Trade Costs, Market Integration, and Macroeconomic Volatility

Trade Costs, Market Integration, and Macroeconomic Volatility
This paper examines the effects of trade costs on macroeconomic volatility. We first construct a dynamic, two-country general equilibrium model, where the degree of market integration depends directly on trade costs (transport costs, tariffs, etc.). The model is a extension of Obstfeld and Rogoff (1995). Naturally, a reduction in trade costs... READ MORE...

Publication date: March 2003
ISBN 9781451847536
$15.00

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