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作者：McMillian, Margaret
作者单位：Tufts University
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作者：Ramcharan, Rodney
作者单位：International Monetary Fund
摘要：Does the choice of exchange rate regime affect an economy's adjustment to real shocks? Exploiting the unpredictability and economic exogeniety of windstorms-hurricanes and typhoons-and earthquakes this paper assesses the often contrasting answers found in the theoretical literature. There is robust evidence that exchange rate flexibility helps an economy better adjust to real shocks. And consistent with the channels emphasized in the classic literature on exchange rates and shocks, differences...
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作者：Papageorgiou, Chris; Savvides, Andreas; Zachariadis, Marios
作者单位：University of Cyprus; International Monetary Fund; Louisiana State University System; Louisiana State University; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：Does medical technology generated in frontier countries have a significant impact on health outcomes in the rest of the world? This paper considers a framework where non-frontier countries may benefit from medical innovation that is embodied in medical imports or diffuses in the form of ideas. Using a novel dataset from a cross-section of 63 technology-importing countries, we show that medical technology diffusion is an important contributor to improved health status, as measured by life expec...
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作者：Tomiura, Eiichi
作者单位：Yokohama National University
摘要：This paper documents how productivity varies with globalization modes, based on a firm-level data set covering all manufacturing industries in Japan without any firm-size threshold. Only a small fraction of firms outsource, export, or invest abroad. Foreign outsourcers and exporters tend to be less productive than the firms active in FDI or in multiple globalization modes but more productive than domestic firms. This productivity ordering is robust even when firm size, factor intensity, and/or...
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作者：Lai, Huiwen; Zhu, Susan Chun
作者单位：Michigan State University
摘要：We derive testable restrictions relating the factor content of bilateral trade to bilateral differences in technology and endowments. This departs from the Heckscher-Ohlin-Vanek theorem which compares the factor content of net trade with factor abundance. We test the theoretical restrictions using a unique dataset that covers 41 developed and developing countries with disparate endowments and technology. We find evidence supporting the predictions. In addition: (1) The factor content predictio...
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作者：Bergin, Paul R.; Glick, Reuven
摘要：This paper develops a model of endogenously tradable goods to study the implications of international integration for price dispersion and pricing to market. A distinctive feature of the model is heterogeneity in both trade costs and productivity. The model highlights the role of heterogeneity in shaping how new entrants at the extensive margin differ from incumbent traders, thereby giving extensive margin movements distinctive implications relative to the intensive margin. In particular, the ...
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作者：Raff, Horst; Schmitt, Nicolas
作者单位：University of Kiel; Simon Fraser University; University of Geneva
摘要：This paper shows that a manufacturer may benefit from parallel trade. In addition to an intuitive condition about the effect of demand shocks, this occurs when competitive retailers must order inventories before they know the realization of demand and for products whose sale value drops at the end of the demand period. For these types of products, letting retailers trade unsold inventories generally results in larger orders placed with the manufacturer and higher manufacturer profit. The model...
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作者：Lee, Gea M.
作者单位：Singapore Management University
摘要：WTO rules prohibit disguised protection in the form of domestic policies. How then do governments cooperate over trade and domestic policies when none can verify whether a nation's domestic tax reduction is a protective measure or a reaction to a production externality? In this paper, each government privately observes whether a production externality associated with its import-competing good is high or low. This paper finds that in an optimal agreement, disguised protection with domestic poli...
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作者：Daniel, Betty C.; Jones, John Bailey
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：Financial liberalization often leads to financial crises. This link has usually been attributed to poorly designed banking systems, an explanation that is largely static. In this paper we develop a dynamic explanation, by modelling the evolution of a newly-liberalized bank's opportunities and incentives to take on risk over time. The model reveals that even if a banking system is well-designed, in the sense of having good long-run properties, many countries will enjoy an initial period of rapi...
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作者：Calvo, Guillermo; Celasun, Oya; Kumhof, Michael
作者单位：Columbia University; National Bureau of Economic Research
摘要：We develop a model of optimizing forward-looking staggered price setting where even fully credible disinflations display a delayed and gradual inflation response and significant output losses. There is a welfare trade-off between these output losses and the gains from smaller inflationary distortions. For reasonable parameter values disinflation improves welfare, and more so if it is phased in gradually. The pricing assumption of our model yields dynamics that are similar to models of sticky i...
