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作者：Kortum, S
作者单位：University of Minnesota System; University of Minnesota Twin Cities
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作者：Bergin, PR
作者单位：University of California System; University of California Davis
摘要：This paper explores one way to extend the New Open Economy Macroeconomics in an empirical direction. Adapting maximum likelihood procedures, it estimates and tests an intertemporal small open economy model with monetary shocks and nominal rigidities. Results offer mixed support for a benchmark model where prices are assumed to be sticky in the currency of the buyer. Price stickiness seems to be an important element, as overall results are poorer for versions of the model in which prices either...
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作者：Canova, F; de Nicoló, G
作者单位：Pompeu Fabra University; International Monetary Fund
摘要：This paper examines sources of cyclical movements in output, inflation and the term structure of interest rates in the G-7. It employs a novel identification approach which uses the sign of the theoretical cross correlation function in response to shocks to catalog orthogonal disturbances. We find that demand shocks are the dominant source of output and inflation fluctuations in several of the G-7 countries. The proportion of term structure variability explained by different structural sources...
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作者：Davis, DR; Weinstein, DE
作者单位：Columbia University
摘要：Traditional neoclassical models of comparative advantage suggest that, all else equal, a country with idiosyncratically strong demand for a good will be an importer of that good. However, there is a contrary tradition that emphasizes the advantages of a large home market as a foundation for exports of a good. One recent formalization of this home market approach falls within what is termed the new economic geography. This paper integrates core models of Heckscher-Ohlin and Krugman [American Ec...
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作者：Olsen, TE; Osmundsen, P
作者单位：Norwegian School of Economics (NHH); Equinor; Universitetet i Stavanger
摘要：Two jurisdictions compete to attract shares of the investment budget of a large multinational enterprise, whose investments confer positive spillovers on national firms. The firm has private information about its efficiency and about spillovers. It is shown that the firm may be harmed by tax competition. Relative to a cooperative tax agreement, tax competition may induce excessive investments in the country where the positive spillover effects are lowest. Also, with sufficiently asymmetric spi...
