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作者：Reinhart, Carmen M.; Reinhart, Vincent; Rogoff, Kenneth
作者单位：Harvard University; American Enterprise Institute for Public Policy Research; Harvard University
摘要：This paper explores the menu of options for renormalizing public debt levels relative to nominal activity in the long run, should governments eventually decide to do so. Although debt ratios may need to rise further in some cases, a vision of longer-term options is key to weighing alternative medium-term stabilization strategies. Orthodox ones, the standard fare of officialdom, include enhancing growth, running primary budget surpluses, and privatizing government assets. Heterodox polices incl...
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作者：Manganelli, Simone; Popov, Alexander
作者单位：European Central Bank
摘要：This paper studies how financial development affects the volatility of GDP growth through the channel of sectoral reallocation. For 28 OECD countries over the period 1970-2007, we construct a benchmark industrial portfolio that minimizes the economy's long-term volatility for a given level of long-term labor productivity growth. We find that financial development substantially increases the speed with which the observed industrial composition of output converges toward the benchmark. To overco...
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作者：Cardi, Olivier; Restout, Romain
作者单位：Universite Paris-Pantheon-Assas; Universite de Lorraine; Universite Catholique Louvain
摘要：This paper investigates the relative price and relative wage effects of a higher productivity in the traded sector compared with the non traded sector in a two-sector open economy model with imperfect substitutability in hours worked across sectors. The Balassa-Samuelson (1964) model predicts that a rise in the sectoral productivity ratio by 1% raises the relative price of non tradables by 1% while leaving the non traded wage-traded wage ratio unchanged. Applying cointegration methods to a pan...
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作者：Carluccio, Juan; Bas, Maria
作者单位：University of Surrey
摘要：Do variations in labor market institutions affect the cross-border organization of the firm? Using firm-level data on multinationals located in France, we show that firms are more likely to outsource the production of intermediate inputs to external suppliers when importing from countries with high worker bargaining power. This effect is stronger for firms operating in capital-intensive and differentiated industries. We propose a theoretical mechanism that rationalizes these findings. The frag...
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作者：Hamano, Masashige
作者单位：Sophia University; University of Luxembourg
摘要：This paper analyzes equity and bond positions in a two-country Dynamic Stochastic General Equilibrium model where the number of varieties, i.e., the extensive margins of products available to consumers, is endogenously determined. Fluctuations in the welfare-based real exchange rate, including those in the number of varieties, matter to international consumption risk sharing. We investigate the implication of such variety risk for the optimal portfolio choice and show that the variety risk gen...
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作者：Cacciatore, Matteo; Ghironi, Fabio; Stebunovs, Viktors
作者单位：Universite de Montreal; HEC Montreal; University of Washington; University of Washington Seattle; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Federal Reserve System - USA
摘要：This paper studies the domestic and international effects of national bank market integration in a two-country, dynamic, stochastic, general equilibrium model with endogenous producer entry. Integration of banking across localities reduces the degree of local monopoly power of financial intermediaries. The economy that implements this form of deregulation experiences increased producer entry, real exchange rate appreciation, and a current account deficit. The foreign economy experiences a long...
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作者：Carter, Patrick; Postel-Vinay, Fabien; Temple, Jonathan
作者单位：University of Bristol; University of London; University College London; University of London; London School Economics & Political Science
摘要：This paper introduces a framework for studying the optimal dynamic allocation of foreign aid among multiple recipients. We pose the problem as one of weighted global welfare maximization. A donor in the North chooses an optimal path for international transfers, anticipating that consumption and investment decisions will be made by optimizing households in the South, and accounting for limits in the extent to which recipients can effectively absorb aid. We present quantitative results on optima...
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作者：Eckel, Carsten; Iacovone, Leonardo; Javorcik, Beata; Neary, J. Peter
作者单位：University of Munich; The World Bank; University of Oxford; Center for Economic & Policy Research (CEPR)
摘要：We develop a new model of multi-product firms which invest to improve the perceived quality of both their individual products and their brand. Because of flexible manufacturing, products closer to firms' core competence have lower costs, so firms produce more of them, and also have higher incentives to invest in their quality. These two effects have opposite implications for the profile of prices. Mexican data provide robust confirmation of the model's key prediction: firms in differentiated-g...
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作者：Eugeni, Sara
作者单位：Durham University
摘要：In this paper, we investigate the relationship between East Asian countries' high propensity to save and global imbalances in a two-country OLG model with production. The saving behavior of emerging economies and capital outflows to the United States can be attributed to their poor pay-as-you-go systems. The model predicts that emerging countries run a trade surplus only as long as the long-run growth rate of the economy is higher than the real interest rate (capital overaccumulation case). Th...
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作者：Wang, Jian; Wang, Xiao
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of North Dakota Grand Forks
摘要：To examine the effect of foreign direct investment, this paper compares the post-acquisition performance changes of foreign- and domestic-acquired firms in China. Unlike previous studies, we investigate the purified effect of foreign ownership by using domestic-acquired firms as the control group. After controlling for the acquisition effect that exists in domestic acquisitions, we find no evidence that foreign ownership can bring additional productivity gains to target firms, though both fore...
