The authors examine the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. Using a simple three-period model, they show that if households expect to face binding constraints on borrowing in bad states of nature (when the economy is in a long trough rather than a sharp peak). Savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade - in contrast with...
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2000/06/30
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Documento de trabalho sobre pesquisa de políticas
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WPS2381
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1
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1
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2010/07/01
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Savings and the terms of trade under borrowing constraints
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terms of trade
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