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作者：Takats, Elod; Temesvary, Judit
作者单位：Bank for International Settlements (BIS); University of London; London School Economics & Political Science; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We combine a rarely accessed BIS database on cross-border lending flows with cross-country data on macroprudential regulations. We find significant interactions between the monetary policy of major international currency issuers (USD, EUR and JPY) and macroprudential policies in source (home) lending banking systems. Consistent with the bank lending channel, macroprudential easing in a home country amplifies the effect of currency issuers' monetary policy on lending. For instance, UK macroprud...
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作者：Eberhardt, Markus; Presbitero, Andrea F.
作者单位：University of Nottingham; Centre for Economic Policy Research - UK; Johns Hopkins University
摘要：Commodity prices are one of the most important drivers of output fluctuations in developing countries. We show that a major channel through which commodity price movements can affect the real economy is through their effect on banks' balance sheets and financial stability. Our analysis finds that the volatility of commodity prices is a significant predictor of banking crises in a sample of 60 low-income countries (LICs). In contrast to recent findings for advanced and emerging economies, credi...
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作者：Ottonello, Pablo
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：This paper studies the conduct of monetary policy in economies with currency mismatch. To this end, I build a model that embeds financial frictions from households' collateralized borrowing in foreign currency into an open-economy Keynesian framework. The monetary authority faces a trade-off between traditional unemployment stabilization gains from currency depreciation and its costs in terms of generating debt deflation and tightening households' ability to borrow. The optimal policy under th...
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作者：Benguria, Felipe
作者单位：University of Kentucky
摘要：This paper develops a general equilibrium model of international trade with heterogeneous exporters and heterogeneous importers. This theory is guided by new findings drawn from a matched exporter-importer dataset that characterizes the relationships between exporting and importing firms. I find that most exporters have a single importing partner, that highly productive exporters tend to trade with highly productive importers, and that the value traded is positively correlated with both export...
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作者：Lakdawala, Aeimit; Moreland, Timothy; Schaffer, Matthew
作者单位：Wake Forest University; University of North Carolina; University of North Carolina Greensboro
摘要：An extensive literature studies the international transmission of US monetary policy surprises (shifts in expected path of the policy rate). In this paper we show that changes in uncertainty around the expected path constitute an important additional dimension of spillover effects to global bond yields. In advanced countries, it is the term premium component of yields that responds to uncertainty. We find that this can be explained by an international portfolio balance mechanism. In contrast, ...
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作者：Cerutti, Eugenio M.; Obstfeld, Maurice; Zhou, Haonan
作者单位：International Monetary Fund; University of California System; University of California Berkeley; National Bureau of Economic Research; Peterson Institute for International Economics; Princeton University
摘要：This paper studies how several macrofinancial factors are associated over time with the evolution of covered interest parity (CIP) deviations in the decade after the Global Financial Crisis. Changes in a number of risk-and policy-related factors have a significant association with the evolution of CIP deviations. Key measures of FX market liquidity and intermediaries' risk taking capacity are strongly correlated with the cross-currency basis (the deviation from CIP), and the close relationship...
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作者：Li, Jie
作者单位：Capital University of Economics & Business
摘要：This paper studies whether export composition differences in gender-specific skills can affect individuals' work-related gender norms. We start by identifying female-oriented and male-oriented skills at the occupation level based on literature in neuroscience and medicine. Then with industries' occupational employment share data and exports data, we are able to construct country-level gender-specific skill export intensities. They are combined with gender norm information from World Value Surv...
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作者：Groger, Andre
作者单位：Autonomous University of Barcelona
摘要：This article investigates the impact of negative income shocks in migrant destination countries around the world on the domestic and international labor migration decisions of their family members left behind at origin. Exploiting differences in labor market shocks across and within destinations during the Great Recession. I find large and heterogeneous effects on both types of migration decisions. Poor migrant households reduced domestic and increased international labor migration in response...
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作者：Tang, Heiwai; Zhang, Yifan
作者单位：University of Hong Kong; Johns Hopkins University; Leibniz Association; Ifo Institut; Chinese University of Hong Kong
摘要：We study the global diffusion of culture through multinationals, focusing on gender norms. Using data on manufacturing firms in China from 2004 to 2007, we find that foreign affiliates from countries with a more gender-equal culture tend to employ proportionally more women and appoint more female managers. They also generate cultural spillovers, as we find that do-mestic firms' female labor share increases with the prevalence of foreign affiliates in the same industry or city. Based on a multi...
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作者：Diez, Federico J.; Fan, Jiayue; Villegas-Sanchez, Carolina
作者单位：International Monetary Fund; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：Using a new firm-level dataset on private and listed firms from advanced economies and emerging markets, we document four stylized facts on market power in global markets. First, competition has declined, but only modestly-average markups increased from 1.22 to 1.29 (6%) during 2000-2015, especially in services and in advanced economies. Second, the markups of listed firms are higher and experienced stronger increases than those of private firms. Third, the markup increase is driven by firms i...
