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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...
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作者：Holmes, TJ; Stevens, JJ
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA
摘要：Does home market size matter for the pattern of trade? Krugman started the literature, showing it does matter. Davis overturned his result, arguing that an assumption of convenience-transport costs only for the differentiated goods-conveniently obtained the result. Here we relax another persistent assumption of convenience-two industry types differentiated only by the degree of scale economies-and find that market size reemerges as a relevant force in determining industrial structure. (c) 2004...
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作者：Bagwell, K; Staiger, RW
作者单位：University of Wisconsin System; University of Wisconsin Madison; Columbia University
摘要：Trade negotiations occur through time and between the governments of many countries. An important issue is thus whether the value of concessions that a government wins in a current negotiation may be eroded in a future bilateral negotiation to which it is not party. We identify rules of negotiation that serve to protect the welfare of governments that are not participating in the bilateral negotiation. Our main finding is that the two central principles of GATT/WTO nondiscrimination (MFN) and ...
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作者：Andersen, TM; Beier, NC
作者单位：Aarhus University
摘要：We analyze the transmission of monetary shocks in a new open-economy macroeconomics model with one-period nominal contracts and imperfect information. Shocks may have transitory and persistent components that can be disentangled only through the accumulation of information over time. As a consequence, the responses to shocks are significantly altered compared with the case of full information. There are persistent effects on international relative prices, and delayed exchange-rate overshooting...
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作者：Meissner, CM
作者单位：University of Cambridge
摘要：The gold standard gradually became an international monetary regime after 1870. Similarly, some nations in the European Union are waiting to adopt the euro while others have joined immediately. What explains the timing of exchange rate regime adoption? To find out, the international diffusion of the gold standard is analyzed. Duration analysis shows that network externalities operating through trade channels, the desire to decrease borrowing costs on international capital markets, and the leve...
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作者：Ornelas, E
作者单位：University System of Georgia; University of Georgia
摘要：I evaluate in this paper the impact of free trade areas (FTAs) on the world trading system. I use an oligopolistic-political-economy model where the external tariffs of FTA members, as well as the decision to form FTAs, are endogenously determined. In this context, I show that FTAs are primarily beneficial to the multilateral trading system. This conclusion is based, first, upon the finding that FTAs induce their member governments to lower their external tariffs, and to do so deeply enough to...
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作者：Redding, S
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
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作者：Loungani, P
作者单位：International Monetary Fund
