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作者：Harrigan, J
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
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作者：Bernhofen, DM
作者单位：Clark University
摘要：We conduct a theory-based empirical study of intraindustry trade in homogeneous products. We derive an oligopolistic model of intra-industry trade, which is an extension of the segmented market model of trade, initially proposed by [Brander, J. A., 1981, Intra-industry trade in identical commodities, Journal of International Economics 11, 1-14]. The empirical implementations of the model are investigated in the context of the petrochemical industry. Our analysis employs a unique data set conta...
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作者：Brander, JA; Taylor, MS
作者单位：University of British Columbia; University of British Columbia
摘要：This paper develops a two-good, two-country model with national open access renewable resources. We derive an appropriate analog of factor proportions for the renewable resource case and link it to trade patterns and to the likelihood of diversified production. The resource importer gains from trade. However, a diversified resource exporting country necessarily suffers a decline in steady state utility resulting from trade, and may lose along the entire transition path. Thus the basic gains fr...
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作者：O'Connell, PGJ
作者单位：Harvard University
摘要：Recent panel studies of purchasing power parity have reported strong evidence of mean-reversion in real exchange rates. However, these studies fail to control for cross-sectional dependence in the data. This failure has dramatic consequences, raising the significance level of tests with a nominal size of 5 percent to as much as 50 percent. It is shown in this paper that, controlling for cross-sectional dependence, no evidence against the random walk null can be found in panels of up to 64 real...
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作者：Corsetti, G
作者单位：Yale University; Roma Tre University
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作者：Roy, S; Viaene, JM
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Tinbergen Institute
摘要：We investigate the strategic incentives for vertical foreign direct investment by oligopolistic firms under exchange rate uncertainty. Domestic final good firms meet their input requirements either by investing abroad and producing directly through a subsidiary (intra-firm trade) or by buying from an oligopolistic market abroad tinter-firm trade). Firms undertaking vertical investment can bid up the input price faced by their rivals through strategic purchase. We demonstrate the possibility of...
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作者：Friberg, R
作者单位：Stockholm School of Economics
摘要：This paper studies the choice of price setting currency for an exporter faced with the choice of setting price in his own, in the importers' or a third currency under exchange rate uncertainty. We establish that sufficient conditions on demand and cost functions for exchange rate pass-through to be less than unity under certainty are also sufficient conditions for price setting in the importer's currency to yield the highest expected profit under exchange rate uncertainty. Under the same condi...
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作者：Osler, CL
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper shows that rational short-term speculative activity transforms exchange rates' response to shocks. Transitory shocks will have a permanent impact on exchange rates when such speculators are active, and the impact of shocks will be smoothed. The model may help explain the observed extended response of exchange rates to sterilized intervention. Further, the model suggests that exchange rate fundamentals may be properly identified even when those variables fail to forecast better than ...
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作者：Mansoorian, A
作者单位：York University - Canada
摘要：A model in which consumption exhibits durability, and habits develop over the flow of services provided by them is used to study current account dynamics. Durability leads to adjacent substitutability in consumption, while habits are assumed to lead to adjacent complementarity. The adjustment of the current account may be non-monotonic. If habit effects are dominant in the short run, and durability effects in the long run, then after a terms of trade deterioration we will have a current accoun...
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作者：Tornell, A; Lane, PR
作者单位：Columbia University; Harvard University
摘要：A puzzling feature of temporary terms of trade booms is that some countries have responded to such windfalls by running current account deficits. Furthermore, those countries that ran current account deficits failed to attain greater post-boom growth rates, indicating the deficits were consumed or invested in low quality projects. The point we make is that the structure of the fiscal process is critical in determining outcomes. If fiscal control is unitary, then the consumption-smoothing effec...
