Business cycles in a small open economy
提出一个动态模型，用简单的时间可分偏好解释开放经济中消费波动和贸易逆周期等典型事实，对研究小型开放经济周期的学者有参考价值。
This paper discusses a dynamic model that is consistent with the main empirical regularities of economic fluctuations in open economies. While other models in this class have relied on non-separable preferences or finite horizons to generate a realistic consumption volatility, we show that there is a simple class of time separable preferences that is consistent with the cyclical volatilities of the components of the national income accounts identity as well as with the countercyclical character of the balance of trade.