Trade Costs and the Open Macroeconomy
在新开放宏观经济学的框架下，构建了一个微观基础的一般均衡模型，研究贸易成本如何导致消费的本土偏好、降低跨国产出和消费的相关性、放大汇率波动，并使货币扩张成为以邻为壑的政策。
Trade costs are known to be a major obstacle to international economic integration. Following the approach of New Open Economy Macroeconomics, this paper explores the effects of international trade costs in a micro-founded general equilibrium model that allows for different degrees of exchange rate pass-through. Trade costs are shown to create an endogenous home bias in consumption and the model performs well in matching empirical trade shares for OECD countries. In addition, trade costs reduce cross-country output and consumption correlations, and they magnify exchange rate volatility. Trade costs turn a monetary expansion into a beggar-thy-neighbor policy.