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作者：Hellerstein, Rebecca
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Nominal exchange rates are remarkably volatile. They ordinarily appear disconnected from the fundamentals of the economies whose currencies they price. These facts make up a classic puzzle about the international economy. If prices do not respond fully to changes in the nominal exchange rate, who bears the cost of such large and unpredictable changes: foreign firms, domestic firms, or domestic consumers? This study presents a new analysis of the sources of incomplete pass-through and then uses...
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作者：Limao, Nuno; Saggi, Kamal
作者单位：National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University System of Maryland; University of Maryland College Park; Southern Methodist University
摘要：We analyze whether financial compensation is preferable to the WTO's current dispute settlement system that permits injured member countries to impose retaliatory tariffs. We show that, ex-post, monetary fines are more efficient than tariffs in terms of granting compensation to injured parties but fines suffer from an enforcement problem since they must be paid by the violating country. If fines must ultimately be supported by the threat of tariffs, they fail to yield a more cooperative outcom...
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作者：Kose, M. Ayhan; Otrok, Christopher; Whiteman, Charles H.
作者单位：International Monetary Fund; University of Virginia; University of Iowa
摘要：This paper studies the changes in world business cycles during the period 1960-2003. We employ a Bayesian dynamic latent factor model to estimate common and country-specific components in the main macroeconomic aggregates (output, consumption, and investment) of the G-7 countries. We then quantify the relative importance of the common and country components in explaining comovement in each observable aggregate over three distinct time periods: the Bretton Woods (BW) period (1960: 1 1972:2), th...
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作者：di Giovanni, Julian; Shambaugh, Jay C.
作者单位：International Monetary Fund; Dartmouth College
摘要：It is often argued that many economies are affected by conditions in foreign countries. This paper explores the connection between interest rates in major industrial countries and annual real output growth in other countries. The results show that high foreign interest rates have a contractionary effect on annual real GDP growth in the domestic economy, but that this effect is centered on countries with fixed exchange rates. The paper then examines the potential channels through which major-co...
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作者：Ederington, Josh; McCalman, Phillip
作者单位：University of Kentucky; University of California System; University of California Santa Cruz
摘要：In this paper, we build a dynamic model with endogenous firm-level productivity that involves ex ante identical firms behaving differently in equilibrium. Heterogeneity arises in equilibrium as firms choose different dates to adopt a new technology. We investigate the effects of international trade on technological diffusion and show that trade has a generally positive impact on the equilibrium rate of adoption (and hence on firm-level productivity). In addition, the model can replicate the st...
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作者：Ornelas, Emanuel
作者单位：University of London; London School Economics & Political Science
摘要：Recent research shows that the GATT/WTO negotiating rules are capable of delivering a politically efficient equilibrium. Such an equilibrium is, however, economically inefficient. Global free trade, in particular, is unattainable even in a fully cooperative world, if governments have political motivations. In such a context, we show that regional trade agreements can help move the world towards a welfare-superior equilibrium. The reason is that, when members of regional trade agreements lower ...
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作者：Essaji, Azim
作者单位：Wilfrid Laurier University
摘要：it is widely acknowledged that while technical regulations can improve welfare and facilitate markets, they can also impede trade. The trade impeding effects of technical regulations are especially worrisome for developing countries: they frequently lack the human and capital resources necessary to satisfy technical measures, and thus are more likely to be excluded from markets by technical measures. This paper uses highly disaggregated US data on agricultural, mining and manufacturing imports...
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作者：Karacaovali, Baybars; Limao, Nuno
作者单位：University System of Maryland; University of Maryland College Park; Fordham University; National Bureau of Economic Research
摘要：Preferential trade agreements (PTAs) are characterized by liberalization with respect to only a few partners and thus they can potentially clash with, and retard multilateral trade liberalization (MTL). Yet there is almost no systematic evidence on whether the numerous existing PTAs actually affect MTL. We provide a model showing that PTAs hinder MTL unless they entail accession to a customs union with internal transfers. Using product-level tariffs negotiated by the European Union (EU) in the...
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作者：Gancia, Gino; Bonfiglioli, Alessandra
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：In a world where poor countries provide weak protection for intellectual property rights (IPRs), market integration shifts technical change in favor of rich nations. Through this channel, free-trade may amplify international wage differences. At the same time, integration with countries where IPRs are weakly protected can slow down the world growth rate. An important implication of these results is that protection of intellectual property is most beneficial in open countries. This prediction, ...
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作者：Pasquariello, Paolo
作者单位：University of Michigan System; University of Michigan
摘要：We study the anatomy of recent financial crises in Mexico, East Asia, Russia, Brazil, Turkey, and Argentina by investigating the efficiency and pricing of the emerging American depositary receipt (ADR) market. We use a non-parametric technique to test for persistent regime shifts in two basic structural relationships for ADR returns in 20 emerging countries - identified via arbitrage and capital mobility considerations - that should always hold in efficient and integrated capital markets. We f...
