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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：Hummels, David
作者单位：Purdue University System; Purdue University
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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...
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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, Cheng
作者单位：Princeton University
摘要：I present a model that explains a multinational firm's choice of organizational form. If a firm in the developed country outsources the production of its intermediate goods to a supplier in the developing country, it faces an adverse selection problem. If it chooses to produce the intermediate goods in its own subsidiary in the developing country, it faces an inefficient monitoring problem. My analysis of this tradeoff provides a new explanation for the observation that FDI is concentrated in ...
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作者：Kose, M. Ayhan
作者单位：International Monetary Fund
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作者：Arnold, Jens M.; Javorcik, Beata S.; Mattoo, Aaditya
作者单位：Organisation for Economic Co-operation & Development (OECD); University of Oxford; University of Oxford; Centre for Economic Policy Research - UK; The World Bank
摘要：While there is considerable empirical evidence on the impact of liberalizing trade in goods, the effects of services liberalization have not been empirically established. This study examines the link between services sector reforms and the productivity of manufacturing industries relying on services inputs. Several aspects of services liberalization are considered, namely, the presence of foreign providers, privatization and the level of competition. The results, based on firm-level data from ...
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作者：Enders, Zeno; Mueller, Gernot J.; Scholl, Almuth
作者单位：University of Bonn; University of Konstanz
摘要：Using vector autoregressions on U.S. time series relative to an aggregate of industrialized countries, this paper provides new evidence on the dynamic effects of government spending and technology shocks on the real exchange rate and the terms of trade. To achieve identification, we derive robust restrictions on the sign of several impulse responses from a two-country general equilibrium model. We find that both the real exchange rate and the terms of trade whose responses are left unrestricte...
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作者：Spilimbergo, Antonio
作者单位：International Monetary Fund
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作者：Brutti, Filippo
作者单位：University of Zurich; Study Center Gerzensee
摘要：Sovereign debt crises in emerging markets are usually associated with liquidity and banking crises. The conventional view is that the domestic turmoil is the consequence of foreign retaliation, although there is no clear empirical evidence on classic default penalties. This paper emphasizes, instead, a direct link between sovereign defaults and liquidity crises building on two natural assumptions: (i) government bonds represent a source of liquidity for the domestic private sector and (ii) the...
