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dc.contributor.authorFazio, Giorgioen_US
dc.contributor.authorMacDonald, Ronalden_US
dc.contributor.authorMelitz, Jacquesen_US
dc.coverage.temporal1980-2000en_US
dc.date.accessioned2009-01-28T15:54:19Z-
dc.date.available2009-01-28T15:54:19Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/18993-
dc.description.abstractIn this paper we test the well-known hypothesis of Obstfeld and Rogoff (2000) that trade costs are the key to explaining the so-called Feldstein-Horioka puzzle. Using a gravity framework in an intertemporal context, we provide strong support for the hypothesis and we reconcile our results with the so-called home bias puzzle. Interestingly, this requires a fundamental revision of Obstfeld and Rogoff?s argument. A further novelty of our work is in tying bilateral trade behavior to desired aggregate trade balances and desired intertemporal trade.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesCESifo working papers 1529en_US
dc.subject.jelF32en_US
dc.subject.jelF10en_US
dc.subject.ddc330en_US
dc.subject.keywordFeldstein-Horioka puzzleen_US
dc.subject.keywordtrade costsen_US
dc.subject.keywordgravity modelen_US
dc.subject.keywordhome bias puzzleen_US
dc.subject.keywordcurrent accounten_US
dc.subject.keywordtrade balanceen_US
dc.subject.stwSparenen_US
dc.subject.stwInvestitionen_US
dc.subject.stwInternationale Kapitalmobilitäten_US
dc.subject.stwAußenwirtschaften_US
dc.subject.stwTransaktionskostenen_US
dc.subject.stwTransportkostenen_US
dc.subject.stwSchätzungen_US
dc.subject.stwGravitationsmodellen_US
dc.subject.stwWelten_US
dc.titleTrade costs, trade balances and current accounts : an application of gravity to multilateral tradeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn500838127en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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