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作者：Aloi, Marta; Leite-Monteiro, Manuel; Lloyd-Braga, Teresa
作者单位：University of Nottingham; University of Nottingham; Universidade Catolica Portuguesa
摘要：This paper studies the effects of international integration of capital markets in a world where countries differ in their labor market institutions: one country has a perfectly competitive labor market while the other is unionized. We show that workers should favor autarky in the unionized country, but oppose it in the non unionized country and vice versa for owners of capital. Aggregate gains from integration, however, are negative. We also show that, under capital mobility, an increase in re...
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作者：Hale, Galina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
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作者：Fratzscher, Marcel
作者单位：European Central Bank
摘要：The paper assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. Using an event-study approach, the paper finds evidence that the G7 has been overall effective in moving the US dollar, yen and euro in the intended direction at horizons of up to three months after G7 meetings, but not at longer horizons. While the success of the G7 is partly dependent on the market environment, it is also to a significant degree endogenous...
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作者：De Paoli, Bianca
作者单位：Bank of England; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：This paper analyzes optimal monetary policy in a small open economy featuring monopolistic competition and nominal rigidities. It shows that the utility-based loss function for this economy can be written as a quadratic expression of domestic inflation, output gap and real exchange rate. The presence of an internal monopolistic distortion and a terms of trade externality drives optimal policy away from domestic inflation targeting and affects the optimal level of exchange rate volatility. When...
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作者：Lommerud, Kjell Erik; Meland, Frode; Straume, Odd Rune
作者单位：University of Bergen; Universidade do Minho
摘要：We analyze unionized firms' incentives to outsource intermediate goods production to foreign (low-cost) subcontractors. Such outsourcing leads to increased wages for the remaining in-house production. We find that stronger unions, which imply higher domestic wages, reduce incentives for international outsourcing. Though somewhat surprising, this result provides a theoretical reconciliation of the empirically observed trends of deunionization and increased international outsourcing in many coun...
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作者：Arnold, Jens Matthias; Javorcik, Beata S.
作者单位：Organisation for Economic Co-operation & Development (OECD); University of Oxford; Centre for Economic Policy Research - UK; University of Oxford
摘要：This paper analyzes the causal relationship between foreign ownership and various aspects of plant performance using micro data from the Indonesian Census of Manufacturing. It examines the implications of foreign ownership in two different contexts: foreign acquisitions and foreign privatizations. To control for the possible endogeneity of FDI decision propensity score matching is combined with a difference-in-differences approach. The results indicate that foreign ownership leads to significa...
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作者：Guo, Kai; Jin, Keyu
作者单位：Harvard University
摘要：This paper analyzes a useful accounting framework that breaks down the current account to two components: a composition effect and a growth effect. We show that past empirical evidence, which strongly supports the growth effect as the main driver of current account dynamics, is misconceived. The remarkable empirical success of the growth effect is driven by the dominance of the cross-sectional variation, which, under conditions met by the data, is generated by an accounting approximation. In c...
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作者：Demidova, Svetlana; Rodriguez-Clare, Andres
作者单位：McMaster University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
摘要：We explore the effect of trade policy on productivity and welfare in the now standard model of firm-level heterogeneity and product differentiation with monopolistic competition. To obtain sharp results, we restrict attention to an economy that takes as given the price of imports and the demand schedules for its exports (a small economy). We first establish that welfare can be decomposed into four terms: productivity, terms of trade, variety and curvature, where the last is a term that capture...
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作者：Fatum, Rasmus; Pedersen, Jesper
作者单位：University of Alberta; University of Copenhagen
摘要：This paper investigates the real-time effects of sterilized foreign exchange intervention using official intraday intervention data provided by the Danish central bank. Our analysis employs a two-step weighted least squares estimation procedure. We control for macro surprises, address the issue of endogeneity, and carry out an array of robustness tests. Only when the direction of intervention is consistent with the monetary policy stance do we find that intervention exerts a significant influe...
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作者：Rodriguez-Clare, Andres
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
