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作者：Berg, Kimberly A.; Mark, Nelson C.
作者单位：Bank of Canada; University of Notre Dame; National Bureau of Economic Research
摘要：Predictive regressions for bilateral exchange rates are typically run on variables from the associated bilateral pairs of countries. These regressions characteristically have low explanatory power, which leaves room for an omitted variables interpretation. We test whether these omitted variables are from third-countries. When third-country macro factors are added to bilateral exchange rate regressions, they enter significantly and increase the adjusted R-2. A three-country exchange rate model ...
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作者：Manganelli, Simone; Popov, Alexander
作者单位：European Central Bank
摘要：This paper studies how financial development affects the volatility of GDP growth through the channel of sectoral reallocation. For 28 OECD countries over the period 1970-2007, we construct a benchmark industrial portfolio that minimizes the economy's long-term volatility for a given level of long-term labor productivity growth. We find that financial development substantially increases the speed with which the observed industrial composition of output converges toward the benchmark. To overco...
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作者：Cardi, Olivier; Restout, Romain
作者单位：Universite Paris-Pantheon-Assas; Universite de Lorraine; Universite Catholique Louvain
摘要：This paper investigates the relative price and relative wage effects of a higher productivity in the traded sector compared with the non traded sector in a two-sector open economy model with imperfect substitutability in hours worked across sectors. The Balassa-Samuelson (1964) model predicts that a rise in the sectoral productivity ratio by 1% raises the relative price of non tradables by 1% while leaving the non traded wage-traded wage ratio unchanged. Applying cointegration methods to a pan...
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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：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：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：Mukherjee, Rahul
摘要：Countries with weaker domestic investor protection hold less diversified international portfolios. An equilibrium business cycle model of North-South capital flow with corporate governance frictions between outside investors and corporate insiders explains this phenomenon through two channels. First, weak governance leads to concentrated ownership in the South because international diversification by insiders is penalized by lower stock market valuation. This reduces the float portfolio, or th...
