BKK the EZ Way: International Long-Run Growth News and Capital Flows
研究了G7国家中，长期生产率增长新闻如何导致投资净流出，与短期增长冲击效应相反，并发现引入递归偏好的模型能解释这一现象。
We study the response of international investment flows to shortand long-run growth news. Among developed G7 countries, positive long-run news for domestic productivity induces a net outflow of investments, in contrast to the effects of short-run growth shocks. We document that a standard Backus, Keho, and Kydland (1994) (BKK) model fails to reproduce this novel empirical evidence. We augment this model with Epstein and Zin (1989) preferences (EZ-BKK) and characterize the resulting recursive risk-sharing scheme. The response of international capital flows in the EZ-BKK model is consistent with the data.