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作者：Bernstein, JI; Mohnen, P
作者单位：Carleton University; University of Quebec; University of Quebec Montreal
摘要：This paper empirically investigates bilateral spillovers between the U.S. and Japan. International spillovers exist from the U.S. to Japan, but not in the converse direction. In the short-run, the U.S. spillover reduces Japanese average variable cost, and causes production to become more physical and R&D capital intensive. In the long-run, the spillover reduces physical capital intensity, but production becomes more R&D intensive. In both runs Japanese unskilled labor intensity is reduced. The...
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作者：Taylor, MP; Sarno, L
作者单位：University of Oxford; Centre for Economic Policy Research - UK; University of Oxford
摘要：Since standard tests for mean reversion in real exchange rates may lack power with data spanning the recent float, researchers have employed more powerful multivariate tests. Such tests may, however, reject joint non-stationarity when just one of the processes is stationary. We suggest another test, easily constructed and with a known limiting distribution, whose null hypothesis is violated only when all of the processes in question are stationary. We investigate the finite-sample properties o...
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作者：Bayoumi, T; Eichengreen, B
作者单位：International Monetary Fund; International Monetary Fund
摘要：We show that variables pointed to by the theory of optimum currency areas (OCAs) help to explain patterns of exchange rate variability and intervention across countries. But OCA considerations affect exchange market pressures and intervention in different ways. Exchange market pressures mainly reflect asymmetric shocks, while intervention largely reflects the variables that OCA theory suggests cause countries to value stable exchange rates (small size and the extent of trade links). Interventi...
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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：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：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：Blonigen, BA; Ohno, Y
作者单位：University of Oregon; Rice University
摘要：We introduce the possibility of foreign direct investment (FDI) in a strategic, oligopolistic setting with endogenous protection and find that a number of unique subgame-perfect equilibria may arise, including a new result we call protection-building trade. This phenomenon occurs in our model when foreign firms locating production in the home country try to increase protectionist pressures in the home country (through increased exports) to provide larger barriers against other foreign competit...
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作者：Winkelmann, L; Winkelmann, R
作者单位：University of Canterbury
摘要：This paper reports quantitative information on the effects of tariffs and quotas on prices of individual goods. The analyses uses the natural experiment provided by a comprehensive unilateral trade policy reform in New Zealand to examine the response of foreign exporters to an incident of liberalisation that is unique in the developed world. The price effects bf tariffs and quotas are estimated using a multidestination 7-digit longitudinal product-level dataset on export values and quantities....
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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：Beetsma, RMWJ; Bovenberg, AL
作者单位：Centre for Economic Policy Research - UK
摘要：With benevolent policymakers and fiscal leadership, monetary unification reduces inflation, taxes and public spending. These disciplining effects of a monetary union, which become stronger if the number of participants in the union increases, are likely to raise welfare. Two types of arrangements are considered for the union's common central bank (CCB): making the CCB more conservative and imposing an inflation target on the CCB. In contrast to the results of Svensson (1997) [Svensson, L.E.O.,...
