关键词: 消费替代弹性, 经济开放, 经济外部失衡, DSGE模型

Abstract: Through solving the dynamic stochastic general equilibrium(DSGE) of a two-country model, this paper studies the different effects of technological shocks and monetary shocks on a country’s external imbalance on the conditions of different consumption substitution elasticity. We find that with a country’s opening up, together with the existence of price stickiness and low elasticity of consumption substitution, the country’s equilibrium exchange rate appreciation and the external surplus assets can be resulted from both negative technological shocks and positive monetary shocks, and converge to new steady states which deviates from the closed economy "0 balance". This gives a good explanation to China’s current economic external imbalance, and we also provide the corresponding policy recommendations.

Key words: Consumption substitution elasticity, Economy opening, External imbalance, DSGE Model