The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect
在一个跨期框架下，假设小国具有优化行为和国际资本完全流动，分析贸易条件变化对支出和经常账户的影响，区分暂时、未来和永久性恶化，并考虑名义与实际变量。
The paper examines the effect of terms-of-trade changes on a small country's spending and current account, assuming optimizing behavior in an intertemporal framework with perfect international capital mobility. A temporary (future) terms-of-trade deterioration implies a deterioration (improvement) of the trade balance, whereas a permanent terms-of-trade deterioration has an ambiguous effect, depending on the rate of time preference. Nominal and real variables are considered via exact price indexes. Two periods and an infinite horizon are examined.