-
作者：Dekle, Robert
作者单位：University of Southern California
-
作者：Artuc, Erhan; Chaudhuri, Shubham; McLaren, John
作者单位：Koc University; The World Bank; University of Virginia
摘要：We simulate numerically a trade model with labor mobility costs added, modeled in such a way as to generate gross flows in excess of net flows. Adjustment to a trade shock can be slow with plausible parameter values. In our base case, the economy moves 95% of the distance to the new steady state in approximately eight years. Gross flows have a large effect on this rate of adjustment and on the normative effects of trade. Announcing and delaying the liberalization can build - or destroy - a con...
-
作者：Raffo, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：Conventional two-country RBC models interpret countercyclical net exports as reflecting primarily the dynamics of capital. I show that, quantitatively, theoretical economies rely on counterfactual terms of trade effects: trade fluctuations, on the contrary, are driven by consumption smoothing, thus generating procyclical net trade in goods. I then consider a class of preferences that embeds home production in a reduced form: consumption volatility increases so that countercyclical net exports ...
-
作者：Scholl, Almuth; Uhlig, Harald
作者单位：Goethe University Frankfurt; University of Chicago
摘要：Past empirical research on monetary policy in open economies has found evidence of the 'delayed overshooting puzzle' and the 'forward discount puzzle'. We revisit the effects of monetary policy on exchange rates by applying Uhlig's [Uhlig, H., 2005a. What are the effects of monetary policy on output? Results from an agnostic identification procedure. journal of Monetary Economics 52(2), 381-419.] identification procedure that involves sign restrictions on the impulse responses of selected vari...
-
作者：Tille, Cedric
摘要：Recent years have witnessed a large increase in international financial integration in the form of largely offsetting cross-holdings across countries. We assess how such financial leverage affects the international transmission of monetary shocks, and find that it leads to sizable welfare differentials that far exceed the impact due to nominal rigidities. We document the relevance of the exact nature of holdings, with bond holdings associated with larger effects than equity holdings. The impac...
-
作者：Arteta, Carlos; Hale, Galina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We use micro-level data to analyze emerging markets' private sector access to international debt markets during sovereign debt crises. We find that these crises are systematically accompanied by a decline in foreign credit to domestic private firms, both during debt renegotiations and for over two years after restructuring agreements are reached. This decline is large, statistically significant, and robust. We find that this effect is concentrated in the non-financial sector and is different f...
-
作者：Gali, Jordi; Monacelli, Tommaso
作者单位：Bocconi University; Pompeu Fabra University
摘要：We lay out a tractable model for the analysis of optimal monetary and fiscal policy in a currency union. The monetary authority sets a common interest rate for the union, whereas fiscal policy is implemented at the country level, through the choice of government spending. In the presence of country-specific shocks and nominal rigidities, the policy mix that is optimal from the viewpoint of the union as a whole requires that inflation be stabilized at the union level by the common central bank,...
-
作者：Bouakez, Hafedh; Rebei, Nooman
作者单位：Universite de Montreal; HEC Montreal; Bank of Canada
摘要：Several empirical studies suggest that exchange rate pass-through has declined in recent years among industrialized countries. Results for Canada also indicate that import and consumer prices have become less responsive to exchange-rate movements in the 1990s. These findings are based on reduced-form regressions that are typically motivated by partial-equilibrium models of pricing. This paper uses instead a structural, general-equilibrium approach to test the premise that exchange rate pass-th...
-
作者：Chang, Roberto
作者单位：Rutgers University System; Rutgers University New Brunswick
