-
作者：Borota, Teodora
作者单位：Uppsala University
摘要：This paper analyzes the growth and welfare effects of trade openness within a North-South framework that predicts the observed intra-industry trade and the North-South specialization over different quality vintages within product lines. The model is used to re-examine the relationship between the innovation in the North and the imitation lag of the South and to address the implications of the (weak) international Intellectual Property Rights (IPR) protection. When the imitation technology is m...
-
作者：Goldberg, Linda; Hellerstein, Rebecca; Engel, Charles
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - New York
-
作者：Berger, David; Faust, Jon; Rogers, John H.; Steverson, Kai
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Yale University; Johns Hopkins University; Princeton University
摘要：We analyze retail prices and at-the-dock (import) prices of specific items in the Bureau of Labor Statistics' (BLS) CPI and IPP databases, using both databases simultaneously to identify items that are identical in description at the dock and when sold at retail. This identification allows us to measure the distribution wedge associated with bringing traded goods from the point of entry into the United States to their retail outlet. We find that overall U.S. distribution wedges are 50-70%, aro...
-
作者：Arezki, Rabah; Brueckner, Markus
作者单位：International Monetary Fund; National University of Singapore
摘要：We use annual variations in rainfall to examine the effects that exogenous, transitory income shocks have on remittances in a panel of 41 Sub-Saharan African countries during the period 1970-2007. Our main finding is that on average rainfall shocks have an insignificant contemporaneous effect on remittances. However, the marginal effect is significantly decreasing in the share of domestic credit to GDP. So much so, that at high levels of credit to GDP rainfall shocks have a significant negativ...
-
作者：Devereux, Michael B.; Smith, Gregor W.; Yetman, James
作者单位：University of British Columbia; National Bureau of Economic Research; Queens University - Canada; Bank for International Settlements (BIS)
摘要：Standard models of international risk sharing with complete asset markets predict a positive association between relative consumption growth and real exchange-rate depreciations across countries. The striking lack of evidence for this link the consumption/real-exchange-rate anomaly or Backus-Smith puzzle has prompted research on risk-sharing indicators with incomplete asset markets. That research generally implies that the association holds in forecasts, rather than realizations. Using profess...
-
作者：Yilmazkuday, Hakan
作者单位：State University System of Florida; Florida International University
摘要：This paper models and estimates bilateral trade patterns of U.S. states in a CES framework and identifies the elasticity of substitution across goods, the elasticities of substitution across varieties of each good, and the good-specific elasticities of distance by using markup values obtained from the production side. Compared to the international trade literature, the elasticity of substitution estimates are lower across both goods and varieties, while the elasticity of distance estimates are...
-
作者：Bertaut, Carol; DeMarco, Laurie Pounder; Kamin, Steven; Tryon, Ralph
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Relative to the global savings glut (GSG) hypothesis, we present a more complete picture of how capital flows contributed to the financial crisis, drawing attention to the sizable inflows from European investors into U.S. private-label asset-backed securities (ABS), including mortgage-backed securities and other structured investment products. The GSG hypothesis argues that the surge in capital inflows from emerging market economies to the United States led to significant declines in long-term...
-
作者：Dominguez, Kathryn M. E.; Hashimoto, Yuko; Ito, Takatoshi
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; International Monetary Fund; University of Tokyo
摘要：This study examines whether pre-crisis international reserve accumulations, as well as exchange rate and reserve policy decisions made during the global financial crisis, can help to explain cross-country differences in post-crisis economic performance. Our approach focuses not only on the total stock of official reserves held by countries, but also on the decisions by governments to purchase or sell reserve assets during the crisis period. We introduce new data made available through the IMF ...
-
作者：Fecht, Falko; Gruener, Hans Peter; Hartmann, Philipp
作者单位：University of Mannheim; European Business School (EBS) University; European Central Bank; Centre for Economic Policy Research - UK; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper studies the implications of cross-border financial integration for financial stability when banks' loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market When banks have a comparative advantage in providing credit to certain industries, financial integration may induce banks to specialize in lending. An enhanced concentration in lending does not necessarily incre...
-
作者：Behrens, Kristian; Murata, Yasusada
作者单位：University of Quebec; University of Quebec Montreal; Nihon University; Nihon University
摘要：We present a general equilibrium model of monopolistic competition featuring pro-competitive effects and a competitive limit, and investigate the impact of trade on welfare and efficiency. Contrary to the constant elasticity case, in which all gains from trade are due to product diversity, our model allows for a welfare decomposition between gains from product diversity and gains from pro-competitive effects. We show that the market outcome is not efficient because too many firms operate at an...
