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作者：Klimenko, MM
作者单位：University of California System; University of California San Diego
摘要：This paper analyzes the effect of a debtor country's pattern of trade with commercial creditors' home countries on the outcome of debt-rescheduling negotiations. The analysis reveals that a debtor country with more market power has greater leverage in a three-way debt-re scheduling negotiation that includes the debtor country, its creditors and the International Financial Institutions (IFIs). The paper also considers the effects of the IFI sovereign-debt policy on the bargaining power of the p...
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作者：Hummels, D
作者单位：Purdue University System; Purdue University
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作者：Campa, JM
作者单位：University of Navarra
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作者：Del Negro, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：The paper applies a factor model to the study of risk sharing among U.S. states. The factor model makes it possible to disentangle movements in output and consumption due to national, regional, or state-specific business cycles from those due to measurement error. The results of the paper suggest that some findings of the previous literature which indicate a substantial amount of inter-state risk sharing may be due to the presence of measurement error in output. When measurement error is prope...
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作者：Neely, CJ
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This paper characterizes the temporal pattern of trading rule returns and official intervention for Australian, German, Swiss and U.S. data to investigate whether intervention generates technical trading rule profits. The data reject the hypothesis that intervention generates inefficiencies from which technical rules profit. In particular, high frequency data show that abnormally high trading rule returns precede German, Swiss and U.S. intervention. Australian intervention precedes high tradin...
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作者：Benigno, P
作者单位：New York University; Centre for Economic Policy Research - UK
摘要：This paper analyzes the strategic interaction between the monetary policymakers of two countries, in an intertemporal general equilibrium model with nominal rigidities and imperfect competition. It offers an excursus on non-cooperative towards cooperative solutions. In a non-cooperative equilibrium the monopolistic allocation prevails in both countries, because of the incentive to use strategically the terms of trade. In a cooperative solution where both policymakers internalize the externalit...
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作者：Moore, MJ; Roche, MJ
作者单位：Queens University Belfast; Maynooth University
摘要：The two-country monetary model is extended to include a consumption externality with habit persistence. The model is simulated using the artificial economy methodology. The 'puzzles' in the forward market are re-examined. The model is able to account for: (a) the low volatility of the forward discount; (b) the higher volatility of expected forward speculative profit; (c) the even higher volatility of the spot return; (d) the persistence in the forward discount; (e) the martingale behavior of s...
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作者：Redding, S
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper proposes a new empirical framework for analyzing specialization dynamics. A country's pattern of specialization is viewed as a distribution across sectors, and statistical techniques for analyzing the evolution of this entire distribution are employed. The empirical framework is implemented using data on 20 industries in seven OECD countries since 1970. We find substantial mobility in patterns of specialization. Over time horizons of 5 years, this is largely explained by forces comm...
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作者：Reinhart, CM; Smith, RT
作者单位：University of Alberta; University System of Maryland; University of Maryland College Park; International Monetary Fund
摘要：During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies, calibrates their potential effectiveness, and assesses their welfare implications in an environment in which the level of capital inflows can be sub-optimal. In addition, motivated by the fact that these types...
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作者：Glass, AJ; Saggi, K
作者单位：University System of Ohio; Ohio State University; Southern Methodist University
摘要：We develop a symmetric two country model of foreign direct investment (FDI) that captures the internalization decision and its implications for both the rate and magnitude of innovations. When mode choice (licensing versus FDI) is fixed, a subsidy to multinational production increases the rate but decreases the size of innovations. When mode can switch, the rate and size of innovations both increase, provided the subsidy is not too large. Although innovation size decreases for industries where...
