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作者：Bertoletti, Paolo; Epifani, Paolo
作者单位：University of Pavia; Bocconi University; Bocconi University; Bocconi University
摘要：We study the competitive and reallocation effects of trade opening in monopolistic competition. To this purpose, we generalize the Melitz (2003) setup with heterogeneous firms and fixed and variable trade costs beyond the CES to the case of additively separable utility functions. We find that extensive margin (Melitz-type selection) effects are robust to relaxing the CES assumption. Intensive margin effects (market share reallocations across inframarginal firms) and competitive (markup) effect...
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作者：Kim, Sunghyun H.; Kose, M. Ayhan
作者单位：Sungkyunkwan University (SKKU); Suffolk University; International Monetary Fund
摘要：This paper studies the welfare implications of revenue-neutral trade liberalization and fiscal reform programs for developing economies using a multi-sector dynamic general equilibrium model of a small open economy. We analyze how different combinations of tariffs - on imported consumption goods, intermediate inputs, and capital goods - and taxes - on consumption, labor income and capital income - affect the transitional and long-run welfare. We report three main findings. First, trade liberal...
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作者：Hevia, Constantino
作者单位：Universidad Torcuato Di Tella
摘要：Aggregate fluctuations in emerging countries are different from those in developed countries. Using data from Mexico and Canada, this paper decomposes these differences in terms of reduced form shocks that affect aggregate efficiency and distort the decisions of households about how much to invest, consume, and work in a standard model of a small open economy. The decomposition exercise suggests that most of these differences are explained by fluctuations in aggregate efficiency, distortions i...
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作者：Campolmi, Alessia; Fadinger, Harald; Forlati, Chiara
作者单位：Central European University; University of Vienna; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne
摘要：We study trade policy in a two-sector Krugman (1980) trade model, allowing for wage, import and export subsidies/taxes. We study non-cooperative trade policies, first for each individual instrument and then for the situation where all instruments can be set simultaneously, and contrast those with the efficient allocation. We show that in this general context there are four motives for non-cooperative trade policies: the correction of monopolistic distortions; the terms-of-trade manipulation; t...
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作者：Albertazzi, Ugo; Bottero, Margherita
作者单位：European Central Bank; Bank of Italy
摘要：We exploit highly disaggregated bank-firm data to investigate the dynamics of foreign vs domestic credit supply in Italy around the period of the Lehman collapse, which brought a sudden and unexpected deterioration of economic conditions and a sharp increase in credit risk. Taking advantage of the presence of multiple lending relationships to control for credit demand and risk at the individual-firm level, we show that foreign lenders restricted credit supply (to the same firm) more sharply th...
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作者：Frankel, Jeffrey; Giavazzi, Francesco
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作者：Swanson, Eric T.; Williams, John C.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：The zero lower bound on nominal interest rates began to constrain many central banks' setting of short-term interest rates in late 2008 or early 2009. According to standard macroeconomic models, this should have greatly reduced the effectiveness of monetary policy and increased the efficacy of fiscal policy. However, these models also imply that asset prices and private-sector decisions depend on the entire path of expected future short-term interest rates, not just the current level of the mo...
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作者：Massa, Massimo; Zaldokas, Alminas
作者单位：INSEAD Business School; Hong Kong University of Science & Technology
摘要：We examine international bond issues by US firms to study the benefits of investor taste for cross-border security issuances. We proxy for firms' international investor taste with the fraction of prior international bond holding in firms' domestic and international bonds and find that international investor demand increases with such taste. Moreover, the offering yield spreads on international bonds are lower than domestic offering yield spreads for these internationally recognized firms and t...
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作者：Ghosh, Atish R.; Qureshi, Mahvash S.; Kim, Jun Il; Zalduendo, Juan
作者单位：International Monetary Fund; International Monetary Fund
摘要：This paper examines when and why capital sometimes surges to emerging market economies (EMEs). Using data on net capital flows for 56 EMEs over 1980-2011, we find that global factors, including US interest rates and investor risk aversion act as gatekeepers that determine when surges of capital to EMEs will occur. Whether a particular EME receives a surge, and the magnitude of that surge, however, depends largely on domestic factors such as its external financing need, capital account openness...
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作者：Evans, Martin D. D.; Hnatkovska, Viktoria V.
作者单位：Georgetown University; National Bureau of Economic Research; University of British Columbia
摘要：International capital flows have increased dramatically since the 1980s, with much of the increase being due to trade in equity and bond markets. Such developments are often attributed to the increased integration of world financial markets. We present a model that allows us to examine how greater integration in world financial markets affects the behavior of international capital flows and financial returns. Our model predicts that international capital flows are large (in absolute value) and...
