-
作者：Kumhof, Michael; Laxton, Douglas
作者单位：International Monetary Fund
摘要：This paper analyzes the scope for rules-based countercyclical fiscal policy in small open economies where a subset of households is liquidity-constrained. Relative to balanced budget rules, structural surplus rules significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. More aggressively countercyclical tax revenue gap rules (strong automatic stabilizers) increase welfare gains by around 50%, with only modest increases in fiscal inst...
-
作者：McCalman, Phillip; Spearot, Alan
作者单位：University of Melbourne; University of California System; University of California Santa Cruz
摘要：In this paper, we study the role of vertical product differentiation in the decision to allocate production between domestic and foreign plants. To do so, we examine the first wave of light-truck offshoring to Mexico that occurred due to substantially lower post-NAFTA trade barriers and a coincident increase in US demand for light trucks. In contrast to the typical assumption, but similar to many other industries, the need for additional capacity was accommodated by investment in both the US a...
-
作者：Schmidt-Eisenlohr, Tim
作者单位：University of Oxford
摘要：Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts and their implications for trade. The equilibrium contract is determined by financial market characteristics and contracting environments in both the source and the destination country. Trade increases in enforcement probabilities and decreases in financing costs pro...
-
作者：Becker, Sascha O.; Ekholm, Karolina; Muendler, Marc-Andreas
作者单位：University of Warwick; Sveriges Riksbank; University of California System; University of California San Diego; University of Warwick; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; National Bureau of Economic Research; Stockholm University
摘要：We analyze the relationship between offshoring and the onshore workforce composition in German multinational enterprises (MNEs), using plant data that allow us to discern tasks, occupations, and workforce skills. Offshoring is associated with a statistically significant shift towards more non-routine and more interactive tasks, and with a shift towards highly educated workers. The shift towards highly educated workers is in excess of what is implied by changes in either the task or the occupat...
-
作者：Ferguson, Shon; Formai, Sara
作者单位：Research Institute of Industrial Economics (IFN); European Central Bank; Bank of Italy
摘要：The theory of the firm suggests that firms can respond to poor contract enforcement by vertically integrating their production process. The purpose of this paper is to examine whether firms' integration opportunities affect the way contract enforcement institutions determine international trade patterns. We find that the benefits of judicial quality for the exports of contract-intense goods are more muted in industries that have a greater propensity towards vertical integration arrangements wi...
-
作者：Bacchetta, Philippe; van Wincoop, Eric
作者单位：University of Lausanne; University of Virginia; National Bureau of Economic Research
摘要：Survey evidence shows that the relationship between the exchange rate and macro fundamentals is perceived to be highly unstable. We argue that this unstable relationship naturally develops when structural parameters in the economy are unknown. We show that the reduced form relationship between exchange rates and fundamentals is then driven not by the structural parameters themselves, but rather by expectations of these parameters. These expectations can vary significantly over time as a result...
-
作者：Carluccio, Juan; Fally, Thibault
作者单位：European Central Bank; Bank of France; Paris School of Economics; University of Colorado System; University of Colorado Boulder
摘要：Does foreign entry improve host country productivity and welfare? Previous studies have looked at the role of backward linkages with domestic suppliers and their effects on domestic competitors. In this paper, we study how these externalities are affected by technological incompatibilities between foreign and domestic technologies. When foreign technologies require specialized inputs, some local suppliers self-select into production for multinational firms. A decrease in the cost of inputs com...
-
作者：Finicelli, Andrea; Pagano, Patrizio; Sbracia, Massimo
作者单位：European Central Bank; Bank of Italy
摘要：We analyze the foundations of the relationship between trade and average productivity in the Ricardian model. Under broad assumptions about the autarky distributions of industry productivities, trade openness raises average productivity. This is due to the selection effect of international competition - driven by comparative advantage - which makes some high- and many low-productivity industries exit the market We derive a model-based measure of this effect that requires only production and tr...
-
作者：Chari, Anusha
作者单位：University of North Carolina; University of North Carolina Chapel Hill
-
作者：Dao, Mai Chi
作者单位：International Monetary Fund
摘要：This paper studies the international spillover effects of country-specific labor cost changes in the presence of labor market frictions. A two-country model with search frictions predicts that a cut in foreign labor costs leads to an increase in domestic employment, driven by a positive terms of trade effect on job creation. I find empirical evidence in support of this positive spillover effect, the terms of trade channel, and the dependence on the degree of labor market rigidity. This is done...
