摘要
文章重点论述了交易成本对真实汇率波动性的影响。基于Eaton和Kortum(2002)的思想,将两国和多国之间的Ricardian贸易模型进行改进,用于对宏观经济模型的分析,表明国家之间双边真实汇率的波动程度取决于各国生产力的比较优势和贸易国的交易成本。最后我们利用1980-2000年间巨大的跨境面板数据检验并支持了文章的这一结论。
The paper examines the impact of trade costs on real exchange rate volatility. The channel is examined by constructing a two-country Ricardian model of trade, based on the work of Eaton and Kortum （2002）, which shows that higher trade costs result in a larger non-tradable sector, which, in turn, leads to a higher real exchange rate volatility.
