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Intertemporal Optimizing Models Of Trade And Current Account Balance: A Survey

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  • Tarlok Singh
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    Abstract

    This study surveys the intertemporal optimizing models of trade and current account balance that were developed, calibrated and empirically tested since they came into vogue in the 1980s. The implications of these models often differ from those of static and dynamic conventional non-optimizing models. The literature on optimizing models has not only grown reasonably fast, but has also witnessed significant advances in methodology, and these models have culminated into a distinct strand of new open-economy macroeconomics. The studies conducted until the late 1980s have used deterministic perfect-foresight models, while several studies conducted since the 1990s relax the perfect-foresight and certainty equivalence assumptions and develop stochastic dynamic general equilibrium models to account for uncertainty confronting the optimizing agents. The future research needs to explore the possibility of tracing any preferred specification of household preferences, model the effect of time-varying discount factor on household utility function and intertemporal budget constraint, examine the role of costs in international trade, place a parallel emphasis on the empirical verifications of theoretical propositions, examine the relative performance of optimizing vis-à-vis non-optimizing models and rationalize the extreme propositions of perfect and imperfect capital mobility in the wake of moderately open capital accounts. Copyright 2007 The Author Journal compilation � 2007 Blackwell Publishing Ltd.

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    Article provided by Wiley Blackwell in its journal Journal of Economic Surveys.

    Volume (Year): 21 (2007)
    Issue (Month): 1 (02)
    Pages: 25-64

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    Handle: RePEc:bla:jecsur:v:21:y:2007:i:1:p:25-64

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    1. Singh, Tarlok, 2008. "Testing the Saving-Investment correlations in India: An evidence from single-equation and system estimators," Economic Modelling, Elsevier, vol. 25(5), pages 1064-1079, September.
    2. Joseph P. Byrne & Giorgio Fazio & Norbert Fiess, 2009. "The Global Side of the Investment-Saving Puzzle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(5), pages 1033-1040, 08.

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