دانلود مقاله ISI انگلیسی شماره 93834
ترجمه فارسی عنوان مقاله

به اشتراک گذاری خطر مالی بین المللی و شوک مالی

عنوان انگلیسی
International risk sharing and financial shocks
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
93834 2018 42 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Money and Finance, Volume 82, April 2018, Pages 26-44

پیش نمایش مقاله
پیش نمایش مقاله  به اشتراک گذاری خطر مالی بین المللی و شوک مالی

چکیده انگلیسی

A canonical two-country real business cycle model with complete international asset markets fails to replicate the correlation between relative consumptions and real exchange rates—i.e. the consumption–real exchange rate anomaly or Backus-Smith puzzle. I show that when preferences are non-separable between consumption and leisure, the same two-country model augmented by domestic financial frictions and shocks can account for this correlation. Positive financial shocks create important fluctuations in the labor wedge, inducing firms to demand more labor. These procyclical movements in hours worked significantly affect the marginal utility of consumption and help to explain the correlation between relative consumptions and real exchange rates.