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作者：Alfaro, L
作者单位：Harvard University
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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：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：Baxter, M; Farr, DD
作者单位：Boston University; National Bureau of Economic Research
摘要：This paper develops a two-country international business-cycle model with variable capital utilization, using a standard depreciation-in-use technology. Variable capital utilization significantly reduces the required size of productivity shocks needed to replicate observed output volatility by 20-40%. Further, the model generates positive comovement across countries in wages, hours, and investment, while preserving empirically accurate predictions regarding the relative cross-country correlati...
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作者：Porto, GG
作者单位：The World Bank
摘要：This paper investigates the poverty impacts of informal export barriers like transport costs, cumbersome customs practices, costly regulations and bribes. In low-income countries, these informal barriers act as export taxes that distort the efficient allocation of resources, lower wages and agricultural income, and increase poverty. I investigate the case of Moldova, a very open economy where poverty is widespread, agriculture is, a key sector, formal trade barriers are low, and informal expor...
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作者：McCalman, P
作者单位：University of California System; University of California Santa Cruz
摘要：Does a stronger intellectual property rights regime lead to the faster diffusion of new products and technology? While there is a presumption that this is the case, our analysis of data on the international release patterns of Hollywood movies suggests a more complex story: although moderate standards of IPR encourage the spread of movies, either very weak or very strong property rights tend to slow the speed with which American movies are released abroad. This empirical finding is robust to a...
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作者：Van Biesebroeck, J
作者单位：University of Toronto; National Bureau of Economic Research
摘要：Proponents of trade liberalization argue that exporting helps firms to achieve higher productivity levels. This hypothesis is examined for a panel of manufacturing firms in nine African countries. The results indicate that exporters in these countries are more productive and, more importantly, exporters increase their productivity advantage after entry into the export market. While the first finding can be explained by selection-only the most productive firms engage in exporting-the latter can...
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作者：Kletzer, LG
作者单位：University of California System; University of California Santa Cruz
