Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/18993 
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dc.contributor.authorFazio, Giorgioen
dc.contributor.authorMacDonald, Ronalden
dc.contributor.authorMelitz, Jacquesen
dc.date.accessioned2009-01-28T15:54:19Z-
dc.date.available2009-01-28T15:54:19Z-
dc.date.issued2005-
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 tradecosts are the key to explaining the so-called Feldstein-Horioka puzzle. Using a gravityframework in an intertemporal context, we provide strong support for the hypothesis and wereconcile our results with the so-called home bias puzzle. Interestingly, this requires afundamental revision of Obstfeld and Rogoff's argument. A further novelty of our work is intying bilateral trade behavior to desired aggregate trade balances and desired intertemporaltrade.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1529en
dc.subject.jelF32en
dc.subject.jelF10en
dc.subject.ddc330en
dc.subject.keywordFeldstein-Horioka puzzleen
dc.subject.keywordtrade costsen
dc.subject.keywordgravity modelen
dc.subject.keywordhome bias puzzleen
dc.subject.keywordcurrent accounten
dc.subject.keywordtrade balanceen
dc.subject.stwSparenen
dc.subject.stwInvestitionen
dc.subject.stwInternationale Kapitalmobilitäten
dc.subject.stwAußenwirtschaften
dc.subject.stwTransaktionskostenen
dc.subject.stwTransportkostenen
dc.subject.stwSchätzungen
dc.subject.stwGravitationsmodellen
dc.subject.stwWelten
dc.titleTrade costs, trade balances and current accounts : an application of gravity to multilateral trade-
dc.typeWorking Paperen
dc.identifier.ppn500838127en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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