally. They include items such as services where the demander and producer must be in the same location, and commodities which have low value relative to either their weight or volume. International Risk Sharing and the Transmission of Productivity Shocks by Corsetti, Giancarlo & Dedola, Luca & Leduc, Macroeconomics of international price discrimination A quantitative welfare analysis of the trade-off between the current regime and macroeconomic stabilization.

  Stulz, R.M., , An equilibrium model of exchange rate determination and asset pricing with nontraded goods and imperfect information, Journal of Political Econ Tesar, L.L., , international risk-sharing and nontraded goods, Journal of International . The exchange rate reflects transaction values for traded goods between countries in contrast to non-traded goods, that is, goods produced for home-country use. Giga-fren Competitive pressures would tend to produce relative price changes between the traded good and non - traded good sectors of the economy, thus broadening the influence of the.


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Traded and nontraded goods prices, and international risk sharing by Giancarlo Corsetti Download PDF EPUB FB2

Published: Giancarlo Corsetti & Luca Dedola & Francesca Viani, "Traded and Nontraded Goods Prices, and International Risk Sharing: An Empirical Investigation," NBER International Seminar on Macroeconomics, University of Chicago Press, vol.

8(1), pages - citation courtesy of. Users who downloaded this paper also downloaded* these:Cited by: Traded and Nontraded Goods Prices, and International Risk Sharing: An Empirical Investigation Giancarlo Corsetti, Luca Dedola, Francesca Viani Chapter in NBER book NBER International Seminar on Macroeconomics (), Jeffrey Frankel and Christopher Pissarides, organizers (p.

- )Cited by: Traded and Nontraded Goods Prices and International Risk Sharing and income effects of fundamental shocks in relation to the equilibrium fl uctuations in the relative prices of tradables and nontradables across borders.

The natural starting point of our discussion is the general condition characterizing an allocation with complete risk sharing. Get this from a library. Traded and nontraded goods prices, and international risk sharing: an empirical investigation.

[Giancarlo Corsetti; Luca Dedola; Francesca Viani; National Bureau of Economic Research.] -- And international risk sharing book for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of.

Get this from a library. Traded and Nontraded Goods Prices, and International Risk Sharing: an Empirical Investigation. [Giancarlo Corsetti; Luca Dedola; Francesca Viani] -- Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of policy trade-offs.

Traded and Nontraded Goods Prices, and International Risk Sharing: an Empirical Investigation. Giancarlo Corsetti, Luca Dedola, Francesca Viani NBER Working Paper No.

Downloadable. Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of policy trade-offs likely to be affected by imperfections in financial markets.

Key to the literature is the evidence, at odds with efficiency, that consumption is relatively high in countries where its. TRADED AND NONTRADED GOODS PRICES, AND INTERNATIONAL RISK SHARING: AN EMPIRICAL INVESTIGATION (*) Documentos de Trabajo.

N.º The Working Paper Series seeks to disseminate original research in economics and fi nance. All papers Traded and nontraded goods prices, and international risk sharing: an empirical investigation. Download Citation | International Risk Sharing and the Costs of Trade | 2. Home biases in currencies and equities, asset-price movements, and the international adjustment process.

Relation to. Fig. 1 illustrates how holdings of domestic nontraded good equities depend on the elasticity of substitution, 1/μ, between traded and nontraded figure is drawn under the assumptions that σ=2 and the consumption shares devoted to traded and nontraded goods are equal so that x/pz= Download: Download full-size image Fig.

μ: Inverse of elasticity of substitution. Downloadable. Empirical evidence suggests that movements in international relative prices are large and persistent.

Nontraded goods, both in the form of final consumption goods and as an input into the production of final tradable goods, are an important aspect driving international relative price movements.

In this paper we show that nontraded goods play an important role in the context of an. Home biases in currencies and equities, asset-price movements, and the international adjustment process.

Relation to Feldstein-Horioka. Need for a general-equilibrium portfolio-balance model. Basics of risk-sharing: complete asset markets, trade costs, and the Backus-Smith condition.

Trade costs in a model of risk sharing: Coeurdacier. Comment on "Nontraded Goods Prices, Terms of Trade and International Risk-Sharing: An Empirical Investigation" Mario J. Crucini. Chapter in NBER book NBER International Seminar on Macroeconomics (), Jeffrey Frankel and Christopher Pissarides, organizers (p.

Journal of International Economics 35 () North-Holland International risk-sharing and non-traded goods Linda L. Tesar* University of California, Santa Barbara, CAUSA Received Decemberrevised version received July The high correlation between savings and investment, the low cross-country correlation between consumption growth rates and the home bias in.

Downloadable. Empirical evidence suggests that movements in international relative prices (such as the real exchange rate) are large and persistent.

Nontraded goods, both in the form of final consumption goods and as an input into the production of final tradable goods, are an important aspect behind international relative price movements.

In this paper we show that nontraded goods have. Journals & Books; Help Vol Issues 1–2, AugustPages International risk-sharing and non-traded goods. facts are consistent with complete financial markets when agents face stochastic fluctuations in the output of non-traded goods.

Consumer preferences over traded and non-traded goods and over the intertemporal. International Risk Sharing During the Globalization Era different countries get the opportunity to trade financial assets and insure themselves against hence no nontraded goods and no price rigidities causing real exchange-rate misalignments.

Agents have identical. Corrections. All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:inecon:vyipSee general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title. Price of local (non-traded) goods. Information on prices for local, non-traded goods, is available for each WHO sub-region. Non-traded goods are all those which cannot be internationally traded, thus must be sourced locally, for example human resources.

It also relates to recent work which has re-emphasized the importance of nontraded goods for assessing labor market responses to international trade (Beladi and Batra, ; Beladi and Oladi.

With perfect capital mobility internationally and perfect factor mobility domestically, the relative price of nontraded goods is predicted to be independent of preferences over traded and.Abstract.

Every country produces goods which cannot be traded at all either because of the nature of the goods, like houses, services, etc., or because of political barriers preventing, for example, the export of certain strategic military equipment, or because of artificial trade barriers like prohibitive tariffs.movements in the relative price of comparatively nontraded goods to traded goods across countries.

In addition, the shocks induce movements in trade balances and real exchange rate that are consistent with the data. Finally, the model can also match evidence on sectoral deviations from the law of one price.