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作者：Mondria, Jordi; Wu, Thomas; Zhang, Yi
作者单位：University of California System; University of California Santa Cruz; University of Toronto; University of California System; University of California Santa Cruz
摘要：This paper explores the joint determination of home bias and attention allocation. We overcome the typical challenge associated with evaluating attention allocation theories by using a new internet search query dataset to measure how much information investors decide to process. Employing an instrumental variables approach, we find empirical evidence of a two-way causality between home bias and attention. Our estimates suggest that if all countries were to receive the same level of attention a...
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作者：Crucini, Mario J.; Shintani, Mototsugu; Tsuruga, Takayuki
作者单位：Vanderbilt University; National Bureau of Economic Research; Kansai University
摘要：Volatile and persistent real exchange rates are observed not only in aggregate series but also in micro-price data at the retail level. Kehoe and Midrigan (2007) recently showed that, under a standard assumption on nominal price stickiness, empirical frequencies of micro price adjustment cannot replicate the time series properties of the Law of One Price (LOP) deviations. We extend their sticky price model by combining good-specific price adjustment with information stickiness in the sense of ...
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作者：Forbes, Kristin J.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Why are foreigners willing to invest over $2 trillion per year in the United States? This paper tests various hypotheses and finds that standard portfolio allocation models and diversification motives are poor predictors of foreign holdings of U.S. liabilities. Instead, foreigners hold greater shares of their investment portfolios in the United States if they have less developed financial markets. The magnitude of this effect decreases with income per capita. Countries that trade more with the...
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作者：Devereux, Michael B.; Sutherland, Alan
作者单位：University of British Columbia; National Bureau of Economic Research; University of St Andrews
摘要：'Valuation effects' can imply that the traditional Current account is an inaccurate measure of the change in the net foreign asset (NFA) position, This paper uses new developments in the analysis of portfolio choice in general equilibrium to investigate valuation effects in a two-country model. Broadly speaking, the valuation effects in the model correspond to those observed in the data. But there is a key distinction between 'unanticipated' and 'anticipated' valuation effects. Unanticipated e...
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作者：Mauleon, Ana; Vannetelbosch, Vincent
作者单位：Universite Catholique Louvain; Universite Catholique Louvain; Fonds de la Recherche Scientifique - FNRS; University Saint-Louis - Bruxelles; University Saint-Louis - Bruxelles
摘要：We consider a two-country model of wage determination with private information in unionized, imperfectly competitive, industries. We investigate the effects of opening up markets to trade as well as of further market integration on the negotiated wage and the maximum delay in reaching an agreement. From an initial situation of two-way intra-industry trade, an increase in product market integration decreases the maximum delay in reaching an agreement. However, opening up markets to trade has an...
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作者：Ivus, Olena
作者单位：University of Prince Edward Island
摘要：Despite over 20 years of debate, the TRIPs agreement remains very contentious. This paper evaluates the impact of strengthening patent rights (PRs) in developing countries on developed countries' exports over the 1962-2000 period. Colonial origin is used to isolate exogenous variation in PRs. The impact is then identified by examining the cross-industry difference in sensitivity to PRs. I find that the increase in PRs made in response to the TRIPs agreement added about $35 billion (2000 US dol...
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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：In an influential series of contributions, Kraay and Ventura (2000, 2003) offer a new rule for the current account: in response to a temporary income shock, the change in the current account is equal to the change in saving times the ratio of net foreign assets to wealth. We analyze the impact of a temporary income shock on the current account in the context of a two-country dynamic general equilibrium model of portfolio choice and show that the new rule does not hold. We also show that the cr...
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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...
