这篇文章我看后觉得非常不错，文章通俗易懂，思想性极高，推荐给大家。以前喜欢总结一下内容发上来，这次我把怕总结不好，直接把Abstract贴上来，有兴趣看一下就知道这篇文章真的不错了！
This paper studies the dynamics of international trade flows at business cycle frequencies. We show that introducing dynamic considerations into an otherwise standard model of trade can account for several puzzling features of trade flows at business cycle frequencies. Our insight is that because international trade is time-intensive, variation in the rate at which agents are willing to substitute across time affects how trade volumes respond to changes in output and prices. We formalize this idea and calibrate our model to match key features of U.S. data. We find that, in contrast to standard static models of international trade, our model is quantitatively consistent with salient features of U.S. cyclical import fluctuations. We also find that our model accounts for two-thirds of the peak-to-trough decline in imports during the 2008-2009 recession.

w20498_International Trade and Intertemporal Substitution.pdf
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