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作者：Kuttner, KN
作者单位：University System of Ohio; Oberlin College
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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：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 ...
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作者：Bouakez, H
作者单位：Universite de Montreal; HEC Montreal
摘要：This paper develops and estimates a dynamic general-equilibrium sticky-price model that accounts for real exchange rate persistence. The key feature of the model is the dependence of the firm's desired markup on its relative price. Desired markup variations exacerbate the nominal rigidity that results from the exogenously imposed frictions in the goods market. The model is estimated by the maximum-likelihood method using Canadian and U.S. data. The estimated model successfully replicates the p...
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作者：Yeaple, SR
作者单位：University of Pennsylvania
摘要：This paper presents a general equilibrium trade model in which homogeneous firms choose a technology from a set of competing technologies and choose employees from a set of workers of heterogeneous skill. In equilibrium, the interaction between the characteristics of competing technologies, international trade costs, and the availability of workers of heterogeneous skill gives rise to firm heterogeneity. The model generates several of the stylized facts concerning the (apparent) superiority of...
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作者：Alessandria, G; Qian, J
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Boston College
摘要：We consider lending and investment under asymmetric information in a small, developing economy. We allow different forms of financial contracts to arise endogenously. Financial intermediaries mitigate a moral hazard problem in investment choice through costly monitoring. We then examine the impact of opening the capital account on both welfare and the structure of lending contracts. Liberalizing the capital account may improve or worsen the efficiency of financial intermediaries, leading to an...
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作者：Corsetti, G; Dedola, L
作者单位：European Central Bank; European University Institute
摘要：This paper builds a baseline two-country model of real and monetary transmission in the presence of optimal international price discrimination by firms. Distributing traded goods to consumers requires nontradables, making the price elasticity of demand country-specific and a function of the exchange rate. Profit-maximizing monopolistic firms drive a wedge between prices across countries, optimally dampening the response of import and consumer prices to exchange-rate movements. We derive genera...
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作者：Debaere, P
作者单位：University of Texas System; University of Texas Austin
摘要：In this paper, I show that the increasing similarity in GDPs among OECD country pairs leads to higher bilateral trade to GDP ratios. This finding provides some support for the prediction of Helpman [J. Jpn. Int. Econ. 1 (1987) 62], whose model explains intra-industry trade that is prevalent among developed countries. I also show that Helpman's prediction is rejected for non-OECD countries, among which intra-industry trade is not critical. This result contrasts with the findings of Hummels-Levi...
