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作者：McAusland, C
作者单位：University of California System; University of California Santa Barbara
摘要：This paper analyzes how openness and the distribution of factor ownership interact to determine individual and aggregate demand for pollution policy. Analysis of voter preferences in autarky shows that an increased stake in either the dirty or the clean industry can induce an individual voter to prefer stricter environmental policy. Similarly, the paper shows that poorer voters may be the greener voters within an electorate. The model also reveals that the incidence of pollution policy depends...
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作者：Chisik, R
作者单位：State University System of Florida; Florida International University
摘要：Country-of-origin reputations are endogenized in this paper and it is shown that otherwise identical countries can be correctly perceived as differing in their percentage of high-quality producers. These self-fulfilling reputations determine not only the average quality of a country's exports but also the type of products in which a country specializes. Hence, the pattern of international trade can be determined by this 'reputational comparative advantage'. An inferior country-of-origin reputa...
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作者：Harrigan, J
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
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作者：Ize, A; Yeyati, EL
作者单位：International Monetary Fund; Universidad Torcuato Di Tella
摘要：We present a portfolio model of financial intermediation in which currency choice is determined by hedging decisions on both sides of a bank's balance sheet. We show that minimum variance portfolio (MVP) allocations provide a natural benchmark to estimate the scope for dollarization of assets and liabilities (financial dollarization) as a function of macroeconomic uncertainty. Within this benchmark, we find that financial dollarization displays high persistence whenever the expected volatility...
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作者：Razin, A; Sadka, E; Coury, T
作者单位：Tel Aviv University; Cornell University
摘要：In the presence of economies of scale in the investment technology, trade openness may have non-conventional effects on the level of investment, its cyclical behavior, and the volatility of the terms of trade. Trade openness may lead to boom-bust cycles of investment supported by self-fulfilling expectations. The economy may oscillate between 'optimistic' expectations, 'good' terms-of-trade and investment boom to 'pessimistic' expectations, 'bad' terms-of-trade and investment bust. We also sug...
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作者：Kraay, A
作者单位：The World Bank
摘要：Do high interest rates defend currencies during speculative attacks? Or do they have the perverse effect of increasing the probability of a devaluation of the currency under attack? Drawing on evidence from a large sample of speculative attacks in developed and developing economies, this paper argues that the answer to both questions is 'no'. In particular, this paper documents a striking lack of any systematic association whatsoever between interest rates and the outcome of speculative attack...
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作者：Head, AC; Smith, GW
作者单位：Queens University - Canada
摘要：Euro-interest rates are well-known to be persistent, as are their differentials across countries for a given maturity. The international CCAPM implies that the rates are persistent because forecasts of national consumption growth or inflation are persistent too. We examine this prediction for a panel of countries. The standard CCAPM with power utility is augmented to allow for external habit, government consumption, and adaptive learning. In all cases, we find little evidence that the persiste...
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作者：Klein, MW; Schuh, S; Triest, RK
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; Tufts University; National Bureau of Economic Research
摘要：Welfare gains from trade are reduced by adjustment costs associated with factor reallocation, but most studies of the effects of trade on labor markets focus only on net employment change. This paper takes a step toward identifying trade-related adjustment costs by estimating the effects of real exchange rates on labor reallocation using a new model of gross job creation and destruction applied to detailed U.S. manufacturing industries between 1973 and 1993. Trend real exchange rates significa...
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作者：Ruffin, RJ
作者单位：University of Houston System; University of Houston
摘要：This paper integrates the Cournot oligopoly model with the Ricardian comparative advantage model. The Ricardian trade pattern is robust, and only can be reversed in extreme conditions. Trade volume increases substantially with increases in competition in world export industries. In a symmetrical world, a threshold level of competition determines whether capitalists as a group usually gain or lose from trade. Under all circumstances workers never lose even if a country has a comparative disadva...
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作者：Syropoulos, C
作者单位：State University System of Florida; Florida International University
摘要：This paper is about the determination of common external tariffs (CETs) in customs unions (CUs). We first examine how the relationship between preferences over CET levels, technology and the distribution of factor ownership in a CU is conditioned by the rule that determines the disposition of tariff revenues. We then explore how majority voting at the country level translates these preferences into an equilibrium CET. Among other things, we find that, when revenues are partitioned in proportio...
