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作者：Ghironi, F; Giavazzi, F
作者单位：University of California System; University of California Berkeley; Bocconi University
摘要：We show that the employment-inflation tradeoff facing a central bank depends on the size of the economy for which it sets monetary policy. For inflation-averse central banks, the tradeoff improves the smaller the relevant economy. The tradeoff facing the region whose central bank controls the exchange rate in a managed exchange rate regime does not change moving to a symmetric flexible exchange rate regime. Instead, the core region in an asymmetric regime faces a worse tradeoff than under flex...
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作者：Walz, U
作者单位：Eberhard Karls University of Tubingen
摘要：We address the effects of a step-wise enlargement of a common market from two to three countries by using a three-country endogenous growth model. We show that integration of a third, technologically lagging country via trade liberalization causes a reallocation of resources which stimulates overall growth. Liberalizing trade with the third country leads to income convergence between the two established countries. Furthermore, we look at the impact of a liberalization of factor markets. (C) 19...
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作者：Keen, M; Lahiri, S
作者单位：International Monetary Fund; University of Essex; University of London; London School Economics & Political Science
摘要：Especially, but not only, in the European Union, closer economic integration is putting increasing pressure on the destination principle under which goods entering international trade are normally taxed. This has raised the possibility of switching to the origin principle, which dispenses with problematic border tax adjustments. This paper compares destination and origin principles under conditions of imperfect competition. Previous analyses, which have considered only the competitive case, ha...
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作者：Lim, GC; Lye, JN; Martin, GM; Martin, VL
作者单位：University of Melbourne
摘要：An empirical model of the distribution of exchange rate returns based on a combination of the generalized Student t distribution and conditional variance specifications, is formulated and estimated for four daily bilateral exchange rates over the period 1984 to 1991. The empirical results show that the stylized characteristics of exchange rate returns such as volatility clustering, leptokurtosis and skewness, are consistently captured by this model, in contrast with other model specifications ...
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作者：Haveman, J
作者单位：Purdue University System; Purdue University
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作者：Baxter, M; Jermann, UJ; King, RG
作者单位：University of Virginia; University of Pennsylvania
摘要：Can the presence of nontraded consumption goods or nontraded factors of production explain the high degree of home bias displayed by investor portfolios? We find that the answer is no, so long as individuals have access to free international trade in financial assets. In particular, it is never optimal to exhibit home bias with respect to domestic traded-good equities, By contrast, holdings of nontraded-good equities in an optimal portfolio will depend sensitively on the elasticity of substitu...
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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：Amiti, M
作者单位：La Trobe University
摘要：The purpose of this paper is to examine the relationship between the size of a country and the characteristics of the goods it produces and trades. In a general equilibrium model with two countries which only differ in size, there are two imperfectly competitive industries which can differ in terms of factor intensites, trade costs and demand elasticities. The 'market access' effect attracts firms to the large country to save on transport costs; and the 'production cost' effect attracts firms ...
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作者：Hess, GD; Shin, K
作者单位：University of Cambridge; University of Kansas
摘要：We established a comprehensive set of stylized facts for intranational business cycles across states and regions in the U.S. Notable findings are that the cross correlations of our consumption measure is much less than that for output, and the volatility of the real exchange rate between states is much less than that for output. These findings are contrasted with the quantity and price anomalies found in international business cycle data. Additional results for labour and non-labour earnings s...
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作者：Ozkan, FG; Sutherland, A
作者单位：University of York - UK; Brunel University
摘要：A model is presented in which the abandonment of a fixed exchange rate regime is triggered by an optimising policymaker who wants to loosen monetary policy and boost aggregate demand. Agents in the foreign exchange market know the policymaker's objective function and build expectations of a regime switch into interest differentials. The resulting rise in interest rates affects the policymaker's decision to switch regime. It is shown that a rational expectations equilibrium exists where the fix...
