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作者：Bauducco, Sofia; Caprioli, Francesco
作者单位：Central Bank of Chile; European Central Bank; Bank of Italy
摘要：We introduce limited commitment into a standard optimal fiscal policy model in small open economies. We consider the problem of a benevolent government that signs a risk-sharing contract with the rest of the world, and that has to choose optimally distortionary taxes on labor income, domestic debt and international transfers. Both the home country and the rest of the world may have limited commitment, which means that they can leave the contract if they find it convenient. The contract is desi...
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作者：Mann, Catherine L.
作者单位：Brandeis University
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作者：Ramondo, Natalia
作者单位：University of California System; University of California San Diego
摘要：I examine new data on the number and revenues of foreign affiliates of multinational firms across a large number of country pairs. The data shed light on the behavior of the intensive and extensive margins of multinational production (MP). To capture the patterns observed in the data, I build and calibrate a multi-country general-equilibrium model of MP that combines a Lucas (1978) span-of-control with an Eaton and Kortum (2002) type model, and includes both fixed and variable costs of opening...
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作者：Koska, Onur A.; Staehler, Frank
作者单位：Eberhard Karls University of Tubingen; Leibniz Association; Ifo Institut
摘要：This paper employs a multi-industry general equilibrium model of oligopolistic competition, free market entry and trade in which capital is used to establish firms and labor is used for production. We show that both absolute and relative endowments matter for the pattern of trade. We demonstrate that market entry to each industry is either too excessive or too moderate while the effect on firm size is ambiguous. If countries are sufficiently symmetric, trade will increase the wage-rental ratio...
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作者：Tille, Cedric; van Wincoop, Eric
作者单位：Centre for Economic Policy Research - UK; University of Virginia; National Bureau of Economic Research
摘要：It is well established that private information is critical to our understanding of asset prices. In this paper we argue that it also affects international capital flows and use a simple two-country DSGE model to illustrate its impact. We show that private information (i) increases the volatility of both net and gross capital flows, (ii) leads to a high correlation between capital inflows and outflows, (iii) leads to a disconnect of capital flows from observed macro fundamentals and (iv) impli...
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作者：Jaef, Roberto N. Fattal; Lopez, Jose Ignacio
作者单位：The World Bank; Hautes Etudes Commerciales (HEC) Paris
摘要：Are firm entry and fixed exporting costs relevant for understanding the international transmission of business cycles? We revisit this question using a model that includes entry, selection to exporting activity, physical capital accumulation and endogenous labor supply. We determine that once the stochastic process for exogenous productivity is calibrated to consider the endogenous dynamics in TFP created by the number of firms and the time series volatility of entry is calibrated to the data,...
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作者：Mion, Giordano; Opromolla, Luca David
作者单位：University of Surrey; Banco de Portugal; Universidade de Lisboa
摘要：Knowledge is key to the competitiveness and success of an organization and in particular of a firm. Firms and their managers acquire knowledge via a variety of different channels which are often difficult to track down and quantify. By matching employer-employee data with trade data at the firm level we show that the export experience acquired by managers in previous firms leads their current firm toward higher export performance, and commands a sizeable wage premium for the manager. Moreover,...
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作者：Diez, Federico J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：This paper studies the effects of tariffs on intra-firm trade. Building on the Antras and Helpman (2004) North-South theoretical framework, I show that higher Northern tariffs reduce the incentives for outsourcing and offshoring, while higher Southern tariffs have the opposite effects. I also show that increased offshoring and outsourcing imply a decrease in the ratio of Northern intra-firm imports to total imports, an empirically testable prediction. Using a highly disaggregated dataset of U....
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作者：Basco, Sergi
作者单位：Universidad Carlos III de Madrid
摘要：In the last decade the United States experienced the burst of the Dot-Corn and the Housing Bubbles. I develop a model to study the relationship between globalization and the emergence of rational bubbles. I also analyze how the effect of globalization on house prices depends on the type of bubble. I show that bubbles cannot arise in a financially developed country in autarky. In contrast, as globalization progresses, bubbles are more likely to appear in the financially developed country. I als...
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作者：Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in U.S. house prices and household debt that preceded the financial crisis. The key to these findings is that the model generates the sustained low level of interest rates observed over that period. (C) 2...
