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作者：Mandelman, Federico S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This study shows that the presence of imperfect competition in the banking system propagates external shocks and amplifies the business cycle. Strategic limit pricing, aimed at protecting retail niches from potential competitors, generates countercyclical bank markups. Markup increments during recessions directly increase borrowing costs for firms and indirectly damage the financial position of firms' balance-sheets, increasing the risk perception of lenders. I use Bayesian techniques and data...
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作者：Devereux, Michael B.; Engel, Charles; Matsumoto, Akito; Rebucci, Alessandro; Sutherland, Alan
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of British Columbia; International Monetary Fund; Inter-American Development Bank; University of St Andrews
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作者：Karabay, Bilgehan; McLaren, John
作者单位：University of Virginia; University of Auckland
摘要：We study the effect of globalization on the volatility of wages and worker welfare in a model in which risk is allocated through long-run employment relationships (the 'invisible handshake'). Globalization can take two forms: international integration of commodity markets (i.e., free trade) and international integration of factor markets (i.e., offshoring). In a two-country, two-good, two-factor model we show that free trade and offshoring have opposite effects on rich-country workers. Free tr...
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作者：Bagwell, Kyle; Staiger, Robert W.
作者单位：Stanford University
摘要：Motivated by the structure of WTO negotiations, we analyze a bargaining environment in which negotiations proceed bilaterally and sequentially under the most-favored-nation (MFN) principle. We identify backward-stealing and forward-manipulation problems that arise when governments bargain under the MFN principle in a sequential fashion. We show that these problems impede governments from achieving the multilateral efficiency frontier unless further rules of negotiation are imposed. We identify...
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作者：McCalman, Phillip
作者单位：University of California System; University of California Santa Cruz
摘要：When a foreign monopolist sets a single market clearing price for its product, the sign of the optimal tariff is determined by the extent of pass through (also known as the terms of trade effect). However, when a foreign monopolist employs a second degree price discrimination mechanism in the domestic market the calculus of welfare maximization is very different. While there are still terms of trade effects from the imposition of a tariff, the existence of such effects are neither necessary no...
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作者：Nucci, Francesco; Pozzolo, Alberto Franco
作者单位：University of Molise; Sapienza University Rome
摘要：Using a representative panel of manufacturing firms we estimate the response of job and hours worked to currency swings showing that It depends primarily on firms exposure to foreign sales and their reliance on imported inputs We also show that for a given international exposure the response to exchange rate fluctuations is magnified when firms exhibit a lower monopoly power and when they face foreign pressure in the domestic market through import penetration The degree of substitutability bet...
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作者：Davis, Donald R.
作者单位：Columbia University
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作者：Curcuru, Stephanie E.; Dvorak, Tomas; Warnock, Francis E.
作者单位：University of Virginia; Federal Reserve System - USA; Union College; Trinity College Dublin; Federal Reserve System - USA; Federal Reserve Bank - Dallas; National Bureau of Economic Research
摘要：We decompose the returns differential between U.S. portfolio claims and liabilities into the composition, return, and timing effects. Our most striking and robust finding is that foreigners exhibit poor timing when reallocating between bonds and equities within their U.S. portfolios. The poor timing of foreign investors-caused primarily by deliberate trading, not a lack of portfolio rebalancing-contributes positively to the U.S. external returns differential. We find no evidence that the poor ...
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作者：Yue, Vivian Z.
作者单位：New York University
摘要：This paper develops a small open economy model to study sovereign default and debt renegotiation for emerging economies The model features both endogenous default and endogenous debt recovery rates Sovereign bonds are priced to compensate creditors for the risk of default and the risk of debt restructuring The model captures the interaction between sovereign default and ex post debt renegotiation We find that both debt recovery rates and sovereign bond prices decrease with the level of debt In...
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作者：Head, Keith; Mayer, Thierry; Ries, John
作者单位：University of British Columbia
摘要：Most independent nations today were part of empires in 1945. Using bilateral trade data from 1948 to 2006, we examine the effect of independence on post-colonial trade. While there is little short-run effect on trade, after four decades trade with the metropole (colonizer) has contracted by about 65%. Hostile separations lead to large, immediate reductions in trade. We also find that trade between former colonies of the same empire erodes as much as trade with the metropole, whereas trade with...
