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作者：Fernandez-Arias, E; Spiegel, MM
作者单位：Federal Reserve System - USA; Inter-American Development Bank
摘要：We examine the implications of a North-South trade accord where investments in the Southern partner nation exhibit country risk. Our analysis demonstrates that North-South trade accords can serve as credibility-enhancing mechanisms that induce additional foreign capital inflows into Southern partner nations. We also demonstrate that the presence of sovereign risk changes the trade-offs between trade creation and diversion, enhancing the potential for regional trade accords to increase the welf...
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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：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 ...
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作者：Rose, AK
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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：Markusen, JR; Venables, AJ
作者单位：National Bureau of Economic Research; University of Colorado System; University of Colorado Boulder; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：A model is constructed in which multinational firms arise endogenously. Multinationals are more important in total activity when countries are similar in incomes (size) and in relative factor endowments, and when total world income is high. These predictions are consistent with empirical evidence, and our results help point to more formal tests. The standard oligopoly model of international trade is a special case of our model when multinationals are suppressed, and this allows us to provide a...
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作者：Sorensen, BE; Yosha, O
作者单位：Tel Aviv University; Brown University
摘要：We explore income and consumption smoothing patterns among European Community (EC) countries and among OECD countries during the period 1966-90. We find that, for OECD as well as for EC countries, about 40 percent of shocks to GDP are smoothed at the one year frequency, with about half the smoothing achieved through national government budget deficits and half by corporate saving. At the three year differencing frequency only 25 percent of shocks to GDP are smoothed, mainly via government lend...
