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作者：Monacelli, T
作者单位：Bocconi University
摘要：Industrial countries moving from fixed to floating exchange rate regimes experience dramatic rises in the variability of the real exchange rate. This evidence, forcefully documented by Mussa [Nominal exchange regimes and the behavior of real exchange rates: evidence and implications. Camegie-Rochester Conference Series on Public Policy 25 (1986) 117], is a puzzle because it is hard to reconcile with the assumption of flexible prices. This paper lays out a dynamic general equilibrium model of a...
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作者：Saggi, K
作者单位：Southern Methodist University
摘要：In an n country oligopoly model of intraindustry trade (n greater than or equal to 3), this paper explores the economics of the most-favored-nation (MFN) principle. Under the non-cooperative tariff equilibrium, each country imposes higher tariffs on low cost producers relative to high cost ones thereby causing socially harmful trade diversion. MFN adoption by each country improves world welfare by eliminating this trade diversion. Under linear demand, MFN adoption by the country with the avera...
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作者：Broda, C
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Since Friedman [Essays in Positive Economics, University of Chicago Press, Chicago (1953) 157-203] an advantage often attributed to flexible exchange rate regimes over fixed regimes is their ability to insulate more effectively the economy against real shocks. I use a post-Bretton Woods sample (1973-96) of 75 developing countries to assess whether the responses of real GDP, real exchange rates, and prices to terms-of-trade shocks differ systematically across exchange rate regimes. I find that ...
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作者：Bown, CP
作者单位：Brandeis University; Brandeis University
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作者：Camera, G; Craig, B; Waller, CJ
作者单位：Purdue University System; Purdue University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Notre Dame
摘要：We study how two fiat monies, one safe and one risky, compete in a decentralized trading environment. The currencies' equilibrium values, their transaction velocities and agents' spending patterns are endogenously determined. We derive conditions under which agents holding diversified currency portfolios spend the safe currency first and hold the risky one for later purchases. We also examine when the reverse spending pattern is optimal. Traders generally favor dealing in the safe currency, un...
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作者：Chen, YM; Ishikawa, J; Yu, ZH
作者单位：Carleton University; Hitotsubashi University; University of Colorado System; University of Colorado Boulder
摘要：This paper develops a model of strategic outsourcing. With trade liberalization in the intermediate-product market, a domestic firm may choose to purchase a key intermediate good from a more efficient foreign producer, who also competes with the domestic firm for a final good. This has a strategic effect on competition. Unlike the outsourcing motivated by cost saving, the strategic outsourcing has a collusive effect that could raise the prices of both intermediate and final goods. Trade libera...
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作者：Cukierman, A; Spiegel, Y; Leiderman, L
作者单位：Tel Aviv University; Tilburg University; Tel Aviv University
摘要：This paper develops a framework for the optimal choice of exchange rate bands within an environment in which policymakers dislike nominal exchange rate variability, but value the flexibility to adjust the nominal exchange rate in response to shocks, in order to attain real exchange rate objectives. The paper provides an endogenous characterization of the optimal exchange rate band in terms of the underlying distribution of shocks to the current and capital accounts of the balance of payments a...
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作者：Martin, P; Rey, H
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Princeton University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：Empirically, demand and market size effects play an important role for international trade in assets and the determination of asset prices. Financial integration decreases the cost of capital, asset prices increase with investors base and market size determines international financial flows. We present a two-country model with an endogenous number of financial assets, where the interaction of a risk diversification motive and market segmentation explains those facts. In our set up, an imperfec...
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作者：Gopinath, G
作者单位：University of Chicago
摘要：Emerging markets in the 1990s experienced periods of booms followed by collapses in gross domestic product, consumption, traded and non-traded sector output and real exchange rate movements alongside unprecedented movements in foreign investor participation in these economies. An important feature of these episodes is the asymmetry in the pattern of booms and collapses. We introduce a natural search friction into the foreign investment decision in a small open economy and demonstrate that this...
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作者：Robertson, R
作者单位：Macalester College
摘要：This paper examines the link between relative goods prices and relative wages during two periods of Mexico's trade liberalization. The relative price of skill-intensive goods rose following Mexico's entrance to the General Agreement and Tariffs and Trade (GATT) in 1986, but fell after Mexico entered the North American Free Trade Agreement (NAFTA) in 1994. This paper adds a band pass filter to two established techniques to compare the relationship between prices and wages. Results from all thre...
