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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：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：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：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...
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作者：Kaminsky, Graciela
作者单位：George Washington University
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作者：Devereux, Michael B.; Shi, Kang; Xu, Juanyi
作者单位：Simon Fraser University; University of British Columbia; Chinese University of Hong Kong
摘要：This paper derives an optimal monetary policy in a world with a dollar standard, defined as an environment in which all traded goods prices are set in US dollars, so that exchange rate pass-through into the US price level is zero. We show that the US is essentially indifferent to exchange rate volatility, while the rest of the world places a high weight on exchange rate volatility. In a Nash equilibrium of the monetary policy game, US preferences dominate; the equilibrium is identical to one w...
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作者：Gopinath, Gita
作者单位：Harvard University
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作者：Xiang, Chong
作者单位：Purdue University System; Purdue University
摘要：In a two-cone Heckscher-Ohlin model with CES preferences and a continuum of goods, new northern goods increase the northern skill premium if they are skilled-labor intensive, and may increase the premium if they are unskilled-labor intensive. Thus, the introduction of new goods into US technology could have done more to increase the US skill premium than a closed-economy model would predict. I also explore how new northern goods affect the southern skill premium and what happens if they genera...
