INTERTEMPORAL OPTIMIZING MODELS OF TRADE AND CURRENT ACCOUNT BALANCE: A SURVEY
综述了自1980年代兴起的跨期优化模型在贸易与经常账户余额中的应用，比较了其与传统非优化模型的差异，并总结了方法论进展和未来研究方向。
Abstract This study surveys the intertemporal optimizing models of trade and current account balance that were developed, calibrated and empirically tested since they came into vogue in the 1980s. The implications of these models often differ from those of static and dynamic conventional non‐optimizing models. The literature on optimizing models has not only grown reasonably fast, but has also witnessed significant advances in methodology, and these models have culminated into a distinct strand of new open‐economy macroeconomics. The studies conducted until the late 1980s have used deterministic perfect‐foresight models, while several studies conducted since the 1990s relax the perfect‐foresight and certainty equivalence assumptions and develop stochastic dynamic general equilibrium models to account for uncertainty confronting the optimizing agents. The future research needs to explore the possibility of tracing any preferred specification of household preferences, model the effect of time‐varying discount factor on household utility function and intertemporal budget constraint, examine the role of costs in international trade, place a parallel emphasis on the empirical verifications of theoretical propositions, examine the relative performance of optimizing vis‐à‐vis non‐optimizing models and rationalize the extreme propositions of perfect and imperfect capital mobility in the wake of moderately open capital accounts.