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作者：Senhadji, AS
作者单位：International Monetary Fund
摘要：In their analysis of the dynamic behavior of terms of trade and the trade balance, Backus, Kehoe, and Kydland found that the lead and lag correlation between these two variables is S-shaped for a set of OECD countries. Furthermore, they show that this S-curve can be replicated by a two-country dynamic general equilibrium model. Surprisingly, the S-curve also describes the dynamic relationship between terms of trade and the trade balance for a large set of LDCs. This S-curve can also be reprodu...
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作者：Tornell, A; Velasco, A
作者单位：Harvard University; New York University
摘要：The conventional wisdom is that: exchange rate-based stabilizations induce more fiscal discipline than money-based programs. The Latin American experience does not support this view, Among the major stabilization programs implemented since 1960, the mean increase in the primary balance-to-GDP ratio was 3.2 percentage points under money-based programs, as opposed to only 0.2 percentage points under exchange rate-based programs. We present a model - where fiscal policy is set by an optimizing bu...
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作者：Cesarano, F
作者单位：European Central Bank; Bank of Italy
摘要：Hume's celebrated essay on the international distribution of money has always been criticized for ignoring the law of one price. Contrary to the traditional interpretation, however, Hume actually maintains that law and argues for the stability of long-run equilibrium. Putting money market equilibrium in the foreground, hi's analysis is essentially founded on the same hypothesis as the modern monetary approach, albeit focusing on the supply rather than on the demand side of the money market. (C...
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作者：Levy, PI
作者单位：Yale University
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作者：Moner-Colonques, R
作者单位：University of Valencia
摘要：Trade liberalization has been shown to be unfavourable for firms of at least one country for the homogeneous goods case in an environment of certainty. We show that, in the presence of private cost information and for ex ante identical firms, oligopolistic firms will prefer to operate under free trade rather than under autarky in homogeneous goods industries provided there exists a certain degree of firms' heterogeneity and a sufficiently large amount of uncertainty. For the particular case of...
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作者：Schmitt-Grohe, S
作者单位：Federal Reserve System - USA
摘要：This paper suggests that for a wide class of international real-business-cycle models, including models with imperfect competition, the traditional channels of international transmission of business cycles through world-interest-rate and terms-of-trade variations cannot explain the cyclical response of the Canadian economy to innovations in U.S. output. Empirically testable quantitative models of the effects on Canadian economic activity of shocks to the U.S. economy are developed and their em...
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作者：Razin, A; Sadka, E; Yuen, CW
作者单位：University of Hong Kong; Tel Aviv University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：Even though financial markets today show a high degree of integration, the world capital market is still far from the textbook story of high capital mobility, The purpose of this paper is to highlight key sources of market failure in the context of international capital flows and to provide guidelines for efficient tax structure in the presence of capital market imperfections. The analysis distinguishes three types of international capital flows: foreign portfolio debt investment, foreign port...
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作者：Cox, WM; Ruffin, RJ
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Houston System; University of Houston
摘要：This paper investigates the impact of restricting bilateral trade imbalances in a three country, three good model. Bilateral trade balances matter because, in the Nash equilibrium, each country will impose tariffs on countries with whom they have bilateral deficits or promote trade with countries with whom they have bilateral surpluses. All countries lose from a Nash country-bashing war. Each country loses from the unilateral elimination of its bilateral imbalances, But a country can gain from...
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作者：Palacios-Huerta, I
作者单位：Stanford University
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作者：Karp, L; Paul, T
作者单位：University of California System; University of California Berkeley; Communaute Universite Grenoble Alpes; Universite Grenoble Alpes (UGA)
摘要：We analyze a model in which a government uses a second best policy to affect the reallocation of labor, following a change in relative prices. We consider two extreme cases, in which the government has either unlimited or negligible ability to commit to future actions. We discuss the factors that determine the importance of commitment ability and provide numerical examples. The degree of commitment ability can alter the equilibrium policy both quantitatively and qualitatively. In both extreme ...
