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作者：Broner, Fernando; Didier, Tatiana; Erce, Aitor; Schmukler, Sergio L.
作者单位：Barcelona School of Economics; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); The World Bank; Banco de Espana
摘要：This paper analyzes the behavior of international capital flows by foreign and domestic agents, dubbed gross capital flows, over the business cycle and during financial crises. We show that gross capital flows are very large and volatile, especially relative to net capital flows. When foreigners invest in a country, domestic agents invest abroad, and vice versa. Gross capital flows are also pro-cyclical. During expansions, foreigners invest more domestically and domestic agents invest more abr...
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作者：Arellano, Cristina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者：Alessandria, George; Kaboski, Joseph; Midrigan, Virgiliu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Notre Dame; National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The large, persistent fluctuations in international trade that cannot be explained in standard models by changes in expenditures and relative prices are often attributed to trade wedges. We show that these trade wedges can reflect the decisions of importers to change their inventory holdings. We find that a two-country model of international business cycles with an inventory management decision can generate trade flows and wedges consistent with the data. Moreover, matching trade flows alters ...
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作者：Dedola, Luca; Karadi, Peter; Lombardo, Giovanni
作者单位：European Central Bank
摘要：Financial integration in the markets for banks' assets and liabilities makes balance sheet constraints highly correlated across countries, resulting in a high degree of financial and macroeconomic interdependence. Likewise, under financial integration unconventional policies aimed at stabilizing domestic financial and credit conditions could entail large international spillovers. Therefore, stabilization by one country will also benefit other countries, reducing incentives to implement credit ...
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作者：Bengui, Julien; Mendoza, Enrique G.; Quadrini, Vincenzo
作者单位：Universite de Montreal; University of Pennsylvania; National Bureau of Economic Research; University of Southern California
摘要：This paper investigates whether the international globalization of financial markets allows for significant cross-country risk-sharing at the business cycle frequency. We find that cross-country risk-sharing is still limited and this is unlikely to be the result of financial frictions that limit state-contingent contracts. Part of the limited international risk sharing could be the consequence of frictions that de-facto reduce the short-term mobility of financial capital. But even with these f...
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作者：Kortum, Samuel
作者单位：Yale University
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作者：Kiyotaki, Nobuhiro
作者单位：Princeton University
摘要：This comment discusses Global Implications of National Unconventional Policies by L. Dedola. P. Karadi and G. Lombardo, which was presented in Carnegie-Rocherster conference in April 2012. (c) 2012 Elsevier B.V. All rights reserved.
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作者：Strasser, Georg
作者单位：Boston College
摘要：The macroeconomic evidence of the short-term impact of exchange rates on exports and prices is notoriously weak. This paper examines the microfoundations of this disconnect. I study the response of firms' export and price setting decisions to fluctuations in exchange rates and credit conditions using firm-level survey data. Financially constrained firms pass through exchange rate changes to prices at almost twice the rate of unconstrained firms. Similarly, their export volumes are about twice ...
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作者：Bai, Yan
作者单位：University of Rochester
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作者：Aguiar, Mark
作者单位：Princeton University
摘要：This is a comment on Capital mobility and international sharing of cyclical risk. The comment focuses on the authors' choice of portfolio adjustment costs in explaining limited international risk sharing. The comment raises two main issues. One is that investors hold large gross positions that vary significantly in value over the business cycle. The second is that it is difficult to identify portfolio adjustment costs from trade costs within the authors' environment. (c) 2012 Elsevier B.V. All...
