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作者：Kellenberg, Derek K.
作者单位：University of Montana System; University of Montana
摘要：Using a new dataset on the stringency and enforcement of environmental policy, this study is the first to find robust confirmation of a pollution haven effect in a cross-country context by accounting for strategically determined environment, trade, and intellectual property right (IPR) policies. A simple game theoretic approach to policy determination is described which suggests an identification strategy based on other country characteristics. It is found that for the top 20th percentile of c...
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作者：Ferrero, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper addresses the optimal joint conduct of fiscal and monetary policy in a two-country model of a currency union with staggered price setting and distortionary taxes. A tractable linear-quadratic approximation permits a representation of the optimal policy plan in terms of targeting rules. In the optimal equilibrium, monetary policy should achieve aggregate price stability following a flexible inflation targeting rule. Fiscal policy should stabilize idiosyncratic shocks allowing for per...
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作者：Chamon, Marcos; Kremer, Michael
作者单位：International Monetary Fund; Harvard University; National Bureau of Economic Research; Brookings Institution
摘要：We present and calibrate a model where trade with advanced economies spurs development, and trade opportunities depend on the relative population in advanced and developing countries. As developing countries become advanced, prospects improve for the remaining developing countries. If population growth differentials between developing and advanced economies are small, economic development accelerates over time. Otherwise, long-run global prosperity requires a sufficiently large initial populat...
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作者：Chan, Kalok; Covrig, Vicentiu; Ng, Lilian
作者单位：California State University System; California State University Northridge; Hong Kong University of Science & Technology; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：This study finds strong evidence that home bias affects firm valuation at both country and firm levels. At the country level, increasing the bias of domestic investors toward home equity lowers the market valuation of home equity. At the firm level, firm value increases as the compositions of local equities held by domestic and foreign investors tend toward the firms' global market capitalization weights, but decreases as their weights deviate from global weights. Overall, the evidence is cons...
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作者：Yeaple, Stephen Ross
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We use firm-level data for U.S. multinational enterprises (MNEs) and the model of firm heterogeneity presented in Helpman, Melitz, and Yeaple [Helpman, E., Melitz, M., Yeaple, S., 2004. Exports versus FDI with heterogeneous firms. The American Economic Review 94 (1), 300-316.] to make four empirical contributions. First, we show that the most productive U.S. firms invest in a larger number of foreign countries and sell more in each country in which they operate. Second, we assess the importanc...
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作者：Partridge, Mark D.; Rickman, Dan S.; Ali, Kamar; Olfert, M. Rose
作者单位：University System of Ohio; Ohio State University; Oklahoma State University System; Oklahoma State University - Stillwater; University of Saskatchewan
摘要：The tyranny of distance in terms of its effect on median earnings and housing costs is examined for rural and urban U.S. counties. First, we develop a series of distance metrics for an area's remoteness from multiple tiers of the urban hierarchy. Second, we consider geographical access of buyers and sellers through market potential measures typical of those used in empirical studies of the New Economic Geography. We estimate penalties of about 5 to 9% for median earnings and 12 to 17% for hous...
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作者：Lawless, Martina
摘要：Two recent trends in international economics have been an increased focus on the geography of trade (e.g. what factors determine where a country exports) and the emergence of new theoretical and empirical work examining exporting activity at the firm-level. However, data limitations have prevented much progress in combining these two areas, because very few countries provide firm-level data breaking down firm exports by their destination. This paper uses a unique survey of Irish exporting firm...
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作者：Raff, Horst; Schmitt, Nicolas
作者单位：Simon Fraser University; University of Kiel; University of Kiel; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：This paper investigates the implications for international markets of the existence of retailers/wholesalers with market power. Two main results are shown. First, in the presence of buyer power trade liberalization may lead to retail market concentration. Due to this concentration retail prices may be higher and welfare may be lower in free trade than in autarky, thus reversing the standard effects of trade liberalization. Second, the pro-competitive effects of trade liberalization are weaker ...
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作者：Edwards, Sebastian; Rigobon, Roberto
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：We use high frequency data and a new econometric approach to evaluate the effectiveness of controls on capital inflows. We focus on Chile's experience during the 1990s, and investigate whether controls on capital inflows reduced Chile's vulnerability to external shocks. We recognize that changes in the controls will affect the way in which different macro variables relate to each other. In particular, we consider the case where controls co-exist with an exchange rate band aimed at managing the...
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作者：Kalemli-Ozcan, Sabnem
作者单位：University of Houston System; University of Houston
