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作者：Jacks, David S.; Meissner, Christopher M.; Novy, Dennis
作者单位：University of Warwick; Simon Fraser University; University of California System; University of California Davis; National Bureau of Economic Research; Leibniz Association; Ifo Institut
摘要：What has driven trade booms and trade busts in the past and present? We employ a micro-founded measure of trade frictions consistent with leading trade theories to gauge the importance of bilateral trade costs in determining international trade flows. We construct a new balanced sample of bilateral trade flows for 130 country pairs across the Americas, Asia, Europe, and Oceania for the period from 1870 to 2000 and demonstrate an overriding role for declining trade costs in the pre-World War I ...
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作者：Shikher, Serge
作者单位：Suffolk University
摘要：The paper studies the effects of technology and capital stock on trade using simulation. For this purpose, the paper develops and evaluates a model that is distinguished by its use of the Eaton-Kortum framework to explain intra-industry trade instead of the usual Armington assumption. It is found that the magnitudes and in many cases signs of the effects of capital stock and technology on specialization are very country-specific. This implies that the regression studies that estimate cross-cou...
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作者：Boz, Emine
作者单位：International Monetary Fund
摘要：The data reveal that emerging market sovereign borrowing from International Financial Institutions (IFIs) is small, intermittent and countercyclical compared to that from private sector creditors. The IFI loan contracts offered to sovereigns differ from the private ones in that they are more enforceable and have conditionality arrangements attached to them. Taking these contractual differences as given, this paper builds a quantitative model of a sovereign borrower and argues that better enfor...
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作者：Kuttner, Kenneth N.
作者单位：Williams College; National Bureau of Economic Research
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作者：Epifani, Paolo; Gancia, Gino
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Bocconi University; Bocconi University
摘要：Markups vary widely across industries and countries, their heterogeneity has increased overtime and asymmetric exposure to international trade seems partly responsible for this phenomenon. In this paper, we study how the entire distribution of markups affects resource misallocation and welfare in a general equilibrium framework encompassing a large class of models with imperfect competition. We then identify conditions under which trade opening, by changing the distribution of markups, may red...
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作者：Meza, Felipe; Urrutia, Carlos
作者单位：Instituto Tecnologico Autonomo de Mexico
摘要：The last twenty years have witnessed periods of sustained appreciations of the real exchange rate in emerging economies. The case of Mexico between 1988 and 2002 is representative of several episodes in Latin America and Central and Eastern Europe in which countries opening to capital flows experienced large appreciations accompanied by a significant reallocation of workers towards the non-tradable sector. We account for these facts using a two sector dynamic general equilibrium model of a sma...
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作者：Balistreri, Edward J.; Hillberry, Russell H.; Rutherford, Thomas F.
作者单位：Colorado School of Mines; University of Melbourne; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：We present an empirical implementation of a general-equilibrium model of international trade with heterogeneous manufacturing firms. The theory underlying our model is consistent with Melitz (2003). A nonlinear structural estimation procedure identifies a set of core parameters and unobserved firm-level trade frictions that best fit the geographic pattern of trade. Our estimation model is consistent with the specified general equilibrium model, and we conduct general equilibrium counterfactual...
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作者：Hummels, David
作者单位：Purdue University System; Purdue University
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作者：Bergin, Paul R.; Feenstra, Robert C.; Hanson, Gordon H.
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; University of California System; University of California San Diego
摘要：Existing models of offshoring are not equipped to explain how global production sharing affects the volatility of economic activity. This paper develops a trade model that can account for why offshoring industries in lcw wage countries such as Mexico experience fluctuations in employment that are twice as large as in high wage countries such as the United States. We argue that a key to explaining this outcome is that the extensive margin of offshoring responds endogenously to shocks in demand ...
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作者：Daniels, Tijmen R.; Jager, Henk; Klaassen, Franc
作者单位：European Central Bank; De Nederlandsche Bank NV; University of Amsterdam; Technical University of Berlin; Tinbergen Institute
摘要：While virtually all currency crisis models recognise that the decision to abandon a peg depends on how tenaciously policy makers defend it, this is seldom modelled explicitly. We add the threat of an interest rate defence to the global game model of Morris and Shin (American Economic Review 88, 1998). With an endogenous defence, actions of speculators may become strategic substitutes instead of the usual complements. Nevertheless, our generalised model remains tractable and has a unique thresh...
