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作者：Miles, David; Schanz, Jochen
作者单位：Bank of England; Bank of England
摘要：This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which risk-averse households hold money and bonds to insure against risk. Central bank asset purchases have the potential to affect households' choices by changing the composition and return of their asset portfolios....
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作者：Galiani, Sebastian; Torrens, Gustavo
作者单位：University System of Maryland; University of Maryland College Park; Indiana University System; Indiana University Bloomington
摘要：This paper develops a politico-economic model for use in studying the role of intra-elite conflict in the simultaneous determination of a country's political regime, trade policy and income-tax-based redistribution scheme. Three socioeconomic groups are involved: two elite groups and workers, whose preferences regarding trade policy and income taxation are derived from a simple open-economy model. The critical point is that income taxation induces a rich-poor/elite-workers political cleavage, ...
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作者：Lombardo, Giovanni; Ravenna, Federico
作者单位：European Central Bank; Universite de Montreal; HEC Montreal
摘要：We show that the composition of international trade has important implications for the optimal volatility of the exchange rate, above and beyond the size of trade flows. Using an analytically tractable small open economy model, we characterize the impact of the trade composition on the policy trade-off and on the role played by the exchange rate in correcting for price misalignments. Contrary to models where openness can be summarized by the degree of home bias, we find that openness can be a ...
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作者：Nicita, Alessandro; Olarreaga, Marcelo; Porto, Guido
作者单位：University of Geneva; Center for Economic & Policy Research (CEPR); National University of La Plata
摘要：This paper examines the presence of a pro-poor bias in the existing structure of protection of six Sub-Saharan African (SSA) countries, Burkina Faso, Cameroon, Cote d'Ivoire, Ethiopia. Gambia, and Madagascar. We build on a simple agricultural household production model and we propose an extension to include adjustments in labor income. Our approach, which can be implemented without repeated cross-sections of household level data, suits well the data constraints in SSA It also allows us to capt...
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作者：Vannoorenberghe, G.
作者单位：Tilburg University
摘要：This paper shows that the gains from opening up to international trade are smaller when firms do not fully internalize downward risk I develop a general equilibrium model with two key assumptions. First, when faced with adverse productivity shocks, employers can lay off workers without fully paying the social costs of their layoff decisions, a common feature of many institutions. Second, when opening to international trade, the elasticity of demand perceived by an industry increases. In this s...
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作者：Alessandria, George; Choi, Horag
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Rochester; Monash University
摘要：We study the effects of tariffs and iceberg trade costs in a two-sector dynamic variation of the Melitz (2003) model extended to include a sunk cost of exporting, establishment-level uncertainty in productivity, capital accumulation, and material usage. We calibrate the model to match both cross-sectional and dynamic aspects of US producers related to export participation and the establishment lifecycle. We find a tariff equivalent of fixed export costs of 30 percentage points. We also find th...
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作者：Martin, Julien; Mejean, Isabelle
作者单位：University of Quebec; University of Quebec Montreal; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We study how competition from low-wage countries in international markets affects the quality content of high-wage country exports. We focus on aggregate quality changes driven by a reallocation of sales from low- to high-quality exporters, within industries. Two alternative indicators are used on firm-level data to measure quality changes. Both lead to similar conclusions. Namely, we show that the mean quality of French exports increased by 10-15% between 1995 and 2005. Quality improvement is...
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作者：Aw, Bee Yan; Lee, Yi
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Tsing Hua University
摘要：We develop a theoretical framework to examine the relative importance of firm demand and productivity in firm decisions to export and where to locate foreign direct investments. The model shows that the equilibrium firm decision depends on product technology, consumer preference for product quality, fixed investment costs of establishing a foreign subsidiary, transportation costs and relative wages. Our empirical results confirm the predictions of the theoretical model. Firm-level demand and p...
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作者：Bems, Rudolfs
作者单位：International Monetary Fund
摘要：The traditional multi-sector macro model without production inputs is a value-added trade model. This paper shows that calibrating such a misspecified value-added trade model to available gross-flow trade data a common practice in the literature can lead to mismeasured (i) preference weights and (ii) price elasticities. Further, the calibrated model can give substantially different predictions regarding the relative price response to external rebalancing, when compared to a preferred alternati...
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作者：Djajic, Slobodan; Vinogradova, Alexandra
摘要：Liquidity constraints represent a major obstacle for potential migrants trying to meet the high cost of undocumented international migration. Some cover it by borrowing from a smuggling organization with a commitment to repay the loan by working in the destination country as bonded laborers. This paper compares alternative ways of financing migration and shows that debt bondage is optimal only if the international wage differential is sufficiently large in relation to migration costs. Tougher ...
