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作者：ANIS, AH; ROSS, TW
作者单位：University of British Columbia; University of Ottawa; Ottawa Hospital Research Institute
摘要：This paper addresses the concern that strategic trade policy will inevitably invite retaliation by presenting examples in which tariffs and export taxes/subsidies can improve the welfare of importing and exporting nations at the same time. We argue that retaliation is less likely in such cases. The conditions required for these results depend upon the relative sizes of the markets in the trading countries, the number of firms in each, and the shape of market demand and cost functions.
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作者：GRILLI, V; ROUBINI, N
作者单位：Yale University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We present a two-country extension of Lucas's (1988a) work on cash-in-advance constraints in asset markets. In the model there is temporary separation between the goods and asset markets, and money is used for transactions in both. We first find that the exchange rate level depends on the share of money used for asset transactions; a greater share appreciates the currency. Second, stochastic open market operations increasing the domestic bonds' supply appreciate the domestic currency. Third, t...
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作者：SICSIC, P
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作者：HERANDER, MG
摘要：This paper examines the resource allocation and welfare effects of international trade when a nation is composed of distinct regions and capital is mobile interregionally. The introduction of capital mobility significantly alters the regional consequences of free trade. It is shown, for example, that it is possible that the source of the nation's export expansion is the region that is at a technological disadvantage in the production of the export good. Also, that region whose comparative adva...
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作者：BENBASSAT, A; GOTTLIEB, D
摘要：The model focuses on the demand for optimal precautionary reserves for a borrowing country. We combine the standard approach to optimal reserves with a typical country-risk function relating default fisk to macroeconomic variables such as the reserves/imports and the external debt/exports ratios and per capita GNP. Our model also stresses the importance of the potential cost of default as a major determinant. This cost is estimated on the basis of data for 13 countries which have actually defa...
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作者：MATSUYAMA, K
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作者：LANE, T; ROJASSUAREZ, L
摘要：A common rationale for membership in an exchange-rate arrangement such as the European Monetary System (EMS) is that it may enhance the credibility of a central bank's commitment to stable monetary growth. In this paper we consider this idea in the light of two other features of the EMS, namely the existence of exchange rate bands on the ongoing liberalization of capital controls. We find that capital controls themselves affect credibility in a way that depends on the exchange-rate bands. We a...
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作者：STAIGER, RW; WOLAK, FA
作者单位：National Bureau of Economic Research
摘要：We analyze the effects of antidumping law when utilized by competitive domestic petitioners against a foreign monopolist. The monopolist reduces the cost of holding excess capacity in periods of slack foreign demand by dumping on the domestic market. Antidumping law reduces trade volume both directly (under successful petitions), and indirectly (when no petition is filed) by causing the monopolist to alter its capacity and the allocation of that capacity between markets. Finally, we consider t...
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作者：GOLDBERG, L; SPIEGEL, MM
作者单位：New York University
摘要：'Debt overhang' models have motivated the possibility of Pareto-improving market-based debt-reduction schemes through the assumption that creditors can seize debtor output under default. These models usually reach the conclusion that both debtor-financed debt repurchases and debt-equity swaps are not in the interest of debtor nations. This paper re-examines these conclusions for a debtor nation that also has a 'safe sector' which is unexposed to seizure. Debt overhangs are then shown to distor...
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作者：HUTCHISON, M; WALSH, CE
作者单位：Federal Reserve System - USA
摘要：This paper investigates whether Japanese output stability since the mid-1970s is attributable to the change in exchange rate regime or to the changing nature of underlying disturbances. We decompose foreign and domestic influences on output movements using restrictions on the long-run dynamics to identify the disturbances. We find that the flexible exchange rate regime is more effective in insulating the economy from foreign disturbances than is the fixed rate regime. However, in the case of J...
