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作者：Gross, DM; Schmitt, N
作者单位：International Monetary Fund; Simon Fraser University
摘要：This paper explicitly takes into account the dynamic oligopolistic rivalry among source producers to evaluate the degree of exchange-rate pass-through. Using recent time-series techniques for the case of imported automobiles in Switzerland, the results show that prices are strategic complements and that the degree of pass-through is lower in the long run than in the short run. This is due to the fact that, although some rivals match long-term price changes, others do not, inducing the producer...
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作者：Lockwood, B; Wong, K
作者单位：University of Washington; University of Washington Seattle; University of Warwick
摘要：This note argues that when two countries choose optimal tariffs in a trade war, specific tariffs are not equivalent to ad valorem tariffs even if all markets are competitive. In particular, it shows that if a country's trading partner switches from a specific tariff to an ad valorem tariff that yields the same revenue at the initial trade point, the former country has an incentive to lower its tariff. When two identical countries choose the types acid magnitudes of tariffs in a two-stage game,...
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作者：Cavallari, L; Corsetti, G
作者单位：Yale University; Sapienza University Rome
摘要：This note generalizes to second generation models of currency crises the arbitrage-based approach first applied by Flood and Garber to first generation models. Deriving policy-switching rules based on the 'shadow exchange rate' facilitates the comparative analysis of the literature. Using the 'shadow rate', we provide and discuss an example of a common mechanism generating multiple equilibria in both first and second generation models. (C) 2000 Elsevier Science B.V. All rights reserved.
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作者：Calvo, GA
作者单位：University System of Maryland; University of Maryland College Park
摘要：The central question raised in this paper is the desirability of state-contingent contracts under imperfect policy credibility. The paper shows a benchmark case in which imperfect credibility of a trade liberalization program is distorting, and the distortion is magnified by state-contingent markets. in addition, it examines the welfare implications of gaining credibility, concluding that, in general, more credibility is better than less, and examines the moral hazard faced by policymakers in ...
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作者：Jeanne, O; Masson, P
作者单位：International Monetary Fund
摘要：This paper investigates the theoretical properties of a class of escape clause models of currency crises as well as their applicability to empirical work. We show that under some conditions these models give rise to an arbitrarily large number of equilibria, as well as cyclic or chaotic dynamics for the devaluation expectations. We then propose an econometric technique, based on the Markov-switching regimes framework, by which these models can be brought to the data. We illustrate this empiric...
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作者：Leamer, EE
作者单位：University of California System; University of California Los Angeles
摘要：The net imports of labor embodied in US international trade has been a fairly small and stable share of the US labor force. From this fact one would like to draw two conclusions: (1) Trade barriers would not have had much effect on earnings. (2) It is technology, not trade that is the driving force for rising income inequality in the US. The first conclusion is valid if the US economy is log-linear and the number of tradables is equal to the number of factors. The second is valid if the global...
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作者：Pizer, SD
作者单位：ABT Associates
摘要：I develop a model where the mode of competition in trade affects wage differentials. Imports undermine wage premia under quantity competition and increase premia under price competition. I test these predictions after combining industry-level data with premia estimated by quantile regressions. Wage premia and imports are positively related for union and negatively related for nonunion workers. As predicted, the positive relationship is limited to unconstrained industry-years, and the negative ...
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作者：Flood, RP; Marion, NP
作者单位：Dartmouth College; International Monetary Fund
摘要：We show that changing market beliefs about currency risk can generate a self-fulfilling speculative attack on a fixed exchange rate. The attack does not require a later change in policies to make it profitable. We illustrate this point by introducing an endogenous risk premium into a first-generation model of a speculative attack. The model is further modified to take account of sterilization, debt-financed fiscal deficits and anticipatory price-setting behavior. We use the model to interpret ...
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作者：Park, JH
作者单位：Wayne State University
摘要：This paper analyzes how changes in the structure and environment of trade agreements between a small and a large country affect the efficient frontier of those self-enforcing agreements and hence, negotiation outcomes. Using the autarky punishment instead of the interior Nash punishment may provide the small country with greater bargaining power. Negotiating direct transfers under free trade instead of reciprocal tariff reductions improves the worst possible negotiation outcome for the small c...
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作者：Drabek, Z
