Real Business Cycles in a Small Open Economy
构建并模拟了一个小型开放经济的真实商业周期模型，用加拿大战后数据检验其解释力，发现模型能复现储蓄与投资正相关等典型事实。
This paper analyzes a real-business-cycle model of a small open economy. The model is parameterized, calibrated, and simulated to explore its ability to rationalize the observed pattern of postwar Canadian business fluctuations. The results show that the model mimics many of the stylized facts using moderate adjustment costs and minimal variability and persistence in the technological disturbances. In particular, the model is consistent with the observed positive correlation between savings and investment, even though financial capital is perfectly mobile, and with countercyclical fluctuations in external trade. Copyright 1991 by American Economic Association.