Intertemporal Prices and the U.S. Trade Balance
用代表性代理人模型解释1980年代美国商品贸易逆差恶化主要来自耐用品，指出跨期价格（如汇率高估）对耐用品贸易平衡影响更大，计量结果支持这一解释。
The deterioration of the U.S. merchandise trade deficit in the 1980s fell mostly on durable goods. Using a representative-agent model, the authors show that the key distinction between the trade balance in nondurables and durables is the role of intertemporal prices in the latter. A decrease in intertemporal prices associated, for example, with an exchange-rate overvaluation should, therefore, be expected to worsen the trade balance in durables more than in nondurables. This interpretation of the compositional changes of the U.S. trade balance is supported by their econometric findings. Copyright 1992 by American Economic Association.