International Transmission with Heterogeneous Sectors
揭示了资本密集型与劳动密集型产品在商业周期中的新特征，并识别出通过生产和贸易的部门构成变化驱动国际投资联动的机制，其模型预测与总量及部门数据吻合。
This paper documents new facts about the behavior of capital- and labor-intensive goods over the business cycle and also identifies a mechanism that generates international investment co-movement through shifting compositional changes of production and trade across sectors. Our model’s quantitative predictions not only match aggregate and sectoral statistics but also generate empirically plausible sectoral composition effects. Finally, we show that essential segments of the transmission process receive empirical support.