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作者：Tille, Cedric; van Wincoop, Eric
作者单位：University of Virginia; National Bureau of Economic Research
摘要：The surge in international asset trade since the early 1990s has lead to renewed interest in models with international portfolio choice We develop the implications of portfolio choice for both gross and net international capital flows in the context of a simple two-country dynamic stochastic general equilibrium (DSGE) model. We focus on the time-variation in portfolio allocation following shocks, and resulting capital flows Endogenous time-variation in expected returns and risk, which are the ...
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作者：Cerra, Valerie; Saxena, Sweta Chaman
作者单位：International Monetary Fund
摘要：We revisit the dramatic failure of monetary models in explaining exchange rate movements. Using the information content from 98 countries, we find strong evidence for cointegration between nominal exchange rates and monetary fundamentals. We also find fundamentals-based models very successful in beating a random walk in out-of-sample prediction. (C) 2010 International Monetary Fund. Published by Elsevier B.V. All rights reserved.
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作者：Chor, Davin
作者单位：Singapore Management University
摘要：This paper develops an approach for quantifying the importance of different sources of comparative advantage by extending the Eaton and Kortum (2002) model to predict industry trade flows In this framework comparative advantage is determined by the interaction of country and industry characteristics with countries specializing in industries whose production needs they can best meet with their factor endowments and institutional strengths I estimate the model parameters using (i) OLS and (ii) a...
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作者：Debaere, Peter; Mostashari, Shalah
作者单位：University of Virginia; Centre for Economic Policy Research - UK; Texas A&M University System; Texas A&M University College Station
摘要：With disaggregate tariff data we study the impact of changing tariffs on the range of goods countries export to the United States. Our probits with country and good effects show tariffs tend to have a statistically significant but small impact: at best 5% of the increasing extensive margin for 1989-1999 and 12% for 1996-2006 is explained by tariff reductions. This suggests the extensive margin has not amplified the impact of tariffs on trade flows to such an extent that the relatively moderate...
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作者：Krishna, Kala; Tan, Ling Hui
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research; International Monetary Fund
摘要：This paper revisits the effects of tariffs and quotas in a competitive setting where three results are thought to hold These are that quotas are equivalent to specific tariffs, the form of tariffs specific or ad valorem does not matter, and that the way in which a quota is allocated has no real effects as it only affects the allocation of rents, not their size We show that all three of these results are false when entry/exit is endogenous Equivalence holds only if the initial level of entry is...
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作者：Spiegel, Mark M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
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作者：Mitra, Devashish; Ranjan, Priya
作者单位：University of California System; University of California Irvine; Syracuse University
摘要：In a two-sector, general-equilibrium model with labor-market search frictions, we find that the wage increases and sectoral unemployment decreases upon offshoring in the presence of perfect intersectoral labor mobility. If, as a result, labor moves to the sector with the lower (or equal) vacancy costs, there is an unambiguous decrease in economywide unemployment. With imperfect intersectoral labor mobility, unemployment in the offshoring sector can rise, with an unambiguous unemployment reduct...
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作者：Ramondo, Natalia; Rappoport, Veronica
作者单位：Columbia University; University of Texas System; University of Texas Austin
摘要：This paper explores the aggregate consequences of Foreign Direct Investment (FDI) on the opportunities for risk diversification available to consumers. The crucial difference between FDI and other international financial flows is that the former involves technology flows across countries. We present a model where firm-embedded productivity can be transferred costly across countries through the activity of multinational firms. We find that risk patterns affect multinationals' location decisions...
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作者：Okubo, Toshihiro; Picard, Pierre M.; Thisse, Jacques-Francois
作者单位：Universite Catholique Louvain; Kobe University; University of Luxembourg; Paris School of Economics
摘要：We show that heterogeneous firms choose different locations in response to market integration Specifically decreasing trade costs lead to the gradual agglomeration of efficient firms in the larger country where they have access to a bigger pool of consumers In contrast high-cost firms seek protection against competition from efficient firms by locating in the smaller country However when the spatial separation of markets ceases to be a sufficient protection against foreign competition high-cos...
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作者：Ardelean, Adina; Lugovskyy, Volodymyr
作者单位：University System of Georgia; Georgia Institute of Technology; Santa Clara University
摘要：We show theoretically and confirm empirically that domestic productivity has a significant impact on the demand for foreign varieties under the assumption that domestic and foreign varieties are imperfect substitutes In particular, the demand for imported varieties is more elastic for countries with comparative advantage For an average good facing a median trade barrier, doubling the importer-exporter relative export performance decreases the number of imported varieties by 17% Our findings su...
