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作者：Meng, QL; Velasco, A
作者单位：Harvard University; National Bureau of Economic Research; Chinese University of Hong Kong
摘要：In the presence of small market imperfections, the transitional dynamics of an open economy can become indeterminate, in that there exist an infinite number of equilibrium paths converging to a unique steady state. In contrast to closed economy models, in the open economy, such indeterminacy can arise independently of the curvature of the utility function in consumption. The results suggest that with market imperfections, open economies can be subject to fluctuations caused by randomness unrel...
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作者：Agénor, PR; Aizenman, J
作者单位：The World Bank; University of California System; University of California Santa Cruz; National Bureau of Economic Research
摘要：This paper examines the extent to which permanent terms of trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade-in contrast to what conventional consumption-smoothing models would predict. The second part tests for the existence of ...
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作者：Taylor, CT
摘要：This paper analyzes the effects of antidumping cases initiated from 1990 to 1997 that ended in withdrawn petitions without a suspension agreement or voluntary restraint agreement. Monthly import data are used to estimate the price and quantity effects of the withdrawn cases. The estimated effects of the petition being withdrawn do not support the accepted wisdom that withdrawn petitions are a signal of collusion. This is an important issue, since out-of-court settlements of unfair trade cases ...
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作者：De Santis, RA; Stähler, F
作者单位：University of Kiel; European Central Bank
摘要：This paper discusses the gains from liberalizing foreign direct investment (FDI) in a two-country setting with endogenous market structure. We investigate two different scenarios. In the first scenario, headquarters costs are large in the foreign country so that the industry is located in the domestic country only. In this case, multinational and national firms may coexist and market concentration may make FDI welfare improving for the foreign country and welfare reducing for the domestic coun...
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作者：Fitzgerald, D; Hallak, JC
作者单位：University of California System; University of California Santa Cruz; University of Michigan System; University of Michigan
摘要：We estimate the effect of factor proportions on the pattern of manufacturing specialization in a cross-section of OECD countries, taking into account that factor accumulation responds to productivity. We show that the failure to control for productivity differences produces biased estimates. Our model explains 2/3 of the observed differences in the pattern of specialization between the poorest and richest OECD countries. However, because factor proportions and the pattern of specialization co-...
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作者：Wacziarg, R; Wallack, JS
作者单位：Stanford University
摘要：This paper examines the impact of trade liberalization episodes on movements of labor across sectors. The aim is to assess empirically whether increased trade openness leads to increased structural change and, if so, to what extent. Results for a set of 25 liberalization episodes suggest weakly negative effects of liberalization on the extent of intersectoral labor shifts at the economywide 1-digit level of disaggregation. We do uncover increased sectoral change after liberalization at the 3-d...
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作者：Devereux, MB
作者单位：University of British Columbia
摘要：This paper examines the welfare case for the exchange rate as a shock absorber, cushioning an economy in face of shocks to world demand for its good. We provide an example in which, although the exchange rate acts perfectly as a shock absorber, stabilizing output around the natural rate, and eliminating the impact of nominal rigidities, it may in fact be better to prevent the exchange rate from adjusting at all. The explanation for this is that, with incomplete international financial markets,...
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作者：Mutti, J; Grubert, H
作者单位：Grinnell College; United States Department of the Treasury
摘要：This paper assesses the sensitivity of the operations of multinational corporations (MNCs) to host country taxation. The empirical analysis is based on two different measures of MNC activity by U.S. majority-owned foreign affiliates: panel data for aggregate real gross product in manufacturing that originates in a given host country and micro data for a single year regarding the likelihood of a firm locating in a given host country. The empirical estimates indicate that investment geared towar...
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作者：Wong, WK
作者单位：National University of Singapore
摘要：This paper empirically evaluates the relative importance of embodied vs. disembodied idea flows in explaining income gaps and total factor productivity (TFP) gaps. Trade is used as a measure of embodied idea flows and telephone call traffic a measure of disembodied flows. Since both trade and telephone traffic may be endogenous, this paper uses the geographic, linguistic, and colonial components of trade and telephone traffic as instruments to identify their effects on income and TFP. The resu...
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作者：Choi, WG; Cook, D
作者单位：Hong Kong University of Science & Technology; International Monetary Fund
摘要：Emerging markets' financial institutions often face a mismatch in the currency denominations of their liabilities (foreign currency-denominated debt raised from foreign lenders) and their assets (domestic currency loans to domestic borrowers). We study the effect of this mismatch on monetary policy in a sticky-price, dynamic general-equilibrium small open economy model in which the country default-risk premium depends on domestic banks' balance sheets due to asymmetric information. A fixed exc...
