Terms-of-Trade, Factor Intensities and the Current Account in a Life-Cycle Model
研究一个小型开放经济中贸易条件变化对外部调整的影响，每个消费者具有生命周期储蓄函数，供给面为标准两部门模型。结果表明，当两种商品都生产时，若出口部门劳动密集度更高，贸易条件恶化会导致经常账户赤字；若进口部门劳动密集度更高，则导致盈余。
This paper examines the effects of terms-of-trade changes on the external adjustment of a small open economy where each consumer has a life-cycle saving function. The supply side of the economy is given by the standard two-sector model with two primary factors: labour and capital. It is shown that, when both commodities are produced, a terms-of-trade deterioration leads to a current account deficit (surplus) if the export (import) sector is more labour intensive.