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作者：Craine, Roger; Martin, Vance L.
作者单位：University of California System; University of California Berkeley; University of Melbourne
摘要：This is the first paper to examine international monetary surprise spillovers and to estimate the response of security prices to monetary and nonmonetary surprises. Monetary surprises have a slope effect on the domestic yield curve-short maturity yields adjust much more than longer maturity yields. These results are similar to other studies. The following results are new. US monetary surprises spill over and affect Australian yields and equity returns. Australian monetary surprises do not spil...
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作者：Martin, Alberto; Vergote, Wouter
作者单位：Pompeu Fabra University; Universite Catholique Louvain
摘要：This paper analyzes the role of retaliation in trade agreements. It shows that, in the presence of private information, retaliation can always be used to increase the welfare derived from such agreements by the participating governments. In particular, it is shown that retaliation is a necessary feature of any efficient equilibrium. We argue that retaliation would not be necessary if governments could resort to international transfers or export subsidies to compensate for terms-of-trade extern...
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作者：Davidson, Carl; Matusz, Steven J.; Shevchenko, Andrei
作者单位：Michigan State University; University of Nottingham
摘要：in a model with search generated unemployment and heterogeneity on both sides of the labor market, exporting firms are bigger and pay higher wages than other firms. Moreover, there is imperfect persistence in the decision to export and liberalization increases the wage gap between high- and low-skill workers. Openness can increase aggregate productivity in export-oriented markets while generating within-firm productivity losses for the weakest firms. In contrast, openness can lead to within-fi...
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作者：Yeaple, Stephen Ross
作者单位：University of Colorado System; University of Colorado Boulder
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作者：Creane, Anthony; Miyagiwa, Kaz
作者单位：Emory University; Michigan State University; University of Osaka
摘要：We relax the standard assumption in the strategic trade policy literature that governments possess complete information about the economy. Assuming instead that governments must obtain information from firms, we examine firms' incentive to disclose information to the governments in the Brander-Spencer setting. With quantity competition, we find firms disclosing both demand and cost information, thereby justifying the literature's omniscient-govemment assumption. With price competition, however...
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作者：Basile, Roberto; Castellani, Davide; Zanfei, Antonello
作者单位：University of Perugia; University of Urbino
摘要：Using data on 5509 foreign subsidiaries established in 50 regions of 8 EU countries over the period 1991-1999, we estimate a mixed logit model of the location choice of multinational firms in Europe. In particular, vie focus on the role of EU Cohesion Policy in attracting foreign investors from both within and outside Europe. We find that, after controlling for the role of agglomeration economies as well as a number of other regional and country characteristics and allowing, for a very flexibl...
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作者：Feenstra, Robert; Kee, Hiau Looi
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; The World Bank
摘要：This paper provides evidence on the monopolistic competition model with heterogeneous firms and endogenous productivity. We show that this model has a well-defined GDP function where relative export variety enters positively, and estimate this function over 48 countries from 1980 to 2000. Average export variety to the United States increases by 3.3% per year, so it nearly doubles over these two decades. The total increase in export variety is associated with a 3.3% average productivity improve...
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作者：Eaton, Jonathan; Engel, Charles
作者单位：New York University; University of Wisconsin System; University of Wisconsin Madison
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作者：Breinlich, Holger
作者单位：University of Essex; University of London; London School Economics & Political Science
摘要：This paper analyzes mergers and acquisitions (M&As) as a channel of industrial restructuring after trade liberalization. Using the Canada-United States Free Trade Agreement (CUSFTA) of 1989 as a source of exogenous variation in trade barriers, I show that trade liberalization increased domestic Canadian M&A activity (Canadian firms buying other Canadian firms) by over 70%. There is no robust link between tariff reductions and either domestic U.S. or cross-border M&As. I also Provide evidence t...
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作者：Blum, Bemardo S.
作者单位：University of Toronto
摘要：This paper uses a multi-sector version of the Ricardo-Viner model of international trade to quantify empirically the effects of technological changes, international trade, changes in the sectoral composition of the economy, and other factors on the US wage premium. The main finding of the paper is that changes in the sectoral composition of the economy were the most important force behind the widening of the wage gap, accounting for about 60% of the relative increase in wages of skilled worker...
