SIZE, OPENNESS, AND MACROECONOMIC INTERDEPENDENCE
用多国一般均衡模型检验了开放经济文献中常用假设：将世界其他地区视为一个代表性经济体的合理性，发现该假设仅在贸易联系多样化且外国经济中没有全球主导经济体时才成立。
One common, simplifying assumption in open economy macroliterature is that the rest of the world can be thought of as a representative economy. This article formally investigates conditions under which this assumption can be justified using a multicountry general equilibrium model as a laboratory. We derive the conditions that ensure the existence of the equilibrium and study the properties of the equilibrium using large N asymptotics. Thereby, we show that the two‐country framework is a valid approximation only for economies that have diversified trade linkages and only when there is no globally dominant economy among the foreign economies.