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• Fiscal discipline and the choice of a nominal anchor in stabilization AI翻译
  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...
• Hume's specie-flow mechanism and classical monetary theory: An alternative interpretation AI翻译
  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...
• A pecking order of capital inflows and international tax principles AI翻译
  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...
• Country-bashing tariffs: Do bilateral trade deficits matter? AI翻译
  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...
• The making of economic policy: A transaction-cost politics perspective AI翻译
  作者：Aggarwal, R
  作者单位：Dartmouth College
• Tax competition in imperfectly competitive markets AI翻译
  作者：Janeba, E
  作者单位：Indiana University System; Indiana University Bloomington
  摘要：The literature on strategic trade policy has shown that in imperfectly competitive markets governments have an incentive to subsidize exports of their own firms. Yet the consequence of the departure from laissez-faire is a wasteful subsidy race. In contrast, this paper shows that even in imperfectly competitive markets there is a strong tendency for laissez-faire to prevail. The driving force is the firms' willingness to exploit tax or subsidy differentials by relocating production. A small ta...