The International Transmission of Real Business Cycles
构建了一个包含生产和自由贸易的两国易货经济随机模型，研究商业周期冲击的国际传导机制，发现国际资本市场能完全分散国别风险，但贸易可能增加消费和产出的波动性。
The authors present a stochastic model of two barter economies, with production, linked by free trade in goods and securities, which generates Pareto-efficient international transmissions of business cycle disturbances. Each country is inhabi ted by an infinitely-lived, representative firm and consumer/worker, and is subject to country-specific production shocks. The internation al capital market effects perfect pooling of country-specific risk. C onsumption and output volatility may be higher in trade than under au tarchy, as agents can be induced to undertake additional risk in exchange for a higher expected utility. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.