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作者：Burnside, C
作者单位：University of Virginia
摘要：A contingent liability is a future spending commitment that is realized with some probability. International organizations emphasize the dangers of contingent liabilities when providing advice. Why? One answer is obvious-if significant contingent liabilities are realized they commit governments to substantial fiscal costs. There is a further reason: by taking on a contingent liability the government can increase the probability of the underlying shock taking place. This paper describes how the...
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作者：Fisher, EO; Kakkar, V
作者单位：City University of Hong Kong; University System of Ohio; Ohio State University; Johns Hopkins University; European University Institute
摘要：This paper examines whether comparative advantage is the long-run outcome of an evolutionary process in the open economy It formalizes the notion that natural selection eliminates inefficient firms and thus leads to stable and perhaps efficient patterns of world trade. Instead of assuming the existence of a Walrasian auctioneer, we study two simple matching processes that coordinate trade between firms. Our central result is that specialization according to comparative advantage, with the larg...
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作者：Benigno, P
作者单位：New York University
摘要：This paper investigates how monetary policy should be conducted in a two-region general equilibrium model with monopolistic competition and price stickiness. This framework delivers a simple welfare criterion based on the utility of the consumers that can be used to evaluate monetary policy in a currency area. If the two regions share the same degree of nominal rigidity, the terms of trade are completely insulated from monetary policy and the optimal outcome is obtained by targeting a weighted...
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作者：Bagwell, K; Staiger, RW
作者单位：University of Wisconsin System; University of Wisconsin Madison
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/WTOnondiscrimination (MFN) and r...
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作者：Morshed, AKMM; Turnovsky, SJ
作者单位：University of Washington; University of Washington Seattle; Washington State University
摘要：This paper develops a two-sector model in which intersectoral capital movements involve adjustment costs, expressed as capital lost in the transformation process. These costs have important consequences for the dynamics of capital accumulation and particularly for real exchange rate dynamics. Persistent deviations of the real exchange rate from its equilibrium are derived and for plausible values of the adjustment cost parameters are consistent with the observed degree of real exchange rate pe...
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作者：Bown, CP
作者单位：Brandeis University; Brandeis University
摘要：This paper is a first attempt to empirically determine why countries choose to violate or adhere to GATT rules when making trade policy adjustments between negotiating rounds. We use a previously unexploited set of data in which countries implemented two 'types' of protection under the GATT system between 1973 and 1994: (i) 'legal' protection in which countries utilized the GATT's safeguards provisions; and (ii) 'illegal' protection in which the protection was provided outside of the safeguard...
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作者：Kamin, SB
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Ruckman, K
作者单位：Concordia University - Canada
摘要：U.S. mutual fund companies offer funds in Canada through two channels: foreign direct investment or trade in advisement services. The total value of U.S.-controlled funds amounts to 18% of the Canadian equity fund market. This paper investigates how the fund-level and firm-level characteristics affect the channel used to enter the Canadian market. Empirical results indicate that the funds offered through FDI are not especially successful in the U.S. market but are associated with dominant comp...
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作者：Kaminsky, G; Lyons, RK; Schmukler, SL
作者单位：George Washington University; University of California System; University of California Berkeley; The World Bank
摘要：We examine the trading strategies of mutual funds in emerging markets. We develop a method for disentangling the behavior of fund managers from that of underlying investors. For both managers and investors, we strongly reject the null hypothesis of no momentum trading: mutual funds systematically sell losers and buy winners. Selling current losers and buying current winners is stronger during crises, and equally strong for managers and investors. Selling past losers and buying past winners is ...
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作者：Grossman, GM; Helpman, E
作者单位：Princeton University; Tel Aviv University
摘要：We develop a model in which the heterogeneous firms in an industry choose their modes of organization and the location of their subsidiaries or suppliers. We assume that the principals of a firm are constrained in the nature of the contracts they can write with suppliers or employees. Our main result concerns the sorting of firms with different productivity levels into different organizational forms. We use the model to examine the implications of falling trade costs for the relevant prevalenc...
