Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?
研究贸易条件变化对总支出和经常账户的影响，发现永久性恶化会导致总支出下降和经常账户盈余，与经典预测相反。
This paper investigates the spending and current-account effects of terms-of-trade shifts in a model where households maximize utility over an infinite planning period. In the framework developed here, an economy specialized in production must experience a fall in aggregate spending and a current surplus as a result of an unanticipated, permanent worsening in its terms of trade. The paper's model thus provides a setting in which the current-account deficit predicted by Laursen and Metzier, Harberger, and others fails to materialize.