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作者：Sposi, Michael
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：In this paper I quantitatively address the role of trade barriers in explaining why prices of services relative to tradables are positively correlated with levels of development across countries. I argue that trade barriers play a crucial role in shaping the cross-country pattern of specialization across many tradable goods. I construct a multi-country, general equilibrium model of trade and derive tractable predictions that show how specialization affects relative prices. I calibrate the mode...
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作者：Ossa, Ralph
作者单位：University of Chicago; National Bureau of Economic Research
摘要：I show that accounting for cross-industry variation in trade elasticities greatly magnifies the estimated gains from trade. The main idea is as simple as it is general: while imports in the average industry do not matter too much, imports in some industries are critical to the functioning of the economy, so that a complete shutdown of international trade is very costly overall. (C) 2015 Elsevier B.V. All rights reserved.
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作者：Geng, Difei; Saggi, Kamal
作者单位：Vanderbilt University
摘要：We evaluate the case for non-discrimination in international patent protection. When trade is not subject to any frictions/barriers, requiring national treatment (NT) does not affect the rate of innovation (and welfare) since unfavorable discrimination suffered abroad by innovators in the absence of NT is fully offset by favorable discrimination enjoyed by them at home. When trade barriers exist, however, such international offsetting in patent protection is incomplete and innovation incentive...
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作者：Niepmann, Friederike
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：The international linkages between banks play a crucial role in today's global economy. Existing models explain these links largely on the basis of portfolio theory, in which banks diversify lending. These models have found limited empirical support and do not speak to several relevant dimensions of the data. They do not explain heterogeneity in the degree to which banks operate through foreign affiliates, fund their activities abroad or matter for local lending in foreign countries. This pape...
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作者：Forlati, Chiara
作者单位：University of Southampton
摘要：This paper revisits the question of the appropriate domain of a currency area using a New-Keynesian open economy model in which the world is split into two areas, each framed as a continuum of small open regions. We show that the adoption of a common currency like the euro can be beneficial for the members of the monetary union, since the spill-over effects generated by the inflationary policies of the small open economies are likely to outweigh the costs of not tailoring monetary policy to co...
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作者：Goncalves, Carlos Eduardo; Guimaraes, Bernardo
作者单位：Universidade de Sao Paulo; Getulio Vargas Foundation
摘要：This paper studies fiscal policy in a model of sovereign debt and default A time inconsistency problem arises: since the price of past debt cannot be affected by current fiscal policy and governments cannot credibly commit to a certain path of tax rates, debtor countries choose suboptimally low fiscal adjustments. An international organization, capable of designing a contract that coaxes debtors into a tougher fiscal stance via the provision of cheap senior lending in times of crisis, can work...
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作者：Kehoe, Timothy J.; Rossbach, Jack; Ruhl, Kim J.
作者单位：National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; New York University
摘要：This paper develops a methodology for predicting the impact of trade liberalization on exports by industry (3-digit ISIC) based on the pre-liberalization distribution of exports by product (5-digit SITC). We evaluate the ability of our methodology to account for the industry-level variation in export growth by using our model to predict the growth in industry trade from the North American Free Trade Agreement (NAFTA). We show that our method performs significantly better than the applied gener...
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作者：Liao, Wei; Santacreu, Ana Maria
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; INSEAD Business School; International Monetary Fund
摘要：Countries that trade more with each other tend to have more strongly correlated business cycles. Yet, traditional international business cycle models predict a much weaker link between trade and business cycle comovement We propose that fluctuations in the number of varieties embedded in trade flows may drive the observed comovement by increasing the correlation among trading partners' aggregate productivity. Our hypothesis is that business cycles should be more strongly correlated between cou...
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作者：Cherkashin, Ivan; Demidova, Svetlana; Kee, Hiau Looi; Krishna, Kala
作者单位：Australian National University; McMaster University; The World Bank; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
摘要：We build a tractable partial equilibrium model in the spirit of Melitz (2003) to help understand the role of trade preferences given to developing countries, as well as the efficacy of various subsidy policies. The model allows for firm level heterogeneity in both demand and productivity and lets the mass of firms that enter be endogenous. Trade preferences given by one country have positive spillovers on exports to others in this model. Preferences given by the EU to Bangladesh in an industry...
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作者：Fillat, Jose L.; Garetto, Stefania; Oldenski, Lindsay
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve Bank - Boston; Georgetown University
摘要：We investigate theoretically and empirically the relationship between the geographic structure of a multinational corporation and its risk premium. Our structural model suggests two channels. On the one hand, multinational activity offers diversification benefits: risk premia should be higher for firms operating in countries where shocks co-vary more with the domestic ones. Second, hysteresis and operating leverage induced by fixed and sunk costs of production imply that risk premia should be ...
