-
作者：Larch, Mario; Wanner, Joschka
作者单位：University of Bayreuth; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; University of Nottingham
摘要：The potential of carbon tariffs to restore competitiveness, avoid carbon leakage, and reduce global carbon emissions has been prominently discussed. To analyze the effects of carbon tariffs on trade, welfare, and carbon emissions, we develop a multi-sector, multi-factor structural gravity model that allows an analytical and quantitative decomposition of the emission changes into scale, composition, and technique effects. Our analysis shows that carbon tariffs are able to reduce world emissions...
-
作者：Ha Trong Nguyen; Duncan, Alan S.
作者单位：Curtin University
摘要：In this paper, we exploit plausibly exogenous changes in exchange rates across home countries over time and panel data to identify the causal impact of exchange rate fluctuations on Australian immigrants' labour market outcomes. We present new and robust evidence that, unlike immigrants in the US, those in Australia as a whole do not reduce their yearly labour market outcomes when the local currency appreciates. While female immigrants don't adjust their labour activities, male immigrants redu...
-
作者：Georgiadis, Georgios
作者单位：European Central Bank
摘要：Asymptotic analysis and Monte Carlo simulations show that spillover estimates obtained from widely-used bilateral (such as two-country VAR) models are in general less accurate both in terms of bias and mean squared error than those obtained from multilateral (such as global VAR) models. In particular, the accuracy of spillover estimates obtained from bilateral models depends on two aspects of economies' integration with the rest of the world. First, accuracy worsens as direct bilateral transmi...
-
作者：Ahsan, Reshad N.; Chatterjee, Arpita
作者单位：University of Melbourne; University of New South Wales Sydney
摘要：We exploit highly disaggregated occupation data to examine the impact of trade liberalization on intergenerational occupational mobility in urban India. We find that sons that live in urban Indian districts with a greater exposure to trade liberalization have a higher probability of being in a better occupation than their father. Taken together, our results allow us to make two new contributions to the literature on trade and inequality. First, we show that the same mechanism that causes great...
-
作者：Raddatz, Claudio; Schmukler, Sergio L.; Williams, Tomas
作者单位：International Monetary Fund; The World Bank; Pompeu Fabra University; George Washington University
摘要：Benchmark indexes have become important in financial markets for portfolio investment. In this paper, we study how international equity and bond market indexes impact asset allocations, capital flows, asset prices, and exchange rates across countries. We use unique monthly micro-level data of benchmark compositions and mutual fund investments during 1996-2014. We find that movements in benchmarks appear to have important effects on equity and bond mutual fund portfolio allocations, including p...
-
作者：Huang, Kevin X. D.; Meng, Qinglai; Xue, Jianpo
作者单位：Vanderbilt University; Oregon State University; Renmin University of China
摘要：In a closed economy, a balanced-budget fiscal policy rule with endogenous income tax rates can generate aggregate instability due to self-fulfilling expectations (e.g., Schmitt-Grohe and Uribe, 1997). This paper shows, both analytically and numerically, that beliefs-driven aggregate instability associated with such a balanced-budget rule is less of a problem in a small open economy integrated in the world asset and goods markets. This is because cross-border capital flows and endogenous intern...
-
作者：Palangkaraya, Alfons; Jensen, Paul H.; Webster, Elizabeth
作者单位：Swinburne University of Technology; University of Melbourne
摘要：In contrast with quotas and tariffs, it is theoretically ambiguous whether fewer (or 'weaker') rules over intellectual property rights will increase or decrease trade in patentable goods. The prevailing view is that anticipation of imitation reduces exporters' incentive to export goods to jurisdictions with 'Weak' patent regimes. This empirical paper uses new measures of how the destination-country patent system can affect trade. In contrast with existing studies which assume would-be exporter...
-
作者：Devereux, Michael B.; Dong, Wei; Tomlin, Ben
作者单位：University of British Columbia; Bank of Canada
摘要：We explore the role of product market structure on exchange rate pass-through and currency of invoicing in international trade, using very detailed transaction-level data on Canadian imports over a six-year period. A novel feature of the study is the importance of market share on both sides of the importing relationship that of the exporting and importing firms. We find that exchange rate pass-through and the currency of invoicing are dependent on the size (or market share) of both importers a...
-
作者：Arezki, Rabah; Fetzer, Thiemo; Fisch, Frank
作者单位：International Monetary Fund; University of Warwick; University of London; London School Economics & Political Science
摘要：This paper provides novel empirical evidence of the effects of a plausibly exogenous change in relative factor prices on U.S. manufacturing production and trade. The shale gas revolution has led to (very) large and persistent differences in the price of natural gas between the U.S. and the rest of the world reflecting differences in endowment of difficult-to-trade natural gas;Guided by economic theory, empirical tests on output, factor reallocation and international trade are conducted. Result...
-
作者：Park, JungJae
作者单位：National University of Singapore
摘要：This paper introduces endogenous capital accumulation into an otherwise standard quantitative sovereign default model a la Eaton and Gersovitz (1981). We find that conditional on a level of debt, default incentives are U-shaped in the capital stock: the economy with too small or too large amounts of capital is likely to default. Even without using an ad-hoc output cost of default, the calibrated model generally well matches business cycle facts of emerging economies and generates defaults in g...
