Pareto Weights as Wedges in Two-Country Models
Axelle Ferriere () and
No 21773, NBER Working Papers from National Bureau of Economic Research, Inc
In models with recursive preferences, endogenous variation in Pareto weights would be interpreted as wedges from the perspective of a frictionless model with additive preferences. We describe the behavior of the (relative) Pareto weight in a two-country world and explore its interaction with consumption and the real exchange rate.
JEL-codes: F31 F41 (search for similar items in EconPapers)
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Published as David Backus & Chase Coleman & Axelle Ferriere & Spencer Lyon, 2016. "Pareto weights as wedges in two-country models," Journal of Economic Dynamics and Control, .
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Journal Article: Pareto weights as wedges in two-country models (2016)
Working Paper: Pareto weights as wedges in two-country models (2016)
Working Paper: Pareto weights as wedges in two-country models (2015)
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