危险的重力

IF 3.9 2区经济学 Q1 ECONOMICS

Journal of the European Economic Association Pub Date : 2023-11-21 DOI:10.1093/jeea/jvad060

Luciana Juvenal, Paulo Santos Monteiro

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引用次数: 0

摘要

我们考虑了异质性企业的典型贸易模型、品种偏好和贸易成本，并将其整合到消费CAPM模型中。这产生了一个结构重力方程，其中包括与风险溢价相关的额外因素。基于企业层面数据的经验证据证实了风险和时变风险溢价的横截面异质性对塑造双边贸易流动的重要性。考虑风险溢价波动的结构引力模型为经济突然下滑期间的贸易崩溃提供了令人信服的解释。

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Risky Gravity

We consider the canonical trade model with heterogeneous firms, love for variety and trade costs, and integrate it in the consumption CAPM model. This yields a structural gravity equation that includes an additional factor related to risk premia. Empirical evidence based on firm-level data confirms the importance of cross-sectional heterogeneity in risk and time-varying risk premia to shape bilateral trade flows. The structural gravity model augmented to account for fluctuations in risk premia offers a compelling explanation for trade collapses during abrupt economic downturns.

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来源期刊

Journal of the European Economic Association ECONOMICS-

CiteScore

7.80

自引率

2.80%

发文量

期刊介绍： Journal of the European Economic Association replaces the European Economic Review as the official journal of the association. JEEA publishes articles of the highest scientific quality and is an outlet for theoretical and empirical work with global relevance. The journal is committed to promoting the ambitions of the EEA: the development and application of economics as a science, as well as the communication and exchange between teachers, researchers and students in economics.