International Business Cycles with Endogenous Incomplete Markets
在标准国际商业周期模型中引入国际贷款不完全可执行的摩擦，利用扩展的Marcet和Marimon方法求解均衡，发现该摩擦比外生限制资产交易更能解释消费与产出跨国相关性异常以及就业与投资跨国相关性为正的谜题。
Backus, Kehoe, and Kydland (1992), Baxter and Crucini (1995), and Stockman and Tesar (1995) find two major discrepancies between standard international business cycle models with complete markets and the data: In the models, cross-country correlations are much higher for consumption than for output, while in the data the opposite is true; and cross-country correlations of employment and investment are negative, while in the data they are positive. This paper introduces a friction into a standard model that helps resolve these anomalies. The friction is that international loans are imperfectly enforceable; any country can renege on its debts and suffer the consequences for future borrowing. To solve for equilibrium in this economy with endogenous incomplete markets, the methods of Marcet and Marimon (1999) are extended. Incorporating the friction helps resolve the anomalies more than does exogenously restricting the assets that can be traded.