Macroeconomic Dynamics in a Multi-Country Economy: A Dynamic Optimization Approach
用一个多国模型分析不同耐心程度国家的宏观经济动态，发现最耐心的国家先积累外债后成为债权人，而最不耐心的国家则持续减少外国资产并经历通胀和货币贬值。
Using a multicountry model with perfect-foresight dynamic optimization by infinitely-lived households, the authors analyze the dynamics of macroeconomic nonmonetary and monetary variables. The authors show that the most patient country initially accumulates foreign debt but eventually decumulates this debt and becomes a creditor. It monotonically increases its consumption and experiences monotonic price and exchange-rate appreciation. The moderately-patient country initially accumulates foreign assets but eventually decumulates them, and becomes a debtor. Its consumption also follows a humped path. The least patient country monotonically decumulates foreign assets, lowers its consumption, and experiences rising inflation and exchange-rate depreciation. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.