Macroeconomic Interdependence Between a Stagnant and a Fully Employed Country

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2017-09-28 DOI:10.1111/jere.12156

Yoshiyasu Ono

引用次数: 5

Abstract

This paper presents a two-country two-commodity dynamic model where one country achieves full employment and the other suffers from secular stagnation of aggregate demand. Own and spillover effects of changes in preference, productivity and policy parameters are examined. Parameter changes that improve the stagnant country's current account, such as a reduction in government purchases, a decrease in foreign aid and an improvement in productivity, raise the relative price of the home commodity. Consequently, home employment shrinks, deflation worsens and consumption decreases. The terms of trade for the full-employment country deteriorate. Thus, income and consumption decrease in both countries.

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经济停滞国家与充分就业国家之间的宏观经济相互依存关系

本文提出了一个一国实现充分就业而另一国遭受总需求长期停滞的两国双商品动态模型。考察了偏好、生产率和政策参数变化的自身和溢出效应。改善停滞国家经常账户的参数变化，如政府采购的减少、外国援助的减少和生产率的提高，提高了国内商品的相对价格。因此，国内就业萎缩，通货紧缩加剧，消费减少。充分就业国家的贸易条件恶化。因此，两国的收入和消费都减少了。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.