2000

最新文章

• Factor prices and the factor content of trade revisited: what's the use? AI翻译
  作者：Deardorff, AV
  作者单位：University of Michigan System; University of Michigan
  摘要：This paper examines and extends a result of Deardorff and Staiger (An interpretation of the factor content of trade. Journal of International Economics 1988;24:93-107) (D-S), who showed how the factor content of trade may indicate the factor price adjustments that can be attributed to that trade. It elaborates on what this means, and also extends it beyond several of the assumptions that D-S used. The strongest result, in D-S only for Cobb-Douglas technology, is extended to common constant ela...
• Special issue: Symposium on globalization, capital markets crises and economic reform - Foreword AI翻译
  作者：Mendoza, EG; Velasco, A
• Regime-switching and interest rates in the European monetary system AI翻译
  作者：Dahlquist, M; Gray, SF
  作者单位：Duke University; Stockholm School of Economics; University of Queensland
  摘要：This paper examines the impact that a currency target zone has on short-term interest rates. For a number of countries in the European Monetary System, we characterize the short rate using a regime-switching model that allows fbr a differently parameterized mean-reverting square-root process in each regime. We find that the volatility, the level, and the speed-of-adjustment are all higher in the regime that is operative during speculative attacks and currency crises. Moreover, we allow the con...
• A survey of market practitioners' views on exchange rate dynamics AI翻译
  作者：Cheung, YW; Wong, CYP
  作者单位：University of California System; University of California Santa Cruz; City University of Hong Kong
  摘要：We report some findings from a survey of practitioners in the interbank foreign exchange markets in Hong Kong, Tokyo, and Singapore. The respondents contend that liquidity and market uncertainty are two important reasons for deviating from the conventional interbank bid-ask spread. A strong customer base is perceived as a source of competitive advantage for large participants. Most respondents agree that non-fundamental factors have pervasive impacts on short-run exchange rates. Speculation is...
• On the dynamics of trade reform AI翻译
  作者：Albuquerque, R; Rebelo, S
  作者单位：Northwestern University; University of Rochester; National Bureau of Economic Research; Centre for Economic Policy Research - UK
  摘要：Empirical studies of trade reforms suggest that these reforms have a surprisingly small impact on a country's industrial configuration. This industrial structure inertia is difficult to rationalize in standard trade models. This paper develops a two-sector industry dynamics model in which industrial composition inertia arises naturally. The model is then used to study the consequences of different types of trade reforms (e.g. permanent, temporary, gradual, pre-announced) on investment, employm...
• Exchange rates and market power: evidence from the petrochemical industry AI翻译
  作者：Bernhofen, DM; Xu, P
  作者单位：Clark University; California State University System; San Francisco State University
  摘要：This paper takes a microeconometric approach to the study of exchange rate pass-through in imperfectly competitive markets. We provide evidence for the hypothesis that incomplete exchange rate pass-through can be attributed to non-competitive conduct by foreign firms. A unique feature of our approach is the use of highly disaggregated industry data which is compatible with the behavioral assumptions of a homogeneous-product oligopoly model. We employ a panel data set consisting of location- an...
• The theory of endowment, intra-industry and multi-national trade AI翻译
  作者：Markusen, JR; Venables, AJ
  作者单位：University of London; London School Economics & Political Science; University of Colorado System; University of Colorado Boulder
  摘要：We develop a monopolistic-competition model of international trade which includes positive trade costs and endogenous multinational firms. We demonstrate how the presence of trade costs changes the pattern of trade, creates incentives for factor mobility which may lead to agglomeration of activity in a single country, and may lead to multinational firms. The mix of national and multinational firms that operate in equilibrium depends on technology and on the division of the world endowment betw...
• Behind the open door: Foreign enterprises in the Chinese marketplace AI翻译
  作者：Jefferson, GH
  作者单位：Brandeis University
• On cross-country differences in the persistence of real exchange rates AI翻译
  作者：Cheung, YW; Lai, KS
  作者单位：California State University System; California State University Los Angeles; University of California System; University of California Santa Cruz
  摘要：Previous findings of long-run purchasing power parity come mainly from data for industrial countries, raising the issue of whether the results suffer sample-selection bias and exaggerate the general relevance of parity reversion. This study uncovers substantial cross-country heterogeneity in the persistence of deviations from parity. The results show that it is more likely, rather than less likely, to find parity reversion for developing countries than industrial countries. Although some persi...
• Why do stocks and consumption imply such different gains from international risk sharing? AI翻译
  作者：Lewis, KK
  作者单位：University of Pennsylvania; National Bureau of Economic Research
  摘要：Estimates of the gains to international risk-sharing based upon stock returns tend to find dramatically higher gains than do estimates from consumption-based models. In this paper, I examine the reasons for these differences. Using a common theoretical framework for both approaches, I find that the differences are largely due to the much higher variability of stock returns and its implied intertemporal substitution in marginal utility. Also, contrary to conventional wisdom, the differences in ...