作者：Corsetti, Giancarlo
作者单位：European University Institute
摘要：Ever since Rogoff, 1985, international policy cooperation has been considered particularly counterproductive in periods of disinflation-the argument being that cross-border agreement aiming to moderate the global recessionary effects of monetary policy would erode the credibility of domestic monetary authorities in the eyes of domestic workers and firms. The paper by Caldara et al. offers a timely and healthy warning-cross-border spillovers of monetary tightening may be highly non linear: The ...
作者：Ju, Jiandong; Ma, Hong; Wang, Zi; Zhu, Xiaodong
作者单位：Tsinghua University; Hong Kong Baptist University; University of Hong Kong
摘要：We provide the first quantitative evaluation of the impacts and interactions of the US-China trade wars and industrial policy competitions. We extend the model in Caliendo and Parro (2015) by incorporating sectoral external economies of scale. We find that (i) under our baseline calibration of scale economies, the Made-in-China 2025(MIC 2025) subsidies tend to improve the welfare of both China and the U.S.; (ii) the US gains from Trumpian tariffs if China does not retaliate, and the gain is la...
