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作者：Ossa, Ralph
作者单位：University of Chicago; National Bureau of Economic Research
摘要：I suggest a novel theory of GATT/WTO negotiations based on Krugman's new trade model. It emphasizes international production relocations and is easy to calibrate to bilateral trade data. Focusing on the major players in recent GATT/WTO negotiations, I find that it implies reasonable noncooperative tariffs as well as moderate gains from GATT/WTO negotiations.
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作者：Foerster, Andrew T.; Sarte, Pierre-Daniel G.; Watson, Mark W.
作者单位：Duke University; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Princeton University; National Bureau of Economic Research
摘要：Using factor methods, we decompose industrial production (IP) into components arising from aggregate and sector-specific shocks. An approximate factor model finds that nearly all of IP variability is associated with common factors. We then use a multisector growth model to adjust for the effects of input-output linkages in the factor analysis. Thus, a structural factor analysis indicates that the Great Moderation was characterized by a fall in the importance of aggregate shocks while the volat...
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作者：Christiano, Lawrence; Eichenbaum, Martin; Rebelo, Sergio
作者单位：Northwestern University; National Bureau of Economic Research
摘要：We argue that the government-spending multiplier can be much larger than one when the zero lower bound on the nominal interest rate binds. The larger the fraction of government spending that occurs while the nominal interest rate is zero, the larger the value of the multiplier. After providing intuition for these results, we investigate the size of the multiplier in a dynamic, stochastic, general equilibrium model. In this model the multiplier effect is substantially larger than one when the z...
