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作者：BARARI, M; LAPAN, HE
作者单位：Iowa State University; Missouri State University
摘要：This paper uses a Stockman-Dellas type two-country, two-good, stochastic general equilibrium model to consider the effects of commercial policy when asset markets are complete. We show that: (i) import and export tariffs do not have symmetric effects because interstate relative prices depend on the entire tariff structure; (ii) when commercial policy is random and exogenously determined, the ex post comparison of utility across states depends upon whether import or export tariffs are used; and...
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作者：GAGNON, JE
摘要：Theoretical research has shown that under reasonable assumptions exchange rate variability ought to depress the level of trade. This paper builds a theoretical model designed to exaggerate the negative effect of exchange rate variability on trade in order to calibrate an upper bound to the potential size of this effect. Numerical analysis demonstrates that exchange rate variability of the magnitude currently observed among industrial countries has an insignificant effect on the level of trade....
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作者：KINDLEBERGER, C
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作者：KLEIN, MW; LEWIS, KK
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：This paper provides a framework for evaluating how market participants' beliefs about foreign exchange target zones change as they learn about central bank intervention policy. We generalize the standard target-zone model to allow for intra-marginal intervention. Intra-marginal intervention implies that market participants' beliefs about the target zone can be determined from their beliefs about the likelihood of intervention. We then estimate a daily probability of intervention model for the ...
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作者：LUDEMA, R
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作者：CANZONERI, MB; DIBA, BT
摘要：Some proponents of a European monetary union worry that capital mobility and currency substitution will result in unmanageable exchange rate volatility during the transition to monetary union. In this paper we analyze stylized models of exchange rate fluctuation in response to monetary disturbances. We find that if monetary policies within the Community are convergent, higher currency substitution either reduces or does not significantly change the volatility of exchange rates unless there are...
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作者：TAYLOR, MS
摘要：A model of endogenous growth and trade is developed that extends the continuum Ricardian model of Dornbusch et al. (1977) to a dynamic framework, generalizes the 'quality ladders' approach of Grossman and Helpman (1991a, b), and complements the work of Krugman (1987) on dynamic Ricardian economies. In contrast to earlier work the model incorporates heterogeneity across industries in research and production technologies, and in the technological opportunity for innovation. The importance of het...
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作者：DELGADO, F; DUMAS, B
作者单位：University of Pennsylvania; National Bureau of Economic Research; Duke University
摘要：An exchange-rate system is a contract which commits central banks to intervene in the foreign-exchange market. The design features of the system include: the rules of intervention, the limits placed on exchange rates and the 'crisis scenario' describing possible transitions to new regimes. This paper considers the various trade-offs one faces in designing an exchange-rate system. One of these pertains to the amount of reserves which the central banks must have on hand in order to forestall a s...
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作者：BACKUS, DK; SMITH, GW
作者单位：Queens University - Canada; New York University
摘要：We examine the possibility that non-traded goods may account for several striking features of international macroeconomic data: large, persistent deviations from purchasing power parity, small correlations of aggregate consumption fluctuations across countries, and substantial international real interest rate differentials. A dynamic, exchange economy is used to show that non-traded goods in principle can account for each of these phenomena. In the theory there is a close relation between fluc...
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作者：MULLIN, JJ
摘要：This paper demonstrates that, under dual exchange markets, explicit tariffs-cum-subsidies on merchandise transactions raise the spread between the parallel and official exchange rates and, thereby, create implicit tariffs-cum-subsidies on capital account transactions. This implies that merchandise tariffs-cum-subsidies assume more of the properties of official exchange rate devaluations under dual exchange markets than under unified exchange markets. The two policies are equivalent when there ...
