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Pré-publication, Document de travail Année : 2016

Macroeconomic Volatility and Trade in OLG Economies

Résumé

This paper analyzes the effect of free-trade integration on the dynamical properties of economies. We formulate a two-country two-good two-factor overlapping generations model where countries only differ with respect to their discount rate. The main contribution of this paper is to show that opening to international trade may have a destabilizing effect. Especially we prove that, under perfect mobility of labor and capital between countries, sunspot cycles can occur in the trade regime although one country is characterized by saddle-point stability in the autarky regime.
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Dates et versions

halshs-01079773, version 1 (03-11-2014)
halshs-01079773, version 2 (24-04-2017)
halshs-01079773, version 3 (24-04-2017)

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  • HAL Id : halshs-01079773 , version 3

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Antoine Le Riche. Macroeconomic Volatility and Trade in OLG Economies. 2016. ⟨halshs-01079773v3⟩
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Dernière date de mise à jour le 05/05/2024
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