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作者：Dvir, Eyal; Strasser, Georg
作者单位：Charles River Associates; European Central Bank
摘要：We study cross-country price differences in the European market for new passenger cars based on detailed pricing and technical data. Car prices in Europe converged until the year 2003, but not thereafter. Even then the price range of the median model across EU15 countries was close to 20%. This cross-country price differentiation is systematically linked to common product features, varies significantly across models and increases systematically with the market segment. Identical cars are posit...
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作者：Ishikawa, Jota; Tarui, Nori
作者单位：Hitotsubashi University; University of Hawaii System; University of Hawaii Manoa
摘要：Trade barriers due to transport costs are as large as those due to tariffs. This paper incorporates the transport sector into a standard model of international trade and studies the effects of trade and industrial policies. Transport firms need to commit to a shipping capacity sufficient for a round trip, with a possible imbalance of shipping volumes in two directions. This imbalance is known as the backhaul problem. As transport firms attempt to avoid this problem, a tariff in one sector may ...
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作者：Meinen, Philipp; Raff, Horst
作者单位：Deutsche Bundesbank; Aarhus University; Leibniz Association; Ifo Institut; University of Kiel
摘要：We use Danish microdata for the period 1999 to 2008 to examine how greater consumer goods imports affect retail market performance and structure. Based on a propensity score matching approach, we estimate that retailers that start to import have 8% greater sales, 6% greater profits, and 2% greater markups in the year of import initiation compared to non-importing retailers. These differences are quite persistent. For instance, we estimate that cumulative sales of import starters are up to 30% ...
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作者：Chamon, Marcos; Schumacher, Julian; Trebesch, Christoph
作者单位：International Monetary Fund; European Central Bank; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-a-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds trade at a premium compared to domestic-law bonds. We use the euro area 2006-2013 as a unique testing ground, controlling for currency risk, liquidity risk, and term structure. Foreign-law bonds indeed carry significantly lower yields in distress periods, and th...
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作者：Roch, Francisco; Uhlig, Harald
作者单位：International Monetary Fund; University of Chicago
摘要：Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a sunspot-coordinated buyers strike. We introduce a bailout agency, and characterize the strategy with the minimal actuarially fair intervention which guarantees the no-buyers-strike fundamental equilibrium, relying on the market for residual financing. The intervention makes it cheaper for g...
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作者：Kato, Hayato; Okubo, Toshihiro
作者单位：Keio University
摘要：A salient feature of the current globalization is a loss of manufacturing in developed countries and rapid industrialization in middle-sized developing countries. This paper aims to construct a simple three-country trade and geography model with different market sizes and non-constant wage rates. The large country fosters industrial agglomeration (geographical concentration) in the early stage of globalization, but loses manufacturing in the later stage of globalization. When losing manufactur...
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作者：Unel, Bulent
作者单位：Louisiana State University System; Louisiana State University
摘要：This paper develops a two-sector small open economy model of offshoring where product markets are perfectly competitive, but capital and labor markets exhibit frictions. Individuals differ with respect to their managerial ability, and choose to become entrepreneurs or workers depending on profit opportunities and labor market conditions. The model generates three groups: low-income workers facing the prospect of unemployment, middle-income entrepreneurs producing domestically, and high-income ...
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作者：Fitzgerald, Doireann; Haller, Stefanie
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University College Dublin
摘要：We use micro data for Ireland to estimate the responses of export entry, export exit, and the export revenue of incumbent exporters to changes in tariffs and real exchange rates. Entry and revenue are much more responsive to tariffs than they are to real exchange rates. Our estimates translate into an elasticity of aggregate exports with respect to tariff changes of between -1.5 and -3.5 on impact, and between -2 and -5 in the long run. Comparable elasticities for real exchange rate changes ar...
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作者：Boler, Esther Ann; Javorcik, Beata; Ulltveit-Moe, Karen Helene
作者单位：Imperial College London; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of Oxford; University of Oslo
摘要：This study argues that there is a systematic difference in the gender wage gap (GWG) between exporting firms and non-exporters. Exporters may require greater commitment from their employees, such as working particular hours to communicate with partners in different time zones or travelling at short notice, and may therefore disproportionately reward employee flexibility. If women are less flexible, or perceived as such, exporters will exhibit a higher GWG than non-exporters. This hypothesis is...
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作者：Fernandez, Andres; Gonzalez, Andres; Rodriguez, Diego
作者单位：Inter-American Development Bank; Banco de la Republica Colombia
摘要：We explore the hypothesis that fluctuations in commodity prices are an important driver of business cycles in small emerging market economies (EMEs). First, we document that commodity prices exhibit strong comovement with other macro variables along the business cycle of these economies; and that a common factor accounts for most of the time series dynamics of these commodity prices. Guided by these stylized facts, we embed a commodity sector into a dynamic, stochastic, multi-country business ...
