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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...
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作者：Mendoza, EG; Velasco, A
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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...
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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 ...
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作者：Corsetti, G; Pesenti, P; Roubini, N; Tille, C
作者单位：University of Bologna; Yale University; Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：This paper revisits the international transmission of exchange rate shocks in a multicountry economy, providing a choice-theoretic framework for the policy analysis of competitive devaluations. As opposed to the traditional view, a devaluation by one country does not necessarily have an adverse beggar-thy-neighbor effect on its trading partners, because they can benefit from an improvement in their terms of trade. Furthermore, a retaliatory devaluation need not be the optimal strategy for the ...
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作者：Betts, C; Devereux, MB
作者单位：Chinese University of Hong Kong; University of Southern California; University of British Columbia
摘要：This paper develops a general equilibrium exchange rate model consistent with the weak empirical evidence supporting the law of one price. Some firms segment markets by country, and set prices in local currency of sale, a practice we refer to as pricing-to-market (PTM). The presence of PTM increases exchange rate volatility, relative to a situation where the law of one price holds. PTM also affects the international transmission of monetary and fiscal policy. The higher is the degree of PTM, t...
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作者：Krugman, PR
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The view that recent changes in the distribution of income primarily reflect technology rather than trade may be the majority opinion, but has been harshly criticized by some trade economists. This paper will argue that the critique in fact misses the point, essentially because the critics undertake the wrong thought experiments. Trade volumes are not irrelevant: if one poses the question correctly, one immediately realizes that small trade volumes are inconsistent with a story that attributes...
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作者：Morasch, K
作者单位：University of Augsburg
摘要：In this paper loose competition policy towards strategic alliances is examined as an alternative to strategic trade policy. Alliances are assumed to design a strategic contract which changes incentives in the output market. permitting strategic alliances and using strategic trade policy yield exactly the same outcome if the good is not consumed domestically and all firms of a country form a single alliance. The performance of the policy options in a more general setting depends on a number of ...
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作者：de Cordoba, GF; Kehoe, TJ
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Salamanca; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Spain's 1986 entry into the European Community was followed by a dismantling of restrictions on international capital flows. Initial trade deficits and real exchange rate appreciation were followed by trade surpluses and real exchange rate depreciation. This paper analyzes Spain's financial liberalization using a dynamic general equilibrium model with a traded and nontraded good where a capital poor country opens itself to its capital rich neighbors. A carefully calibrated model has trouble ac...
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作者：Hayri, A
作者单位：Deloitte Touche Tohmatsu Limited
摘要：This paper develops pricing formulae for sovereign debt by incorporating strategic debt relief games into a model of debt pricing under continuous time uncertainty. Two types of debt relief for sovereign borrowers are considered: debt reductions and exit deals. The formulae provide a good fit to the data and generate plausible predictions in a simulation analysis. The paper also examines how the availability of credible commitment mechanisms affects the amount of debt reduction. Compared with ...
