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作者：Dolores Guillo, Maria; Perez-Sebastian, Fidel
作者单位：Universitat d'Alacant; Universitat d'Alacant; University of Hull
摘要：We advance a novel mechanism that helps to explain the puzzling evidence on the natural resource curse. The new channel arises in a standard dynamic Heckscher-Ohlin model composed of small-open economies that take international output prices as given. Within this framework, a more capital-intensive primary sector implies that natural-resource abundant economies grow more slowly along the adjustment path. This effect might be only temporary because the natural input also affects long-run income...
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作者：Bosetti, Valentina; Cattaneo, Cristina; Verdolini, Elena
作者单位：Fondazione Mattei; Bocconi University
摘要：This paper analyzes the effect of skilled migration on two measures of innovation, patenting and bibliometric data, in a panel of 20 European countries between 1995 and 2008. The empirical findings show that a larger pool of migrants in the skilled professions is associated with higher levels of knowledge creation. Skilled migrants contribute both to the creation of private knowledge, measured by the number of patent applications through the Patent Cooperation Treaty, and to more public basic ...
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作者：Pappa, Evi; Sajedi, Rana; Vella, Eugenia
作者单位：European University Institute
摘要：Cross-country evidence highlights the importance of tax evasion and corruption in determining the size of fiscal multipliers. We introduce these two features in a New Keynesian model and revisit the effects of fiscal consolidations. VAR evidence for Italy suggests that spending cuts reduce tax evasion, while tax hikes increase it. In the model, spending cuts induce a reallocation of production towards the formal sector, thus reducing tax evasion. Tax hikes increase the incentives to produce in...
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作者：Havranek, Tomas; Horvath, Roman; Irsova, Zuzana; Rusnak, Marek
作者单位：Czech National Bank; Charles University Prague; Leibniz Institut fur Ost und Sudosteuropaforschung
摘要：We collect 2735 estimates of the elasticity of intertemporal substitution in consumption from 169 published studies that cover 104 countries during different time periods. The estimates vary substantially from country to country, even after controlling for 30 aspects of study design. Our results suggest that income and asset market participation are the most effective factors in explaining the heterogeneity: households in rich countries and countries with high stock market participation substi...
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作者：Liu, Dan; Meissner, Christopher M.
作者单位：Shanghai University of Finance & Economics; University of California System; University of California Davis; National Bureau of Economic Research
摘要：Today's globalization, driven by lower barriers to trade, has increased market potential for many nations and led to gains in GDP per capita. We test whether this was true in the first wave of globalization by constructing market potential measures for a sample of 27 countries in 1900 and 1910 based on a general equilibrium model of production and trade. Cross-sectional estimates suggest that market potential was an economically significant determinant of GDP per capita at this time. To assess...
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作者：Zymek, Robert
作者单位：University of Edinburgh
摘要：Most of the expansion of global trade since 1980 has been of the North-South kind between capital-abundant developed and labour-abundant developing countries. Based on this observation, I argue that the recent growth of world trade is best understood from a factor-proportions perspective. Using data on trade barriers and estimates of capital-labour ratios for a group of 45 economies between 1980 and 2008, I find that a calibrated factor-proportions model can generate significant trade growth d...
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作者：Brutti, Filippo; Saure, Philip
作者单位：Swiss National Bank (SNB)
摘要：We assess the role of financial linkages for the transmission of sovereign risk in the Euro crisis. Building on the narrative approach by Romer and Romer (1989, 2010) and augmented by Mertens and Ravn (2013), we use financial news to identify structural shocks in a vector autoregressive model of daily sovereign CDS premia for eleven European countries. To estimate how these shocks transmit across borders, we use data on cross-country bank exposures to sovereign debt. Our results indicate that ...
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作者：Kim, Soyoung
作者单位：Seoul National University (SNU)
摘要：This paper examines the effects of government consumption shocks on the current account and the real exchange rate, as well as the influence of various country characteristics on these effects. A dataset of 18 industrial countries is used for the analysis. Panel VAR models are estimated for the groups of countries classified by country characteristics. The primary empirical findings are as follows. First, positive government consumption shocks lead, if anything, to real exchange rate depreciat...
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作者：Efing, Matthias; Hau, Harald; Kampkoetter, Patrick; Steinbrecher, Johannes
作者单位：University of Geneva; University of Geneva; University of Cologne; Leibniz Association; Ifo Institut
摘要：We use payroll data in the Austrian, German, and Swiss banking sector to identify incentive pay in the critical banking segments of treasury/capital market management and investment banking for 67 banks. We document an economically significant correlation of incentive pay with both the level and volatility of bank trading income particularly for the pre-crisis period 2003-2007, in which incentive pay was strongest. This result is robust if we instrument the bonus share in the capital market di...
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作者：Fornaro, Luca
作者单位：Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI)
摘要：This paper studies exchange rate policy in a small open economy model featuring an occasionally binding collateral constraint and Fisherian deflation. The goal is to evaluate the performance of alternative exchange rate policies in sudden stop-prone economies. The key element of the analysis is a pecuniary externality arising from frictions in the international credit markets, which creates a trade-off between price and financial stability. The main result is that depreciating the exchange rat...
