2026-04-17T20:26:14Zhttps://recercat.cat/oai/request

oai:recercat.cat:10230/7712025-12-13T00:30:24Zcom_2072_6col_2072_452953

Economic booms, trade deficits and economic policy Alcalá, Francisco Peñarrubia, Diego Universitat Pompeu Fabra. Departament d'Economia i Empresa new open economy macroeconomics non-traded-goods financial accelerator trade deficit persistence Macroeconomics and International Economics Many economic booms have been accompanied by real exchange rate appreciations, large trade defcits -which have sometimes persisted after the return to the initial exchange rate parity- and a deteriorating traded sector. Those circumstances have typically raised the question of the de-sirability of some stabilization policy. We show that the dynamics induced by an expected productivity shock in an economy where the capital stock is non-mobile across sectors, match those circumstances. Furthermore, we obtain that credit market imperfections tend to exacerbate trade deficits, and to cause an inefficient capacity reduction in the traded sector. Some stabilization policies are explored. 2017-07-26T10:51:08Z 2017-07-26T10:51:08Z 2000-07-01 2017-07-23T02:04:39Z info:eu-repo/semantics/workingPaper https://econ-papers.upf.edu/ca/paper.php?id=397 http://hdl.handle.net/10230/771 eng Economics and Business Working Papers Series; 397 L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons http://creativecommons.org/licenses/by-nc-nd/3.0/es/ info:eu-repo/semantics/openAccess application/pdf application/pdf