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作者：Marquez, J
作者单位：Federal Reserve System - USA
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作者：Betts, C; Devereux, MB
作者单位：University of Southern California; University of British Columbia
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作者：Gallaway, MP; Blonigen, BA; Flynn, JE
作者单位：University of Oregon
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作者：Engineer, M
作者单位：University of Victoria
摘要：This paper develops a model in which two competing fiat currencies may coexist as media of exchange. Domestic currency has lower transactions costs but a higher growth rate than foreign currency, it is used in everyday transactions and has a higher velocity of circulation in equilibrium. In contrast, foreign currency is hoarded for occasional high consumption shocks. A precautionary transactions demand for foreign currency arises because it is a better store of value. The different endogenous ...
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作者：Konrad, KA
作者单位：Free University of Berlin
摘要：In this paper a new benchmark case for describing international trade is analysed: trade transactions as the outcome of contests between rival exporting firms. Contests between firms trigger non-cooperative strategic trade policies by countries. In the non-cooperative subgame perfect equilibrium, one country subsidizes its domestic firm, the other country chooses an export tax. Both exporting countries are better off than in the equilibrium without strategic trade policy. (C) 2000 Elsevier Sci...
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作者：Sibert, A; Sutherland, A
作者单位：University of London; Birkbeck University London; University of York - UK
摘要：Policy makers' incentives to undertake costly labor market reform depend on the international monetary system. A regime of noncooperative monetary policy is compared with monetary union, We find that noncooperative policy leads to more reform of factors that affect the inflation bias. Which regime leads to more reform of factors affecting labor marker flexibility depends on the size of monetary policy spillovers and the degree of correlation of supply shocks. We show that monetary union produc...
