-
作者：Dennis, BN; Iscan, TB
作者单位：Dalhousie University; University of the Pacific
摘要：We examine the welfare consequences of terms-of-trade risk in a small open economy in which it is costly for workers to move between sectors. Relocation costs lead to partial labor mobility, sectoral wage gaps and income risk exceeding that of an economy in which relocation is costless. Using observed wage differentials and standard values for volatility and preferences, we find that the welfare cost of partial labor mobility alone is unlikely to be very large, even in the absence of self-insu...
-
作者：Edmonds, EV; Pavcnik, N
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：We explore the relationship between exposure to trade (as measured by openness) and child labor in a cross-country setting. Our methodology accounts for the fact that trade flows are endogenous to child labor (and labor standards more generally) by examining the relationship between child labor and variation in trade based on geography. We find that countries that trade more have less child labor. At the cross-country means, the data suggest an openness elasticity of child labor of -0.7. For l...
-
作者：Mansoorian, Arman; Mohsin, Mohammed
作者单位：York University - Canada; University of Tennessee System; University of Tennessee Knoxville
摘要：The effects of inflation targets are examined for a small open economy with cash in advance constraints. An increase in the inflation rate, by increasing the price of consumption relative to leisure, reduces consumption and labor supply. The fall in labor reduces the marginal productivity of capital, and a fall in investment. The country runs a current account surplus, despite the fall in output. The dynamics of the model for permanent and temporary policy changes are fully worked out, with th...
-
作者：Bernard, AB; Jensen, JB; Schott, PK
作者单位：National Bureau of Economic Research; Yale University
摘要：This paper examines the role of international trade in the reallocation of U.S. manufacturing within and across industries from 1977 to 1997. Motivated by the factor proportions framework, we introduce a new measure of industry exposure to international trade that focuses on where imports originate rather than on their overall level. We find that plant survival and growth are negatively associated with industry exposure to low-wage country imports. Within industries, we show that manufacturing...
-
作者：Grossman, Gene M.; Helpman, Elhanan; Szeidl, Adam
作者单位：Princeton University; Harvard University; University of California System; University of California Berkeley
摘要：We examine integration strategies of multinational firms that face a rich array of choices of international organization. Each firm must provide headquarter services from its home country, but can produce its intermediate inputs and conduct assembly operations in one or more of three locations. We study the equilibrium choices of firms that differ in productivity levels, focusing on the role that industry characteristics such as the fixed costs of foreign subsidiaries, the cost of transporting...
-
作者：Lommerud, KE; Meland, F; Straume, OR
作者单位：University of Bergen; University of Bergen
摘要：Trade unions have a rational incentive to oppose the adoption of labour-saving technology when tabour demand is inelastic and unions care much for employment relative to wages. Trade liberalisation typically increases trade union technology opposition. These conclusions are reached in a model of unionised international duopoly with two-way trade. We also find that the incentive for technology opposition is stronger in the more technologically advanced country and in the country with the larger...
-
作者：Mauro, Paolo
作者单位：International Monetary Fund
-
作者：Dominguez, KME; Tesar, LL
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：In this paper we examine the relationship between exchange rate movements and firm value. We estimate the exchange rate exposure of publicly listed firms in a sample of eight (non-US) industrialized and emerging markets. We find that exchange rate movements do matter for a significant fraction of firms, though which firms are affected and the direction of exposure depends on the specific exchange rate and varies over time, suggesting that firms dynamically adjust their behavior in response to ...
-
作者：Huang, Haizhou; Wei, Shang-Jin
作者单位：International Monetary Fund; Barclays; National Bureau of Economic Research
摘要：Weak public institutions, including high levels of corruption, characterize many developing countries. We demonstrate that this feature has important implications for the design of monetary policymaking institutions. We find that a pegged exchange rate or dollarization, while sometimes prescribed as a solution to the credibility problem, is typically not appropriate for countries with poor institutions. Such an arrangement is inferior to a Rogoff-style conservative central banker, whose optima...
-
作者：Nason, JM; Rogers, JH
作者单位：Federal Reserve System - USA; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：Tests of the present-value model (PVM) of the current account are frequently rejected by data. Standard explanations rely on the usual suspects of non-separable preferences, fiscal policy and world real interest rate shocks, external imperfect international capital mobility, and an internalized risk premium. We confirm these rejections on post-war Canadian data, then investigate their source by calibrating and simulating alternative versions of a small open economy, real business cycle model (...
