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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：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：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 ...
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作者：Egger, Hartmut; Kreickemeier, Udo; Wrona, Jens
作者单位：University of Bayreuth; Technische Universitat Dresden
摘要：We develop a two-country general equilibrium model, in which heterogeneous firms offshore routine tasks to a low-wage host country. In the presence of fixed costs for offshoring the most productive firms self-select into offshoring, which leads to a reallocation of domestic labor towards less productive uses if offshoring costs are high. As a consequence domestic welfare may fall. The reallocation effect is reversed and domestic welfare rises if offshoring costs are low. The aggregate income d...
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作者：Girma, Sourafel; Gong, Yundan; Goerg, Holger; Lancheros, Sandra
作者单位：University of Nottingham; Aston University; Aarhus University; IZA Institute Labor Economics; University of Nottingham Ningbo China
摘要：We implement a method to estimate the direct effects of foreign-ownership on foreign firms' productivity and the indirect effects (or spillovers) from the presence of foreign-owned firms on other foreign and domestic firms' productivity in a unifying framework, taking interactions between firms into account. To do so, we relax a fundamental assumption made in empirical studies examining a direct causal effect of foreign ownership on firm productivity, namely that of no interactions between fir...
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作者：Guren, Adam; Hemous, David; Olsen, Morten
作者单位：Boston University; INSEAD Business School; University of Navarra; IESE Business School
摘要：This paper develops a dynamic Heckscher Ohlin Samuelson model with sector-specific human capital and overlapping generations to characterize the dynamics and welfare implications of gradual labor market adjustment to trade. Our model is tractable enough to yield sharp analytic results, that complement and clarify an emerging empirical literature on labor market adjustment to trade. Existing generations that have accumulated specific human capital in one sector can switch sectors when the econo...
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作者：Li, Hongbin; Ma, Hong; Xu, Yuan
作者单位：Tsinghua University
摘要：This paper provides first-hand firm-level evidence on Chinese exporters' reaction to RMB exchange rate movements. We find that the RMB price response to exchange rate changes is very small, indicating relatively high exchange rate pass-through into foreign currency denominated prices, while the volume response is moderate and significant. Furthermore, exporters with higher productivity price more to market, though the pass-through is still very high. Other sources of heterogeneity, such as imp...
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作者：Naghavi, Alireza; Strozzi, Chiara
作者单位：University of Bologna; Universita di Modena e Reggio Emilia
摘要：This paper studies the interaction between international migration and intellectual property rights (IPR) in determining innovation performance of developing countries. Although emigration may directly cause brain drain, it generates a flow of knowledge acquired by emigrants abroad back to their home countries, which could be exploited under sound IPR institutions. IPRs can thus stimulate domestic innovation by creating the right environment to absorb potential gains from international migrati...
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作者：Cook, David; Xu, Juanyi
作者单位：Hong Kong University of Science & Technology
摘要：This paper incorporates search frictions with endogenous job creation and destruction into a two country dynamic stochastic general equilibrium model to explain two macroeconomic facts. First, since the 1980s, European unemployment rates have risen substantially above USA levels. Second, the European business cycle has lagged the USA business cycle during the period of the Great Moderation. In the model, more generous unemployment benefits and greater employment protection (manifested as firin...
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作者：Etkes, Haggay; Zimring, Assaf
作者单位：Bank of Israel; University of Michigan System; University of Michigan
摘要：This paper uses detailed household expenditure and firm production data to study the welfare consequences of the blockade imposed on the Gaza Strip between mid-2007 and mid-2010. Using the West Bank as a counterfactual economy, we find that welfare declined by 14%-27%. Moreover, households with larger pre-blockade expenditure levels experienced larger welfare losses. We show that this large decline in welfare may be due to a combination of resource reallocation and reduced productivity. Worker...
