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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：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：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：Fuest, C; Huber, B
作者单位：University of Cologne; University of Munich
摘要：Many European countries exempt foreign profits from domestic corporate taxation. At the shareholder level, however, all corporate profits are taxed, and double taxation relief is granted only for domestic corporate taxes. This paper attempts to rationalize this tax policy. In the presence of double taxation agreements which exempt foreign profits from domestic corporate taxation, countries may use shareholder taxes to tax these profits. The disadvantage of shareholder taxes is that they create...
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作者：McCalman, P
作者单位：University of California System; University of California Santa Cruz
摘要：Traditional thinking about intellectual property rights (IPR) suggests that as a country strengthens its IPR standards, firms will move their governance structures away from equity based institutions such as foreign direct investment (FDI) towards more market-based relations such as licensing agreements. This hypothesis is explored by examining the behavior of Hollywood studios in both the feature film and video markets in 40 foreign countries. The analysis reveals that the behavior of Hollywo...
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作者：Bond, EW; Riezman, RG; Syropoulos, C
作者单位：State University System of Florida; Florida International University; University of Iowa; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We construct a three-country model to determine how the formation of free trade areas (FTAs) affects optimal tariffs and welfare. We find that, at constant rest of the world (ROW) tariffs, the adoption of internal free trade induces union members to reduce their external tariffs below the Kemp-Wan [J. Int. Econom. 6 (1976) 95-97] level, and causes ROW's terms of trade to improve and its welfare to rise. When ROW also behaves optimally, its policy response to the formation of the FTA is to rais...
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作者：Kohli, U
作者单位：Swiss National Bank (SNB)
摘要：Real GDP tends to underestimate the increase in real domestic income and welfare when the terms of trade improve. An improvement in the terms of trade is similar to a technological progress, but when computing real GDP, the national accounts treat the former as a price phenomenon and the latter as a real event. Calculations for 26 countries show that the divergence can add up to more than 10% of GDP in less than two decades. Our analysis has a solid theoretical foundation, being based on the G...
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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...
