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作者：Dahlquist, Magnus; Hasseltoft, Henrik
作者单位：Stockholm School of Economics; University of Zurich; Swiss Finance Institute (SFI)
摘要：We find evidence for time-varying risk premia across international bond markets. Local and global factors jointly predict returns. The global factor is closely linked to US bond risk premia and international business cycles. Movements in the global factor seem to drive risk premia and expected short-term interest rates in opposite directions. We consider an affine term-structure model in which risk premia are driven by one local and one global factor. Shocks to these factors account for only a...
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作者：Markusen, James R.
作者单位：University of Colorado System; University of Colorado Boulder; University College Dublin
摘要：The basic gains-from-trade theorem makes a stark comparison between completely free trade and complete autarky. This paper is motivated by recent evidence that trade has greatly expanded on the extensive margin (aka fragmentation, vertical specialization, offshoring) by adding newly traded goods and services and that much of this new trade is in intermediates. I provide an extension of existing gains-from-trade results by allowing trade in an added set of final and/or intermediate goods. As se...
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作者：Ranjan, Priya
作者单位：University of California System; University of California Irvine
摘要：It is shown that when wages are determined through collective bargaining, there is a non-monotonic relationship between the cost of offshoring and unemployment. Starting from a high cost of offshoring, a decrease in the cost of offshoring reduces unemployment first and then increases it. The non-monotonicity of unemployment in the cost of offshoring does not obtain if wages are determined by individual Nash bargaining instead of collective bargaining. The non-monotonic relationship between the...
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作者：Hu, Yunfang; Mino, Kazuo
作者单位：Tohoku University; Kyoto University
摘要：This paper constructs a dynamic two-country model with country-specific production externalities and inspects the presence of equilibrium indeterminacy under alternative trade structures. It is shown that the presence of belief-driven economic fluctuations caused by equilibrium indeterminacy is closely related to the specified trade structure. If investment goods are not internationally traded and international lending and borrowing are allowed, then indeterminacy arises in a wider set of para...
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作者：Kuralbayeva, Karlygash; Stefanski, Radoslaw
作者单位：University of Oxford; Laval University
摘要：Macro cross-country data and micro US county data indicate that resource-rich regions have small but relatively productive manufacturing sectors and large but relatively unproductive non-manufacturing sectors. We suggest a process of specialization to explain these facts. Windfall revenue induces labor to move from the (traded) manufacturing to the (non-traded) non-manufacturing sector. A self-selection of workers takes place. Only those most skilled in manufacturing sector work remain in manu...
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作者：Chaney, Thomas; Ossa, Ralph
作者单位：University of Chicago; University of Chicago
摘要：We generalize Krugman's (1979) 'new trade' model by allowing for an explicit production chain in which a range of tasks is performed sequentially by a number of specialized teams. We demonstrate that an increase in market size induces a deeper division of labor among these teams which leads to an increase in firm productivity. The paper can be thought of as a formalization of Smith's (1776) famous theorem that the division of labor is limited by the extent of the market. It also sheds light on...
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作者：Swenson, Deborah L.
作者单位：University of California System; University of California Davis
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作者：Smeets, Valerie; Warzynski, Frederic
作者单位：Aarhus University
摘要：In this paper, we analyze the relationship between exports, imports and firm productivity taking into account pricing heterogeneity and multi-product firms. We use a rich firm-product level dataset providing both revenue and quantities of all products produced, exported and imported for a large panel of Danish manufacturing firms over the period 1999-2006. With this detailed information, we compute a firm level price index to deflate our measure of output and compare our productivity measures ...
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作者：Araujo, Aloisio; Leon, Marcia; Santos, Rafael
摘要：We modify the Cole and Kehoe model by including domestic debt. According to the original model, a speculative attack on a high debt level issued abroad triggers external debt default. Here, it is possible to inflate away the domestic debt to avoid the external debt default. We consider two possibilities for domestic debt denomination: (i) local currency and (ii) common currency. In the second case, inflation depends on a monetary union decision. Our numerical results show that to have a debt s...
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作者：Giordani, Paolo E.; Ruta, Michele
作者单位：World Trade Organization
摘要：We propose a theoretical framework for analyzing the problems associated to unilateral immigration policy in receiving countries and for evaluating the grounds for reform of international institutions governing immigration. We build a model with multiple destination countries and show that immigration policy in one country is influenced by measures adopted abroad as migrants choose where to locate (in part) in response to differences in immigration policy. This interdependence gives rise to a ...
