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作者：Acosta, Pablo A.; Lartey, Emmanuel K. K.; Mandelman, Federico S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; The World Bank; California State University System; California State University Fullerton
摘要：Using data for El Salvador and Bayesian techniques, we develop and estimate a two-sector dynamic stochastic general equilibrium model to analyze the effects of remittances on emerging market economies. We find that, whether altruistically motivated or otherwise, an increase in remittance flows leads to a decline in labor supply and an increase in consumption demand that is biased toward non-tradables. The higher non-tradable prices serve as incentive for an expansion of that sector, culminatin...
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作者：Brambilla, Irene
作者单位：Yale University; National Bureau of Economic Research
摘要：Multiproduct firms and product turnover are widespread phenomena. This paper develops a theoretical framework that links advantages in R&D and variable costs with firm's ability to expand its portfolio of products. The framework is then applied to explain systematic differences in product introduction by affiliates of multinationals and firms that only operate domestically. Using firm-level data for the Chinese manufacturing sector during 1998-2000, I compare the performance of foreign and dom...
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作者：Kano, Takashi
作者单位：University of Tokyo
摘要：In a recent paper, Gruber (Gruber, J.W., 2004. A present value test of habits and the current account. journal of Monetary Economics 51, 1495-1507) claims that habit formation in consumption plays an important role in current account fluctuations in selected developed countries, extending the present-value model of the current account (PVM) with consumption habits. In this paper, however, I show that the habit-forming PVM is observationally equivalent to the PVM augmented with persistent trans...
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作者：Hagen, Rune Jansen
作者单位：University of Bergen
摘要：I analyse the role of multilateral financial institutions in a world of global capital markets assuming that they have an informational advantage over private lenders in the market for sovereign debt. I show that the adverse selection problem in this market may be solved through certification if the multilateral agency does not care too much about borrower country welfare. However, with lending the private information of the agency will be revealed whatever its weighting of borrower welfare vs...
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作者：Prasad, Eswar S.
作者单位：Cornell University
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作者：Tovar, Patricia
作者单位：Brandeis University
摘要：We study the implications of loss aversion for trade policy determination and show how it allows us to explain a number of important and puzzling features of trade policy. Some important questions concerning trade policy are why a disproportionate share of protection goes to declining industries and why trade policy has an anti-trade bias. We show that if individual preferences exhibit sufficient loss aversion, higher protection will be given to sectors in which profitability is declining. We ...
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作者：Baier, Scott L.; Bergstrand, Jeffrey H.
作者单位：University of Notre Dame; Clemson University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Notre Dame; Leibniz Association; Ifo Institut
摘要：This paper provides the first cross-section estimates of long-run treatment effects of free trade agreements on members' bilateral international trade flows using (nonparametric) matching econometrics. Our nonparametric cross-section estimates of ex post long-run treatment effects are much more stable across years and have more economically plausible values than corresponding OLS cross-section estimates from typical gravity equations. We provide plausible estimates of the long-run effects of m...
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作者：Bjornland, Hilde C.
作者单位：BI Norwegian Business School; Norges Bank
摘要：Dornbusch's exchange rate overshooting hypothesis is a central building block in international macroeconomics. Yet, empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with overshooting. This puzzling result has been viewed by some researchers as a stylized fact to be reckoned with in policy modelling. However, many of these studies, in particular those using vector autoregressive (VARs) approaches, have disregarded the strong contemporaneous i...
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作者：Neiman, Brent; Swagel, Phillip
作者单位：University of Chicago
摘要：American and foreign businesses, politicians, and media have all pointed to post-9/11 changes in visa policies as being responsible for the sharp decline in travel to the United States following the attacks. Using an empirical model which distinguishes the impact of visa policy from economic and country-specific factors, we find that changes in visa policy were not important contributors to the decrease in travel to the United States. Rather, the reduction in entries was largest among traveler...
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作者：Opp, Marcus M.; Sonnenschein, Hugo F.; Tombazos, Christis G.
作者单位：University of Chicago; University of California System; University of California Berkeley; Monash University
摘要：We demonstrate that Rybczynski's classic comparative statics can be reversed in a Heckscher-Ohlin world when preferences in each country favor the exported commodity. This taste bias has empirical support. An increase in the endowment of a factor of production can lead to an absolute curtailment in the production of the commodity using that factor intensively, and an absolute expansion of the commodity using relatively little of the same factor. This outcome - which we call Reverse Rybczynski ...
