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作者：HEAD, K; RIES, J; SWENSON, D
作者单位：University of British Columbia; University of California System; University of California Davis
摘要：Recent theories of economic geography suggest that firms in the same industry may be drawn to the same locations because proximity generates positive externalities or 'agglomeration effects'. Under this view, chance events and government inducements can have a lasting influence on the geographical pattern of manufacturing. However, most evidence on the causes and magnitude of industry localization has been based on stories, rather than statistics. This paper examines the location choices of 75...
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作者：TORNELL, A
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作者：DEMELO, J
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作者：MARTIN, P; ROGERS, CA
作者单位：Georgetown University; Centre for Economic Policy Research - UK
摘要：This paper examines the impact of public infrastructure on industrial location when increasing returns are present. Trade integration implies that firms tend to locate in countries with better domestic infrastructure. High levels of international infrastructure and strong returns to scale magnify industrial relocation due to differentials in domestic infrastructure or capital endowments. Regional policies which finance domestic infrastructure in a poor country lead firms to relocate in this co...
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作者：CAMPA, J; GOLDBERG, LS
作者单位：New York University; National Bureau of Economic Research; New York University
摘要：This paper introduces a new measure of external exposure, which emphasizes exposure to external markets both through export sales and imported inputs into production, and uses this measure to explore the linkage between exchange rates and investment in US industry. On average, manufacturing sectors have evolved to being primarily import-exposed by the early 1980s. In low price-over-cost markup sectors, markups are relatively unresponsive to exchange rate changes, whereas sectoral investment pa...
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作者：GLICK, R; KRETZMER, P; WIHLBORG, C
作者单位：University of Gothenburg
摘要：We examine the effects of monetary policy on the real exchange rate. In a cross-country analysis, we find that the variability of money shocks and the degree of informativeness of the exchange rate are important determinants of the magnitude of the real exchange rate effects of domestic money shocks. Our results are consistent with previous cross-country evidence on the output effects of money shocks but also highlight the role of the exchange rate regime.
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作者：ROBERTS, MA
摘要：Within a broader setting of rational expectations, where agents do not fully know the parameter values of the model, expectations errors from past observable and persistent shocks will lead to systematic effects. In particular, observable lagged current account shocks will affect the exchange rate within a Mundell-Flemming model even where there is perfect capital mobility. Moreover, the process of agents learning unknown parameter values and revising the values of the forecast parameters woul...
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作者：SUTHERLAND, A
作者单位：Centre for Economic Policy Research - UK
摘要：Recent papers have analysed the effects of Britain's return to gold in 1925. One line of argument has been that the return to gold was a state-contingent regime switch. An alternative view is that it was time-contingent. This paper shows that these approaches are not mutually exclusive. The solution for the exchange rate is derived in a model where a switch to a fixed rate takes place either when a state-contingent trigger is reached or at a fixed time, whichever is the sooner. State-contingen...
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作者：DAVIS, DR
摘要：The large volume of intra-industry trade is often cited as a critical element favoring trade theories based on increasing returns and imperfect competition over those with constant returns and perfect competition. The former provide an elegant account of intra-industry trade, while the latter, it is often argued, cannot. This paper provides an account of intra-industry trade based squarely on comparative advantage. The key is to introduce elements of Ricardian trade theory within the Heckscher...
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作者：IKEDA, S; SHIBATA, A
作者单位：University of Osaka
摘要：Using a monetary model of exchange rate determination, we study exchange rate dynamics with bubbles which depend on stochastic market fundamentals. These dynamics can be either stochastically stable or unstable; and either monotonic or non-monotonic (including cyclic). In an extreme case, they converge with probability one and exhibit cyclic movements. Implications for the analysis of time-dependent regime shifts are also explored. Exchange rates with bubbles are likely to appear less volatile...
