-
作者：Drabek, Z
-
作者：Krishna, P
作者单位：Brown University
-
作者：Haucap, J; Wey, C; Barmbold, J
作者单位：Saarland University
摘要：the literature on international trade, only little attention has been given to informational asymmetries between firms and consumers with respect to product quality. The few economic models that analyze the question of how asymmetric information about product quality might affect trade flows treat product quality as exogeneous. In contrast, our model takes product quality as an endogeneous variable, i.e. firms can choose the quality they wish to produce. In this case, location costs can signal...
-
作者：Spilimbergo, A
作者单位：International Monetary Fund
-
作者：Chang, R; Velasco, A
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; New York University
摘要：We develop a model in which the maturity of external debt of banks, their level of international reserves, and the term structure of interest rates are jointly determined. Self-fulfilling runs may occur, and banks take this possibility into account when choosing the structure of their assets and liabilities. If the probability of a run is sufficiently small, banks will deliberately choose an illiquid asset-liability position and expose themselves to a run. In that case, short term debt will be...
-
作者：Kindleberger, CP
作者单位：Massachusetts Institute of Technology (MIT)
-
作者：Bansal, R; Dahlquist, M
作者单位：Stockholm School of Economics; Duke University
摘要：In this paper we document new results regarding the forward premium puzzle. The often Found negative correlation between the expected currency depreciation and interest rate differential is, contrary to popular belief, not a pervasive phenomenon. It is confined to developed economies, and here only to states where the U.S. interest rate exceeds foreign interest rates. Furthermore, we find that differences across economies are systematically related to per capita GNP, average inflation rates, a...
-
作者：Calvo, GA; Mendoza, EG
作者单位：Duke University; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：This paper argues that globalization may promote contagion by weakening incentives for gathering costly information and by strengthening incentives for imitating arbitrary market portfolios. In the presence of short-selling constraints, the gain of gathering information at a fixed cost may diminish as markets grow. Moreover, if a portfolio manager's marginal cost for yielding below-market returns exceeds the marginal gain for above-market returns, there is a range of optimal portfolios in whic...
-
作者：Kaminsky, GL; Reinhart, CM
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; George Washington University
摘要：Since the Tequila crisis of 1994-95, the Asian flu of 1997, and the Russian virus of 1998, economists have been busy producing research on the subject of contagion. Yet, few studies have examined empirically through which channels the disturbances are transmitted if there are, indeed, fundamental reasons for the spillovers we observe. We attempt to fill this gap by analyzing how both trade links and the largely ignored financial sector links influence the pattern of fundamentals-based contagio...
-
作者：Obstfeld, M; Rogoff, K
作者单位：University of California System; University of California Berkeley; Harvard University
摘要：The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade. Despite the potential interplay between imperfections due to sticky wages and monopoly, the optimal monetary policy rule has a closed-form solution. To motivate our model, we show that observed correlations b...
