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作者：Engel, Charles; Wang, Jian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Wisconsin System; University of Wisconsin Madison
摘要：Data for OECD countries document: 1. imports and exports are about three times as volatile as GDP; 2. imports and exports are pro-cyclical, and positively correlated with each other; 3. net exports are counter-cyclical. Standard models fail to replicate the behavior of imports and exports, though they can match net exports relatively well. Inspired by the fact that a large fraction of international trade is in durable goods, we propose a two-country two-sector model in which durable goods are ...
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作者：Chen, Natalie; Novy, Dennis
作者单位：University of Warwick; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; Leibniz Association; Ifo Institut
摘要：We derive a micro-founded measure of bilateral trade integration that is consistent with a broad range of leading gravity models. This measure accounts for cross-industry heterogeneity by incorporating substitution elasticities estimated at the industry level. We then use it to provide a theory-based ranking of trade integration across manufacturing industries in European Union countries. In addition, we explore the determinants of trade integration, finding that substantial Technical Barriers...
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作者：Bodenstein, Martin; Erceg, Christopher J.; Guerrieri, Luca
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We examine the effects of endogenously determined oil price fluctuations in a two-country DSGE model. Under incomplete financial markets, an oil market-specific shock that boosts the oil price results in a wealth transfer toward oil exporters, depresses the oil importer's consumption, and causes the oil importer's real exchange rate to depreciate. Although the oil importer experiences a deterioration in the oil component of its trade balance, an improvement in the nonoil balance substantially ...
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作者：Behrens, Kristian; Picard, Pierre M.
作者单位：University of Quebec; University of Quebec Montreal; University of Luxembourg
摘要：We investigate the role of competitive transport markets in shaping the location of economic activity and the pattern of trade. In our model, carriers supply transport services for shipping manufactured goods, and freight rates are set to clear transport markets. Each carrier must commit to the maximum capacity for a round-trip and thus faces a logistics problem as there are opportunity costs of returning empty. These costs increase the freight rates charged to firms located in regions that ar...
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作者：Breinlich, Holger; Criscuolo, Chiara
作者单位：University of London; London School Economics & Political Science; University of Mannheim
摘要：We provide a novel set of stylized facts on firms engaging in international trade in services, using unique data on firm-level exports and imports from the world's second largest services exporter, the United Kingdom (UK). We show that only a fraction of UK firms engage in international trade in services, that trade participation varies widely across industries and that service traders are different from non-traders in terms of size, productivity and other firm characteristics. We also provide...
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作者：Lane, Philip R.
作者单位：Trinity College Dublin
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作者：Anderson, James E.
作者单位：Boston College; National Bureau of Economic Research
摘要：This paper embeds the specific factors model in the goods continuum approach of Dornbusch et al. (1977, 1980) and applies it to analyze the effect of globalization on income risk. Globalization amplifies sector specific income risk induced by idiosyncratic sectoral technology shocks, but tends to reduce income risk to both mobile and immobile factors induced by aggregate technology shocks that differ by country. Aggregate risk bears most heavily on the poorest specific factors. (C) 2011 Elsevi...
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作者：Limao, Nuno; Tovar, Patricia
作者单位：National Bureau of Economic Research; University System of Maryland; University of Maryland College Park; Brandeis University
摘要：Why do governments employ inefficient policies when more efficient ones are available for the same purpose? We address this puzzle in the context of redistribution toward special interest groups (SIGs) by focusing on a set of important policies: tariffs and non-tariff barriers (NTBs). In our policy choice model a government can gain by committing to constrain tariffs through international agreements even if this leads to the use of less efficient NTBs; commitment has political value because it...
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作者：Ju, Jiandong; Wei, Shang-Jin
作者单位：University of Oklahoma System; University of Oklahoma - Norman; Tsinghua University; Columbia University; National Bureau of Economic Research
摘要：Dominant theories of trade tend to ignore the role of finance as a source of comparative advantage. On the other hand, the finance literature places financial institutions as a driver of economic growth. This paper unites these two competing schools of thought in a general equilibrium framework. For economies with high-quality institutions (defined by the competitiveness of the financial sector, the quality of corporate governance, and the level of property rights protection), finance is passi...
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作者：Gagnon, Joseph
作者单位：Peterson Institute for International Economics
