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作者：Melvin, Michael; Menkhoff, Lukas; Schmeling, Maik
作者单位：Barclays; Leibniz University Hannover
摘要：This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank's target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our sample that intervention increases exchange rate volatility (and spread) for the next minutes but that intervention days show a lower degree of volatility (and spread) than non-intervention days. We also sho...
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作者：Choi, Yo Chul; Hummels, David; Xiang, Chong
作者单位：Purdue University System; Purdue University; Bank of Korea
摘要：We examine a generalized version of Flam and Helpman [Flam, H., Helpman, E., 1987. Vertical Product Differentiation and North-South Trade. American Economic Review, 77, 810-822.] in which consumption pi ices for quality differentiated goods are rising in household income. We provide propositions for aggregating this relationship across heterogenous households to map cross-country differences in income distributions to cross-country differences in import price distributions. The theoretical pre...
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作者：Krishna, Kala
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
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作者：Iranzo, Susana; Peri, Giovanni
作者单位：University of California System; University of California Davis; Universitat Rovira i Virgili; Leibniz Association; Ifo Institut; National Bureau of Economic Research
摘要：The remarkable increase in trade flows and in migratory flows of highly educated people are two important features of globalization of the last decades. This paper extends a two-country model of inter- and intra-industry trade to a rich environment featuring technological differences, skill differences and the possibility of international labor mobility. The model is used to explain the patterns of trade and migration as countries remove barriers to trade and to labor mobility. We parameterize...
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作者：Ludema, Rodney D.; Mayda, Anna Maria
作者单位：Georgetown University; Georgetown University
摘要：The Most-Favored Nation (MFN) clause has long been suspected of creating a free rider problem in multilateral trade negotiations. To address this issue, we model multilateral negotiations as a mechanism design problem with voluntary participation. We show that an optimal mechanism induces only the largest exporters to participate in negotiations over any product, thus providing a rationalization for the Principal supplier rule. We also show that, through this channel, equilibrium tariffs vary ...
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作者：Chen, Natalie; Imbs, Jean; Scott, Andrew
作者单位：University of London; London Business School
摘要：We estimate a version of the Melitz and Ottaviano [Melitz, Marc J. and Ottaviano, Giannnarco I.P., 2008, Market size, trade, and productivity, Review of Economic Studies 75(l), pp. 295-316.] model of international trade with firm heterogeneity. The model is constructed to yield testable implications for the dynamics of prices, productivity and markups as functions of openness to trade at a sectoral level. The theory lends itself naturally to a difference in differences estimation, with interna...
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作者：Cherkashin, Ivan; Demidova, Svetlana; Imai, Susumu; Krishna, Kala
作者单位：McMaster University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Queens University - Canada
摘要：There is little work on the inner workings of journals. What factors seem to affect the ability to publish in a journal? Could simple rules (which are already used by some journals) like the desk rejection of a significant minority of papers, help to streamline the process? At what cost? How well do journals seem to do in choosing papers? What can we say about the extent of type 1 and type 2 errors? Do editors seem to have uniform standards or are some harsher than others? We use data on submi...
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作者：Konrad, Kai A.; Kovenock, Dan
作者单位：Max Planck Society; University of Iowa
摘要：Countries compete for new FDI investment, whereas stocks of FDI generate agglomeration benefits and are potentially Subject to extortionary taxation. We study the interaction between these aspects in a simple vintage capital framework with discrete time and an infinite horizon, focussing on Markov perfect equilibrium. We show that the equilibrium taxation destabilizes agglomeration advantages. The agglomeration advantage is valuable, but is exploited in the short run. The tax revenue in the eq...
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作者：Hatchondo, Juan Carlos; Martinez, Leonardo
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper extends the baseline framework used in recent quantitative studies of sovereign default by assuming that the government can borrow using long-duration bonds. This contrasts with previous studies, which assume the government can borrow using bonds that mature after one quarter. We show that, when we assume that the government issues bonds with a duration similar to the average duration of sovereign bonds in emerging economies, the model generates an interest rate that is substantiall...
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作者：Chor, Davin
作者单位：Singapore Management University
摘要：This paper analyzes the welfare effects of subsidies to attract multinational corporations when firms are heterogeneous in their productivity levels. I show that the use of a small subsidy raises welfare in the FDI host country, with the consumption gains from attracting more multinationals exceeding the direct cost of funding the subsidy program through a tax on labor income. This welfare gain stems from a selection effect, whereby the subsidy induces only the most productive exporters to swi...
