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作者：Hamano, Masashige
作者单位：Sophia University; University of Luxembourg
摘要：This paper analyzes equity and bond positions in a two-country Dynamic Stochastic General Equilibrium model where the number of varieties, i.e., the extensive margins of products available to consumers, is endogenously determined. Fluctuations in the welfare-based real exchange rate, including those in the number of varieties, matter to international consumption risk sharing. We investigate the implication of such variety risk for the optimal portfolio choice and show that the variety risk gen...
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作者：Cacciatore, Matteo; Ghironi, Fabio; Stebunovs, Viktors
作者单位：Universite de Montreal; HEC Montreal; University of Washington; University of Washington Seattle; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Federal Reserve System - USA
摘要：This paper studies the domestic and international effects of national bank market integration in a two-country, dynamic, stochastic, general equilibrium model with endogenous producer entry. Integration of banking across localities reduces the degree of local monopoly power of financial intermediaries. The economy that implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account deficit. The foreign economy experiences a long...
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作者：Carter, Patrick; Postel-Vinay, Fabien; Temple, Jonathan
作者单位：University of Bristol; University of London; University College London; University of London; London School Economics & Political Science
摘要：This paper introduces a framework for studying the optimal dynamic allocation of foreign aid among multiple recipients. We pose the problem as one of weighted global welfare maximization. A donor in the North chooses an optimal path for international transfers, anticipating that consumption and investment decisions will be made by optimizing households in the South, and accounting for limits in the extent to which recipients can effectively absorb aid. We present quantitative results on optima...
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作者：Eckel, Carsten; Iacovone, Leonardo; Javorcik, Beata; Neary, J. Peter
作者单位：University of Munich; The World Bank; University of Oxford; Center for Economic & Policy Research (CEPR)
摘要：We develop a new model of multi-product firms which invest to improve the perceived quality of both their individual products and their brand. Because of flexible manufacturing, products closer to firms' core competence have lower costs, so firms produce more of them, and also have higher incentives to invest in their quality. These two effects have opposite implications for the profile of prices. Mexican data provide robust confirmation of the model's key prediction: firms in differentiated-g...
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作者：Eugeni, Sara
作者单位：Durham University
摘要：In this paper, we investigate the relationship between East Asian countries' high propensity to save and global imbalances in a two-country OLG model with production. The saving behavior of emerging economies and capital outflows to the United States can be attributed to their poor pay-as-you-go systems. The model predicts that emerging countries run a trade surplus only as long as the long-run growth rate of the economy is higher than the real interest rate (capital overaccumulation case). Th...
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作者：Wang, Jian; Wang, Xiao
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of North Dakota Grand Forks
摘要：To examine the effect of foreign direct investment, this paper compares the post-acquisition performance changes of foreign- and domestic-acquired firms in China. Unlike previous studies, we investigate the purified effect of foreign ownership by using domestic-acquired firms as the control group. After controlling for the acquisition effect that exists in domestic acquisitions, we find no evidence that foreign ownership can bring additional productivity gains to target firms, though both fore...
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作者：Wu, Tommy T.
作者单位：Hong Kong Monetary Authority (HKMA)
摘要：In this paper I study and quantify the long-run effects of openness to trade and multinational production in a model of endogenous innovation with firm heterogeneity. When trade is liberalized, some multinationals find it more profitable to export and forgo the costs of maintaining capacities in foreign markets. I examine how this trade-off can have long-run effects on growth and welfare. The model emphasizes the importance of firms' ability to access multiple markets in providing incentives t...
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作者：Rabanal, Pau; Rubio-Ramirez, Juan F.
作者单位：International Monetary Fund; Duke University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Centre for Economic Policy Research - UK
摘要：Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exercise than the typical business cycle one, which compares actual and simulated data after the Hodrick-Prescott filter is applied to both. A simple two-country, two-good, international real business cycle model can explain the volatility of the real exchange rate when all frequencies are studied. The puzzle is that the model generates too much persi...
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作者：Cage, Julia; Rouzet, Dorothee
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); Organisation for Economic Co-operation & Development (OECD)
摘要：This paper studies the effect of firm and country reputation on exports when buyers cannot observe quality prior to purchase. Firm-level demand is determined by expected quality, which is driven by the dynamics of consumer learning through experience and the country of origin's reputation for quality. We show that asymmetric information can result in multiple steady-state equilibria with endogenous reputation. We identify two types of steady states: a high-quality equilibrium (HQE) and a low-q...
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作者：Beshkar, Mostafa; Bond, Eric W.; Rho, Youngwoo
作者单位：Indiana University System; Indiana University Bloomington; Vanderbilt University
摘要：Most market access commitments under the WTO are in the form of bindings on applied tariff rates. We observe two important regularities in the data. First, applied tariffs are often lower than the bound tariffs, providing governments with substantial policy flexibility. Second, the extent of flexibility varies substantially across sectors and countries. In a sharp contrast to the prediction of standard trade agreement models, we observe a strong negative correlation between tariff commitments ...
