-
作者：Spiegel, MM
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：This paper introduces a model of intervention by an international financial institution (IFI) under asymmetric information. The IFI is unable to distinguish between runs due to fundamentals and those which are the result of pure sunspots. However, it maximizes global welfare by offering a relending package consistent with generating a separating equilibrium, where voluntary creditor participation implies that underlying fundamentals are good. The need for direct IFI lending in the package is s...
-
作者：Hanson, GH
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research
摘要：In this paper, I examine the spatial correlation between wages and consumer purchasing power across U.S. counties to see whether regional demand linkages contribute to spatial agglomeration. First, I estimate a simple market-potential function, in which wages are associated with proximity to consumer markets. Second, I estimate an augmented market-potential function derived from the Krugman model of economic geography, parameter estimates for which reflect the importance of scale economies and...
-
作者：Swenson, DL
作者单位：National Bureau of Economic Research; University of California System; University of California Davis
摘要：This paper studies the cross-country pattern of U.S. overseas assembly activities between 1980 and 2000 to examine how outsourcing decisions are affected by changes in country and competitor costs. A number of interesting regularities emerge. When a country's costs rise, the share of U.S. overseas assembly activities in that location decline. Conversely, a country's share grows when competitor country costs increase. While own and competitor country costs affect overseas assembly in all countr...
-
作者：Facchini, G; Willmann, G
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Kiel
摘要：We model the endogenous determination of policy towards international factor mobility. In a common agency setting, domestic interest groups bid for protection from the government and the incumbent politicians maximize a welfare function that depends both on domestic voters' welfare and contributions collected. We characterize equilibrium policies in the price space and show how the degree of complementarity among inputs determines the outcome. We establish a similar result for quotas, allowing...
-
作者：Combes, PP; Lafourcade, M; Mayer, T
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Institut Polytechnique de Paris; ENSAE Paris; Universite Paris Saclay
摘要：Using theory-grounded estimations of trade flow equations, this paper investigates the role that business and social networks play in shaping trade between French regions. The bilateral intensity of networks is quantified using the financial structure and location of French firms and bilateral stocks of migrants. Compared to a situation without networks, migrants are shown to double bilateral trade flows, while networks of firms multiply trade flows by as much as four in some specifications. F...
-
作者：Forslid, R; Midelfart, KH
作者单位：Norwegian School of Economics (NHH); Stockholm University
摘要：This paper analyses industrial policy in an open economy hosting an agglomeration consisting of vertically linked upstream and downstream firms. We show that optimal policy towards upstream and downstream industries may typically differ radically in this setting as compared to the case of a closed economy. Internationalisation in terms of international mobility of firms as well as reduced trade costs is found to have significant impact on policy design. We find that in addition to technology a...
-
作者：Konings, J; Vandenbussche, H
作者单位：Universite Catholique Louvain; Centre for Economic Policy Research - UK
摘要：This paper tests whether Antidumping (AD) protection affects the market power of import-competing domestic firms. We use panel data of about 4000 EU producers that were involved in AD cases to estimate markups before and after the filing of a case. Our findings indicate that AD protection has positive and significant effects on domestic markups, except in cases where import diversion after protection is strong, like in 'seamless steel tubes'. Our results control for potential endogeneity of AD...
