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作者：Hummels, David L.; Schaur, Georg
作者单位：National Bureau of Economic Research; Purdue University System; Purdue University; University of Tennessee System; University of Tennessee Knoxville
摘要：Purchasing goods from distant locations introduces a significant lag between when a product is shipped and when it arrives. These transit lags are trade barriers for firms facing volatile demand, who must place orders before knowing the resolution of demand uncertainty. We provide a model in which airplanes bring producers and consumers together in time. Fast transport allows firms to respond quickly to favorable demand realizations and to limit the risk of unprofitably large quantities during...
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作者：Shi, Kang; Xu, Juanyi
作者单位：Hong Kong University of Science & Technology; Chinese University of Hong Kong
摘要：This paper develops a small open economy general equilibrium model with nominal rigidities to study twin dollarization in East Asian economies, a phenomenon where firms borrow in US dollars and also set export prices in US dollars. In this model, we endogenize both the currency of liability denomination and the currency of export pricing. We show that a key factor that affects firms' dollarization decisions is exchange rate policy. Twin dollarization is an optimal strategy for all firms when e...
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作者：Egger, Peter; Eggert, Wolfgang; Winner, Hannes
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Nottingham; University of Paderborn; Salzburg University
摘要：This paper analyzes to which extent foreign plant ownership involves lower tax payments than domestic plant ownership. We assess hypotheses about the tax savings of endogenous foreign subsidiary ownership relative to domestic firms in a data-set of 507,542 foreign- and domestically-owned manufacturing plants in Europe. We identify a significant profit tax saving of endogenous foreign ownership in high-tax host countries. There is evidence of profit shifting which seems more pronounced than deb...
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作者：Justiniano, Alejandro; Preston, Bruce
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Columbia University; Australian National University
摘要：This paper demonstrates that an estimated, structural, small open-economy model of the Canadian economy cannot account for the substantial influence of foreign-sourced disturbances identified in numerous reduced-form studies. The benchmark model assumes uncorrelated shocks across countries and implies that U.S. shocks account for less than 3% of the variability observed in several Canadian series, at all forecast horizons. Accordingly, model-implied cross-correlation functions between Canada a...
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作者：Hnatkovska, Viktoria
作者单位：University of British Columbia
摘要：Why do investors trade a lot in foreign assets and hold so little of them in their portfolios? This paper shows that both observations can arise naturally in the presence of nondiversifiable nontraded consumption risk when each country specializes in production, preferences exhibit consumption home bias, and asset markets are incomplete. Using a general equilibrium two-country, two-sector (tradable and nontradable) model of the world economy with production I show that low diversification occu...
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作者：Beshkar, Mostafa
作者单位：Yale University; University System Of New Hampshire; University of New Hampshire
摘要：I propose a framework within which to interpret and evaluate the major reforms introduced to the GATT system in its transition to the WTO. In particular, I examine the WTO Agreement on Safeguards that has amended the GATT escape clause (Article XIX), and the Dispute Settlement Body (DSB) that resembles a court of law under the WTO. Using this framework, I interpret the weakening of the reciprocity principle under the Agreement on Safeguards as an attempt to reduce efficiency-reducing trade ski...
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作者：Bouakez, Hafedh; Normandin, Michel
作者单位：Universite de Montreal; HEC Montreal
摘要：We study the effects of U.S. monetary policy shocks on the bilateral exchange rate between the U.S. and each of the G7 countries. We also estimate deviations from uncovered interest rate parity conditional on these shocks. The analysis is based on a structural vector autoregression in which monetary policy shocks are identified through the conditional heteroscedasticity of the structural disturbances. Unlike earlier work in this area, our empirical methodology avoids making arbitrary assumptio...
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作者：Gozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L.
作者单位：Brown University; National Bureau of Economic Research; The World Bank
摘要：This paper documents several new patterns associated with firms issuing stocks and bonds in foreign markets that motivate the need for and help guide the direction of future research. Three major Patterns stand out. (1) A large and growing fraction of capital raisings, especially debt issuances, occurs in international markets, but a very small number of firms accounts for the bulk of international capital raisings, highlighting the cross-firm heterogeneity in financial globalization. (2) Chan...
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作者：Evans, Martin D. D.
作者单位：Georgetown University; Georgetown University; National Bureau of Economic Research
摘要：The aim of this paper is to establish the link between the high frequency dynamics of spot exchange rates and developments in the macroeconomy. To do so, I first present a theoretical model of exchange-rate determination that bridges the gap between existing microstructure and traditional models. The model examines how dispersed microeconomic information known to individual agents outside the foreign exchange market is aggregated and transmitted to dealers via transaction flows (i.e., order Ho...
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作者：Pavlova, Anna; Rigobon, Roberto
作者单位：Centre for Economic Policy Research - UK; University of London; London Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Recent literature has argued that conventional measures of external sustainability - the trade balance and current account - are misleading because they omit capital gains on net foreign asset positions. We adjust the definition of the current account to include the capital gains and discuss how this may affect our thinking about external adjustment and sustainability. We do so in the context of a two-country macro-finance model of Pavlova and Rigobon (2008a) that allows exploration of the int...
