-
作者：Clark, TE; van Wincoop, E
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：We document that business cycles of U.S. Census regions are substantially more synchronized than those of European countries. Data from regions within European countries confirm a European border effect - within-country correlations are substantially larger than cross-country correlations. These results continue to hold after controlling for exogenous factors such as distance and size. We consider the role of four factors that have received attention in the debate about EMU: sectoral specializ...
-
作者：Palacios-Huerta, I
作者单位：Brown University
摘要：This paper evaluates the extent of the international diversification puzzle when human capital is considered part of the wealth of nations. The analysis examines whether (i) the inclusion of human capital in the wealth of portfolio of individuals, (ii) the different human capital assets held by stockholders and non-stockholders, and (iii) frictions in human capital markets, can help explain the puzzle. The methodology consists of comparing Hansen-Jagannathan bounds on the stochastic discount F...
-
作者：Barrett, CB; Yang, YN
作者单位：Cornell University; Chung Yuan Christian University
摘要：International product standardization enables traditional, price-based competition. But the existence of redesign costs or network effects creates market frictions that diminish the incentive to standardize if there already exists a different technology in an established market. This leads to multi-attribute competition between products and will generally reduce trade flows. Not only do incumbent firms using a different technology have an incentive to deviate from an international standard, bu...
-
作者：Kashyap, A; Rose, AK
作者单位：National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
-
作者：Tiile, C
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper develops a general framework to analyze the impact of monetary shocks in an open economy, focusing on the role of the degree of substitutability between goods produced in different countries. We extend the contributions by Obstfeld and Rogoff [Obstfeld, M., Rogoff, K., 1995. Exchange rate dynamics redux. Journal of Political Economy 103, 624-659] and Corsetti and Pesenti [Corsetti, G., Pesenti, P., 1997. Welfare and Macroeconomic Interdependence, NBER Working Paper 6307] to show tha...
-
作者：Fosfuri, A; Motta, M; Ronde, T
作者单位：Universidad Carlos III de Madrid; European University Institute; Pompeu Fabra University; University of Mannheim
摘要：We analyze a model where a multinational firm can use a superior technology in a foreign subsidiary only after training a local worker. Technological spillovers from foreign direct investment arise when this worker is later hired by a local firm. Pecuniary spillovers arise when the foreign affiliate pays the trained worker a higher wage to prevent her from moving to a local competitor. We study conditions under which these spillovers occur. We also show that the multinational firm might find i...
-
作者：Hillman, AL; Van Long, N; Soubeyran, A
作者单位：Universite de Montreal; McGill University; McGill University; Bar Ilan University; Aix-Marseille Universite
摘要：We look at a model of lobbying by oligopolistic industry where firms allocate resources between lobbying and internal cost-reducing activities. We ask the following questions: (i) if firms differ with respect to comparative advantage in lobbying. what is the equilibrium allocation of resources between lobbying and cost-reducing activities? (ii) Can lobbying opportunities reverse the profitability ranking among firms? (iii) tinder what condition is the conventional wisdom that highly concentrat...
-
作者：Reis, AB
作者单位：Universidade Nova de Lisboa
摘要：Modern growth theory emphasizes endogenous technological change as the engine of growth. A policy implication for developing countries that has been drawn from this theory is that foreign direct investment increases growth. However, welfare assessments must recognize that investment returns may be repatriated. In this paper we show that foreign investment may decrease national welfare due to the transfer of capital returns to foreigners. Taking into account all the relevant effects, we show th...
-
作者：Van Rijckehem, C; Weder, B
作者单位：University of Basel; International Monetary Fund
摘要：This paper presents evidence that spillovers through bank lending, as opposed to trade linkages and country characteristics, can help explain contagion. We construct a measure of competition for bank funds and find evidence in favor of a common lender effect in the Mexican, Thai, and Russian crises, after controlling for the degree of trade competition and macroeconomic fundamentals. The results are quite robust to the definition of the finance indicator, In the case of the Asian crisis, resul...
-
作者：Herrera, LO; Valdés, RO
摘要：In this paper we present a model of international interest rate arbitrage under conditions of entry and exit costs to and from the domestic capital market. We seek to measure the maximum potential effect of capital controls, such as non-interest paying reserve requirements, on interest rate differentials. We quantify the effect of such taxes using a dynamic optimization model with uncertainty and transaction costs. An optimal (S,s) rule gives the limits for interest rate differentials that tri...
