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作者：ISHIKAWA, J
摘要：This paper presents a simple dynamic model which allows for changes in both industrial structure and trade patterns during the process of economic growth. Learning by doing in the producer-service sector is the source of endogenous growth. Interesting interdependences between economic growth and the structure of the economy are obtained: economic growth is accompanied by changes in industrial structure and comparative advantage, while changes in industrial composition of the manufacturing sect...
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作者：ENGEL, C
作者单位：Federal Reserve System - USA
摘要：The foreign exchange risk premium in a cash-in-advance model is investigated. Some weaknesses of the definition of the risk premium generally used are discussed. It is shown that the primary ultimate source of foreign exchange risk is the covariance of monetary shocks with real output shocks. Several studies have assumed this covariance is zero, and hence assumed away the major source of risk in the model. Finally, the risk premium generated from standard versions of this model is argued to be...
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作者：ITO, T; ENGLE, RF; LIN, WL
作者单位：Hitotsubashi University; National Bureau of Economic Research; University of California System; University of California San Diego; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper examines the intra-daily volatility of the yen/dollar exchange rate over three different regimes from 1979 to 1988 which correspond to different degrees of international policy coordination. In each regime we test for heat wave vs. meteor shower effects. The heat wave hypothesis assumes that volatility has only country-specific autocorrelations, while the meteor shower hypothesis allows volatility spillovers across markets. Meteor showers can be caused by stochastic policy coordinat...
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作者：VANWINCOOP, E
摘要：This paper studies the response of savings and the production structure (tradeables/non-tradeables) to an increase in future terms of trade uncertainty, holding expected utility constant. There is no international trade in risky assets. The impact on the production structure is studied by analyzing the markets for domestic equity. The paper shows that the response of both non-tradeables production and savings is ambiguous. Cross country evidence indicates that an increase in terms of trade unc...
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作者：GOLDBERG, LS
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作者：GIOVANNINI, A; PARK, JW
作者单位：Centre for Economic Policy Research - UK; INSEAD Business School
摘要：This paper studies the effects of prohibiting individuals from holding foreign assets, but of allowing firms to trade in foreign assets only up to what is needed to finance export and import activities. Although firms can perform arbitrage between domestic and foreign financial markets, the distortions in asset markets are not fully arbitraged away but instead are transmitted to domestic goods markets. The dynamics and steady-state responses to a variety of shocks are crucially affected by cap...
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作者：DEVEREUX, M
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作者：WILLETT, TD
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University
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作者：KASA, K
作者单位：University of Chicago
摘要：This paper develops an adjustment cost model of pricing-to-market. The model consists of a monopolist who supplies an identical, nondurable good to two foreign markets. It is shown that the degree of pricing-to-market increases with the relative importance of the transitory component in exchange rates. Customs data from 1978 through 1987 on U.S. and Canadian imports of seven German commodities are used to estimate the model's parameters and test its over-identifying restrictions.
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作者：KING, RG; WALLACE, N; WEBER, WE
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper shows that there can be equilibria in which exchange rates display randomness unrelated to fundamentals. This is demonstrated in the context of a two-currency, one-good model, with three agent types and cash-in-advance constraints. A crucial feature is that the type i agents, for i = 1, 2, must satisfy a cash-in-advance constraint by holding currency i, while type 3 agents can satisfy it by holding either currency. It is shown that real allocations vary across the multiple equilibri...
