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作者：Anderson, J
作者单位：Boston College
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作者：Bazdresch, S; Werner, A
作者单位：Yale University
摘要：The Mexican peso has shown long periods of tranquility that suddenly give rise to short volatile periods. We characterize this exchange rate process by estimating a series of regime switching regressions and comparing the different specifications as pioneered by Meese and Rogoff [J. Int. Econ. 14 (1983) 3]. We find evidence for two clearly identified regimes: one with an appreciating trend and low volatility, and another with large depreciations and high volatility. We use the estimated model ...
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作者：Goh, AT
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：This paper studies the effect of knowledge diffusion on the incentives for developed countries' (DC) firms to undertake costly technology transfer to their less developed countries' (LDC) suppliers whose cost of production varies inversely with their technological effort. When the incumbent supplier's cost of improving efficiency is high, diffusion of knowledge to other potential input producers encourages technology transfer, as it increases upstream competition. However, and in sharp contras...
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作者：Ohashi, H
作者单位：University of Tokyo
摘要：The paper examines the Japanese steel industry to evaluate the role of export subsidy policies. Export subsidies can be instrumental in increasing an industry's cost competitiveness in the presence of learning by doing, a characteristic of production in the steel industry. Using a dynamic estimation model, this paper identifies a significant learning rate of above 20% with little intra-industry knowledge spillover. Simulations made with the model indicate that the subsidy policy had an insigni...
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作者：Weidenmier, MD
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University; National Bureau of Economic Research
摘要：Many states that formed the Southern Confederacy defaulted on sovereign debt sold in international capital markets during the 1840s. The Confederacy also elected President Jefferson Davis, who openly advocated the repudiation of U.S. states' debts while a member of Congress. Despite its poor credit record, the Confederate government managed to float cotton bonds in England that constituted under 2% of its expenditures. The bonds were largely issued to settle overdue debts with gun contractors ...
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作者：Krishna, P; Mitra, D
作者单位：Brown University; National Bureau of Economic Research; Syracuse University
摘要：Using the menu-auction approach to endogenous determination of tariffs and allowing additionally for lobby formation itself to be endogenous, this paper analyzes the impact of unilateral trade liberalization by one country on its partner's trade policies. We find that such unilateral liberalization may induce reciprocal tariff reductions by the partner country. Intuitively, unilateral liberalization by one country has the effect of increasing the incentives for the export lobby in the partner ...
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作者：Krishna, K; Yavas, C
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
摘要：We present a simple model where complementarities between wages and demand due to factor market distortions can make a transition economy worse off from trade. Prior to trade, a virtuous circle prevails: high wages in industry support a high demand for indivisible industrial goods, which in turn supports high wages. However, factor market distortions in the transition economy create a comparative disadvantage in industry. Opening up to trade results in the import of indivisibles and a fall in ...
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作者：Gao, T
作者单位：University of Missouri System; University of Missouri Columbia; City University of Hong Kong
摘要：This paper studies foreign direct investment (FDI) and economic growth in a two-country endogenous growth model. Starting with a core-periphery steady state in the world, the model shows that economic integration gives rise to FDI, leads to an expansion of R&D activity in the industrial core, and increases the world growth rate. In that process, the peripheral country enjoys a rise in the level of living standards. The model suggests that the often-observed positive correlation between inward ...
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作者：Zhu, SC
作者单位：Michigan State University
摘要：Since the late 1970s, both developed and developing countries have experienced skill upgrading; that is, a rise in skilled labor's share of employment and payroll. In this paper, I examine the extent to which skill upgrading can be explained by product cycles, that is, by U.S. innovation and the subsequent relocation of production to U.S. trading partners. The following conclusions obtain. (i) Product-cycle trade is strongly and positively correlated with skill upgrading in a large panel of in...
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作者：Beetsma, RMWJ; Jensen, H
作者单位：University of Amsterdam; Vrije Universiteit Amsterdam; University of Copenhagen
摘要：This paper analyzes in detail the mechanisms behind fiscal stabilization policy and the role of policy commitment in a micro-founded New-Keynesian model of a two-country monetary union, which is hit by supply shocks. We also explore the determinants of the gains from fiscal stabilization. While monetary policy with identical union members is concerned with stabilizing the union-wide economy, fiscal policy aims at stabilizing inflation differences and the terms of trade. Besides exploring optim...
