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作者：Alfaro, L
作者单位：Harvard University
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作者：Kuttner, KN
作者单位：University System of Ohio; Oberlin College
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作者：Canzoneri, MB; Cumby, RE; Diba, BT
作者单位：Georgetown University
摘要：The first generation of policy coordination models was introduced some 25 years ago; it provided a rationale for policy coordination, but the gains from coordination were generally thought to be small. Now, a new generation of policy coordination models is emerging, incorporating monopolistic competition and nominal inertia. Here, we examine macroeconomic interdependence and the scope for policy coordination in a tractable second generation model with two countries and multiple sectors. Initia...
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作者：Sutherland, A
作者单位：University of St Andrews
摘要：This paper considers the implications of incomplete exchange rate pass-through for optimal monetary and exchange rate policy. A two-country model is presented, which allows an explicit derivation of welfare functions in terms of a weighted sum of the second moments of producer prices and the nominal exchange rate. From a single country perspective, the optimal exchange rate variance depends on the degree of pass-through, the size and openness of the economy, the elasticity of labour supply and...
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作者：Tille, C
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper assesses the impact of integrating international asset markets when segmented markets are not the only distortion. Using a two-country general equilibrium model with nominal rigidities and monetary shocks, we show that integration is not universally beneficial. Instead, the welfare impact depends on the degree to which exchange rate fluctuations are passed through to consumer prices. While the integration is welfare neutral in the polar cases of complete or zero pass-through, this i...
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作者：Blonigen, BA
作者单位：University of Oregon; National Bureau of Economic Research
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作者：Flood, RP; Jeanne, O
作者单位：International Monetary Fund
摘要：Defending a government's exchange-rate commitment with active interest rate policy is not an option in first-generation models of speculative attacks. In those models, the interest rate is the passive reflection of currency-depreciation expectations. In this paper, we show how to adapt the first-generation framework to allow for an interest rate defense. It is shown that increasing domestic currency interest rate before the attack makes domestic assets more attractive according to an asset sub...
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作者：Goldberg, PK; Pavcnik, N
作者单位：Center for Economic & Policy Research (CEPR); Dartmouth College; National Bureau of Economic Research; Yale University
摘要：Worker industry affiliation plays a crucial role in how trade policy affects wages in many trade models. Yet, most research has focused on how trade policy affects wages by altering the economy-wide returns to a specific worker characteristic (i.e., skill or education) rather than through worker industry affiliation. This paper exploits drastic trade liberalizations in Colombia in the 1980s and 1990s to investigate the relationship between protection and industry wage premiums. We relate wage ...
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作者：di Giovanni, J
作者单位：University of California System; University of California Berkeley
摘要：What key roles do macroeconomic and financial variables play in the foreign direct investment (FDI) decision of firms? This question is addressed in this paper using a large panel data set of cross-border Merger & Acquisition (M&A) deals for the period 1990-1999. Various econometric specifications are built around the simple gravity model commonly used in the trade literature. Interestingly, financial variables and other institutional factors seem to play a significant role in M&A flows. In pa...
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作者：Ho, LS; Wei, XD; Wong, WC
作者单位：Lingnan University
摘要：This study uses time series analysis to investigate the impact of Hong Kong's increased outward processing trade with the Chinese Mainland on wage inequality. We found a significant positive association between outward processing trade and the wage premium of university graduates over primary school graduates and that over secondary school graduates. Moreover, a standard test showed one-way causality from outward processing trade to the widening of skill wage gap. Furthermore, the increase of ...
