Inventories in the Open Economy Macro Model: A Disequilibrium Analysis
构建了一个小型开放经济的非均衡模型，通过存货积累连接各期，并考察财政政策如何在不触发国际收支约束的情况下应对出口下滑。
This study examines a disequilibrium model of a small open economy with explicit links between periods due to inventory accumulation, as well as the more conventional channels through current account imbalances and the government budget constraint. The key features of the model are that agents have perfect foresight with neutral public debt and that inventories adjust to smooth production intertemporarily. The paper explores the extent to which fiscal policy can be used selectively for coping with an export slump without running into a balance of payments constraint.