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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：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：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：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 ...
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作者：Durdu, C. Bora; Nunes, Ricardo; Sapriza, Horacio
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper builds a unified model of sovereign debt, default risk, and news shocks. News shocks improve the quantitative performance of the sovereign default model in a number of empirically-relevant dimensions. First, with news shocks, not all defaults occur during downturns. Second, the news shocks help account for key differences between developing and more developed economies: as the precision of news improves, the model predicts lower variability of consumption, less countercyclical trade...
