Enders, Zeno (contributor); Müller, Gernot J. (contributor) - 2008
hard to reconcile with the predictions of both Mundell-Fleming
type and intertemporal business cycle models under standard …). Specifically, if—
as standard calibrations of international business cycle models suggest—the terms of trade depreciate
in response …, Dedola and Leduc (2007).
In fact, for a particular calibration, an otherwise standard business cycle model is shown to …