-
作者：Baley, Isaac; Veldkamp, Laura; Waugh, Michael
作者单位：Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); New York University; National Bureau of Economic Research
摘要：Common wisdom holds that uncertainty impedes trade-yet we show that uncertainty can fuel more trade in a simple general equilibrium trade model with information frictions. in equilibrium, increases in uncertainty increase both the mean and variance in returns to exporting. This implies that trade can increase or decrease with uncertainty, depending on preferences. Under general conditions on preferences, we characterize the importance of these forces using a sufficient statistics approach. Hig...
-
作者：Kolasa, Marcin; Wesolowski, Grzegorz
作者单位：Warsaw School of Economics; Narodowy Bank Polski
摘要：This paper develops a two-country model with asset market segmentation to investigate the effects of quantitative easing implemented by the major central banks on a typical small open economy that follows independent monetary policy. The model is able to replicate the key empirical facts on emerging countries response to large scale asset purchases conducted abroad, including inflow of capital to local sovereign bond markets, an increase in international comovement of term premia, and change i...
-
作者：Garcia-Cicco, Javier; Garcia-Schmidt, Mariana
摘要：A large literature estimates the exchange rate pass-through to prices (ERPT) using reduced-form approaches, whose results are an important input for Central Banks. We show two shortcomings of these empirical measures for monetary policy analysis, which are quantitatively important and may lead to imprecise and biased inflation predictions. First, while the literature describes a single ERPT, which we will label unconditional, there are different ERPT conditional on each shock that hits the eco...
-
作者：Ding, Shuze; Puzzello, Daniela
作者单位：Nankai University; Indiana University System; Indiana University Bloomington
摘要：This paper integrates theory and experiments to explore how policy rules related to government interventions can affect economic allocations and the international status of a currency. Using a two-country, two-currency search model, we study two types of government interventions: (1) legal restrictions impacting a seller's ability to accept a foreign currency, and (2) reductions to the cost a seller must pay to accept a foreign currency. The first intervention can be viewed as a way to capture...
-
作者：Pancrazi, Roberto; Prosperi, Lorenzo
作者单位：University of Warwick
摘要：In this paper we argue that an important and not-yet analyzed determinant of the observed heterogeneity of government debt across countries is the interaction between political conflicts and transparency of institutions. In the empirical part of the paper we show that whereas these two variables, per-se, are not significant determinants of observed debt levels across countries, their interaction is a key factor to explain debt-levels heterogeneity. Specifically, political conflicts imply highe...
-
作者：Lee, Eunhee
作者单位：University System of Maryland; University of Maryland College Park
摘要：I present a new general equilibriumframework to quantify the effect of international trade on labormarket outcomes such as the skill premiumand reallocation of workers for a large number of countries. Worker-level comparative advantage based on workers' heterogeneous productivities is the key feature of the framework. I use household-levelmicrodata to quantify key aspects of themodel for 32 countries. I find that the calibrated decline in trade costs during 2000-2007 increased between-educatio...
-
作者：Fontaine, Francois; Martin, Julien; Mejean, Isabelle
作者单位：Paris School of Economics; University of Quebec; University of Quebec Montreal; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We study the cross-sectional dispersion of prices paid by EMU importers for French products. We document a significant level of dispersion in unit values both within product categories across exporters, and within exporters across buyers. This latter source of price discrepancies, which we call price discrimination, reflects the ability of exporters to sell similar or differentiated varieties of a given product at different prices to different buyers. Price discrimination (i) is substantial wi...
-
作者：Mei, Yuan
作者单位：Singapore Management University
摘要：How does the presence of multilateral institutions affect the sustainability of trade-policy cooperation? Do free-trade agreements make multilateral cooperation less sustainable? Will countries be more likely to deviate from negotiated tariffs when more trade liberalization realizes in the future? These questions have been studied in theory literature using models that feature repeated games, but have yet to be quantitatively analyzed. In this paper, I propose a methodology to quantitatively c...
-
作者：Ma, Chang
作者单位：Fudan University
摘要：This paper studies the effect of optimal macroprudential policy in a small open economy model where growth is endogenous. By introducing endogenous growth, this model is able to capture the persistent effect of financial crises on output, which is different from previous literature but consistent with the data. Furthermore, there is a new policy trade-off between cyclical and trend consumption growth. In a calibrated version of the baseline model, I find that the impact of the optimal macropru...
-
作者：Celik, Levent; Karabay, Bilgehan; McLaren, John
作者单位：City St Georges, University of London; Royal Melbourne Institute of Technology (RMIT); University of Virginia; Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; HSE University (National Research University Higher School of Economics)
摘要：Under Fast-Track Authority (FT), the US Congress commits to an up-or-down vote without amendments for any trade agreement presented for ratification. We interpret FT in terms of a hold-up problem. If the US negotiates an agreement with a smaller economy, businesses there may make sunk investments for the US market. At the ratification stage, the partner economy will be locked in to the US in a way it was not previously and Congress can make changes adverse to the partner, so to convince the pa...
