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作者：Celik, Levent; Karabay, Bilgehan; McLaren, John
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; University of Auckland; University of Virginia
摘要：In democracies, trade policy is the result of interactions among many agents with different agendas. In accordance with this observation, we construct a dynamic model of legislative trade policy-making in the realm of distributive politics. An economy consists of different sectors, each of which is concentrated in one or more electoral districts. Each district is represented by a legislator in the Congress. Legislative process is modeled as a multilateral sequential bargaining game a la Baron ...
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作者：Kempf, Hubert; von Thadden, Leopold
作者单位：Universite Paris Saclay; Paris School of Economics; Johannes Gutenberg University of Mainz
摘要：This paper offers a framework to study strategic interactions between private players, national fiscal authorities and a common central bank in monetary unions. We establish general conditions, in terms of restrictions on spill-over effects of actions by private and public players, under which games that differ in the degree of cooperation and commitment can admit the same equilibrium outcome. We use these conditions to characterize benchmark results on the irrelevance of cooperation and commi...
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作者：Ahmad, Yamin; Lo, Ming Chien; Mykhaylova, Olena
作者单位：Minnesota State Colleges & Universities; Saint Cloud State University; University of Richmond
摘要：This paper investigates the extent to which modern DSGE models, which feature local currency pricing, home bias, nontraded goods, and incomplete markets, can generate nonlinear real exchange rate dynamics that are consistent with those found in the time series literature using data from the current floating period. Our key findings are as follows. First, if the true model can be appropriately characterized as a set of linear equations, then linearity tests that utilize univariate autoregressio...
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作者：Baldwin, Richard; Venables, Anthony J.
作者单位：University of Oxford
摘要：Global production sharing is determined by international cost differences and frictions related to the costs of unbundling stages spatially. The interaction between these forces depends on engineering details of the production process with two extremes being 'snakes' and 'spiders'. Snakes are processes whose sequencing is dictated by engineering; spiders involve the assembly of parts in no particular order. This paper studies spatial unbundling as frictions fall, showing that outcomes are very...
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作者：Christiansen, Lone; Schindler, Martin; Tressel, Thierry
作者单位：International Monetary Fund
摘要：This paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Domestic financial reforms and trade reforms are robustly associated with economic growth, but only in middle-income countries. In contrast, there is no evidence of a systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on e...
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作者：Harris, Richard G.; Robertson, Peter E.
作者单位：Simon Fraser University; University of Western Australia
摘要：Concerns over rising inequality have threatened to slow the process of trade liberalization in emerging economies, such as China and India. But even if trade liberalization raises inequality, these effects may be short lived and associated with important dynamic effects such as capital and skill accumulation. Using a simple dynamic open economy model we show that trade liberalization can induce substantial human capital accumulation, and that the transition path for the skill premium can be no...
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作者：Novy, Dennis
作者单位：University of Warwick
摘要：This paper derives a micro-founded gravity equation based on a translog demand system that allows for flexible substitution patterns across goods. In contrast to the standard CES-based gravity equation, translog gravity generates an endogenous trade cost elasticity. Trade is more sensitive to trade costs if the exporting country only provides a small share of the destination country's imports. As a result, trade costs have a heterogeneous impact across country pairs, with some trade flows pred...
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作者：Hallak, Juan Carlos; Sivadasan, Jagadeesh
作者单位：Universidad de San Andres Argentina; Consejo Nacional de Investigaciones Cientificas y Tecnicas (CONICET); University of Michigan System; University of Michigan
摘要：We develop a model of international trade with two dimensions of firm heterogeneity. The first dimension is process productivity, which is how we denote the standard concept of productivity as modeled in the literature. The second one is product productivity, defined as firms' ability to develop high-quality products spending small fixed outlays. The distinction between these two sources of productivity, together with the assumption that iceberg trade costs decrease with quality, delivers vari...
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作者：Guerron-Quintana, Pablo A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Using an estimated dynamic stochastic general equilibrium model, I show that shocks to a common international stochastic trend explain on average about 10% of the variability of output in several small developed economies. These shocks explain roughly twice as much of the volatility of consumption growth as the volatility of output growth. When the model is expanded to include a common stationary productivity shock, the model attributes around 23% of the variability of output to those internat...
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作者：Regolo, Julie
作者单位：University of Geneva
摘要：This paper studies how a country's export diversification varies across destination markets. It develops an extension of the Romalis (2004) model which yields two testable predictions. According to the first, exports between similarly endowed countries (South-South and North-North) are more diversified than exports between differently endowed countries (South-North and North-South). The second implication is that, for given countries' production patterns, low bilateral trade costs lead to grea...
