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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：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：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：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...
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作者：Alfaro, Laura; Kanczuk, Fabio
作者单位：Harvard University; National Bureau of Economic Research; Universidade de Sao Paulo
摘要：Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming constant debt levels does not allow addressing one of the puzzles behind using reserves as a means to avoid the negative effects of crisis: why do not sovereign countries reduce their sovereign debt instead? To study the joint de...
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作者：Engelen, Christian; Lambsdorff, Johann Graf
作者单位：University of Passau
摘要：The latest Argentinean debt restructuring was the first time the resolution of a modern financial crisis was completely handed over to the private financial markets without official intervention by public institutions. We argue that the resulting harshest haircut for private creditors in history can be at least partially related to a stag-hunt game played by creditors. We show that incentive schemes provided by the Argentinean government were factors facilitating this haircut. The analysis sug...
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作者：Coeurdacier, Nicolas
作者单位：University of London; London Business School
摘要：Two of the main puzzles in international economics are the consumption and the portfolio home biases. We solve for international equity portfolios in a two-country/two-good stochastic equilibrium model with trade costs in goods markets. We show that introducing trade costs, as suggested by Obstfeld and Rogoff [Obstfeld, M., Rogoff, K., 2000a. The Six Major Puzzles in International Macroeconomics: Is There a Common Cause? NBER Macroeconomics Annual, 151, is not sufficient to explain these two p...
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作者：Conconi, Paola; Perroni, Carlo
作者单位：University of Warwick; Universite Libre de Bruxelles
摘要：We examine the relationship between international policy coordination and domestic policy reputation when both are self-sustaining. We show that domestic policy commitment: does not necessarily facilitate international cooperation: rather, efficient policies may be most easily sustained when governments are unable to pre-commit to policy domestically. Moreover, the lack of domestic commitment is more likely to facilitate international cooperation the larger the international spillovers; of dom...
