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作者：Evers, Michael P.
作者单位：Goethe University Frankfurt
摘要：In this paper, I provide a quantitative analysis of three different forms of fiscal federalism in monetary unions: fully decentralized regional fiscal authorities as the benchmark, fiscal equalization with nominal tax revenue sharing, and a common central fiscal authority. I assess the capability of the different arrangements to stabilize regional consumption, output, and employment over the business cycle. I also study the implications for interregional income, consumption risk sharing and we...
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作者：Artuc, Erhan; McLaren, John
作者单位：The World Bank; University of Virginia
摘要：A number of authors have argued that a worker's occupation of employment is at least as important as the worker's industry of employment in determining whether the worker will be hurt or helped by international trade. We investigate the role of occupational mobility on the effects of trade shocks on wage inequality in a dynamic, structural econometric model of worker adjustment Each worker in our specification can switch either industry, occupation, or both, paying a time-varying cost to do so...
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作者：Jaimovich, Esteban; Merella, Vincenzo
作者单位：University of Surrey; University of Cagliari
摘要：We propose a Ricardian trade model with horizontal and vertical differentiation, where willingness to pay for quality rises with income, and productivity differentials across countries are stronger for high-quality varieties of goods. Our theory predicts that the scope for trade widens and international specialisation intensifies as incomes grow and wealthier consumers raise the quality of their consumption baskets. This implies that comparative advantages strengthen gradually over the path of...
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作者：Callen, Michael; Imbs, Jean; Mauro, Paolo
作者单位：Harvard University; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
摘要：Suppose that international sharing risk worldwide or with large numbers of countries were costly. How much risk-sharing could be gained in small sets (or pools) of countries? To answer this question, we compute the means and variances of poolwide gross domestic product growth, for all possible pools of any size drawn from a sample of 74 countries, and compare them with the means and variances of consumption growth in each country individually. From the difference, we infer potential diversific...
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作者：Linnemann, Ludger; Schabert, Andreas
作者单位：Dortmund University of Technology; University of Cologne
摘要：Due to the US dollar's dominant role for international trade and finance, risk-free assets denominated in US currency not only offer a pecuniary return, but also provide transaction services, both nationally and internationally. Accordingly, the responses of bilateral US dollar exchange rates to interest rate shocks should differ substantially with respect to the (US or foreign) origin of the shock We demonstrate this empirically and apply a model of liquidity premia on US treasuries originati...
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作者：Antoniades, Alexis
作者单位：Georgetown University
摘要：We present a simple and tractable trade model of heterogeneous firms, endogenous quality choice, and endogenous markups. A key feature of the model is that competition not only lowers the cost cut-off between the firms that produce and those that exit, but it also raises the scope for quality differentiation. With both these channels present, the most productive firms respond to competition by raising quality, prices, and markups, while the least productive either exit or respond in the exact ...
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作者：Rabitsch, Katrin; Stepanchuk, Serhiy; Tsyrennikov, Viktor
作者单位：Vienna University of Economics & Business; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; International Monetary Fund
摘要：We compare the performance of the perturbation-based (local) portfolio solution method of Devereux & Sutherland (2010a, 2011) with a global solution method. As a test suite we use model specifications that broadly capture features of international financial trade, between advanced economies, and between advanced and emerging economies. We consider both symmetric country setups and asymmetric setups, that capture important empirical facts such as differences in macroeconomic volatility, differe...
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作者：Forbes, Kristin; Fratzscher, Marcel; Straub, Roland
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin; Centre for Economic Policy Research - UK; European Central Bank
摘要：Are capital controls and macroprudential measures related to international exposures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses these challenges by using a propensity-score matching methodology. We also create a new database...
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作者：Martincus, Christian Volpe; Carballo, Jeronimo; Graziano, Alejandro
作者单位：Inter-American Development Bank; University System of Maryland; University of Maryland College Park
摘要：All international trade transactions are processed by custom agencies and such processing takes time. Despite the fact that time is a key trade barrier, the time it takes for shipments to clear customs and how customs' processing times affect firms' exports remain largely unknown. In this paper, we precisely estimate the effects of custom-related delays on firms' exports. In so doing, we use a unique dataset that consists of the universe of Uruguay's export transactions over the period 2002-20...
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作者：Bas, Maria; Strauss-Kahn, Vanessa
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); Institut d'Etudes Politiques Paris (Sciences Po); heSam Universite; ESCP Business School
摘要：This paper explores the impact of input trade liberalization on imported input and exported product prices. Using Chinese transaction data for 2000-2006, we capture causal effects between exogenous input tariff reductions and within firm changes in HS6-traded product prices. For identification, we make use of a natural control group of firms that are exempted from paying tariffs. Both imported input and export prices rise. The effect on export prices is specific to firms sourcing inputs from d...
