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作者：Swanson, Eric T.; Williams, John C.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：The zero lower bound on nominal interest rates began to constrain many central banks' setting of short-term interest rates in late 2008 or early 2009. According to standard macroeconomic models, this should have greatly reduced the effectiveness of monetary policy and increased the efficacy of fiscal policy. However, these models also imply that asset prices and private-sector decisions depend on the entire path of expected future short-term interest rates, not just the current level of the mo...
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作者：Massa, Massimo; Zaldokas, Alminas
作者单位：INSEAD Business School; Hong Kong University of Science & Technology
摘要：We examine international bond issues by US firms to study the benefits of investor taste for cross-border security issuances. We proxy for firms' international investor taste with the fraction of prior international bond holding in firms' domestic and international bonds and find that international investor demand increases with such taste. Moreover, the offering yield spreads on international bonds are lower than domestic offering yield spreads for these internationally recognized firms and t...
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作者：Ghosh, Atish R.; Qureshi, Mahvash S.; Kim, Jun Il; Zalduendo, Juan
作者单位：International Monetary Fund; International Monetary Fund
摘要：This paper examines when and why capital sometimes surges to emerging market economies (EMEs). Using data on net capital flows for 56 EMEs over 1980-2011, we find that global factors, including US interest rates and investor risk aversion act as gatekeepers that determine when surges of capital to EMEs will occur. Whether a particular EME receives a surge, and the magnitude of that surge, however, depends largely on domestic factors such as its external financing need, capital account openness...
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作者：Evans, Martin D. D.; Hnatkovska, Viktoria V.
作者单位：Georgetown University; National Bureau of Economic Research; University of British Columbia
摘要：International capital flows have increased dramatically since the 1980s, with much of the increase being due to trade in equity and bond markets. Such developments are often attributed to the increased integration of world financial markets. We present a model that allows us to examine how greater integration in world financial markets affects the behavior of international capital flows and financial returns. Our model predicts that international capital flows are large (in absolute value) and...
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作者：Bauducco, Sofia; Caprioli, Francesco
作者单位：Central Bank of Chile; European Central Bank; Bank of Italy
摘要：We introduce limited commitment into a standard optimal fiscal policy model in small open economies. We consider the problem of a benevolent government that signs a risk-sharing contract with the rest of the world, and that has to choose optimally distortionary taxes on labor income, domestic debt and international transfers. Both the home country and the rest of the world may have limited commitment, which means that they can leave the contract if they find it convenient. The contract is desi...
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作者：Mann, Catherine L.
作者单位：Brandeis University
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作者：Ramondo, Natalia
作者单位：University of California System; University of California San Diego
摘要：I examine new data on the number and revenues of foreign affiliates of multinational firms across a large number of country pairs. The data shed light on the behavior of the intensive and extensive margins of multinational production (MP). To capture the patterns observed in the data, I build and calibrate a multi-country general-equilibrium model of MP that combines a Lucas (1978) span-of-control with an Eaton and Kortum (2002) type model, and includes both fixed and variable costs of opening...
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作者：Koska, Onur A.; Staehler, Frank
作者单位：Eberhard Karls University of Tubingen; Leibniz Association; Ifo Institut
摘要：This paper employs a multi-industry general equilibrium model of oligopolistic competition, free market entry and trade in which capital is used to establish firms and labor is used for production. We show that both absolute and relative endowments matter for the pattern of trade. We demonstrate that market entry to each industry is either too excessive or too moderate while the effect on firm size is ambiguous. If countries are sufficiently symmetric, trade will increase the wage-rental ratio...
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作者：Tille, Cedric; van Wincoop, Eric
作者单位：Centre for Economic Policy Research - UK; University of Virginia; National Bureau of Economic Research
摘要：It is well established that private information is critical to our understanding of asset prices. In this paper we argue that it also affects international capital flows and use a simple two-country DSGE model to illustrate its impact. We show that private information (i) increases the volatility of both net and gross capital flows, (ii) leads to a high correlation between capital inflows and outflows, (iii) leads to a disconnect of capital flows from observed macro fundamentals and (iv) impli...
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作者：Jaef, Roberto N. Fattal; Lopez, Jose Ignacio
作者单位：The World Bank; Hautes Etudes Commerciales (HEC) Paris
摘要：Are firm entry and fixed exporting costs relevant for understanding the international transmission of business cycles? We revisit this question using a model that includes entry, selection to exporting activity, physical capital accumulation and endogenous labor supply. We determine that once the stochastic process for exogenous productivity is calibrated to consider the endogenous dynamics in TFP created by the number of firms and the time series volatility of entry is calibrated to the data,...
