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作者：Bonfatti, Roberto; Ghatak, Maitreesh
作者单位：University of Oxford
摘要：Trade liberalization in the 1980s and 1990s has been associated with a sharp increase in the skill premium in both developed and developing countries. This is in apparent conflict with neoclassical theory, according to which trade should decrease the relative return on the relatively scarce factor, and thus decrease the skill premium in skill-scarce developing countries. We develop a simple model of trade with talent heterogeneity and capital market imperfections, and show that trade can incre...
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作者：Du, Qingyuan; Wei, Shang-Jin
作者单位：Monash University; Columbia University; National Bureau of Economic Research
摘要：Motivated by recent empirical work, this paper formalizes a theory of competitive savings an arms race in household savings for mating competition that is made more fierce by an increase in the male-to-female ratio in the pre-marital cohort. Relative to the empirical work, the theory can clarify a number of important questions: What determines the strength of the savings response by males (or households with a son)? Can women (or households with a daughter) dis-save? What are the conditions un...
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作者：Fuchs, Andreas; Klann, Nils-Hendrik
作者单位：University of Gottingen; Princeton University; Ruprecht Karls University Heidelberg
摘要：Is political compliance a precondition for healthy trade relations with China? The Chinese government frequently threatens that meetings between its trading partners' officials and the Dalai Lama will be met with animosity and ultimately harm trade ties. We run a gravity model of exports to China from 159 partner countries between 1991 and 2008 to test the extent to which bilateral tensions affect trade with autocratic China. In particular, we empirically investigate whether countries that rec...
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作者：Blum, Bernardo S.; Claro, Sebastian; Horstmann, Ignatius J.
作者单位：University of Toronto; Central Bank of Chile; Pontificia Universidad Catolica de Chile
摘要：We document several new features of firms' export entry and exit behaviors: i) one-third of exporting firms enter into and exit from exporting multiple times; ii) most continuing exporters enter and exit specific export destinations multiple times; iii) firms re-entering exporting often sell the same product(s) to the same importer(s). We provide a model in which this behavior is an optimal response for firms facing increasing costs and stochastic demand. The model has a number of predictions ...
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作者：Bacchetta, Philippe; van Wincoop, Eric
作者单位：University of Lausanne; Centre for Economic Policy Research - UK; University of Virginia; National Bureau of Economic Research
摘要：Recent episodes (October 2008, May 2010, August 2011) have witnessed huge spikes in equity price risk (implied volatility). Apart from their large size, several features characterize these risk panics. They are global phenomena, shared among a broad set of countries. There is substantial variation though in the extent to which individual countries are impacted, while the impact bears little relation to financial linkages with the epicenter of the crisis. In addition there is usually not a larg...
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作者：Iacovone, Leonardo; Rauch, Ferdinand; Winters, L. Alan
作者单位：The World Bank; University of London; London School Economics & Political Science; University of Sussex
摘要：This paper exploits the surge in Chinese exports from 1994 to 2004 to evaluate the effects of a competition shock from a low wage competitor for producers in an important middle-income country, Mexico. We find that this shock causes selection and reallocation at both firm and product levels and that its impact is highly heterogeneous at the intensive and extensive margins. Sales of smaller plants and more marginal products are compressed and are more likely to cease, whereas those of larger pl...
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作者：Celik, Levent; Karabay, Bilgehan; McLaren, John
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; University of Auckland; University of Virginia
摘要：In democracies, trade policy is the result of interactions among many agents with different agendas. In accordance with this observation, we construct a dynamic model of legislative trade policy-making in the realm of distributive politics. An economy consists of different sectors, each of which is concentrated in one or more electoral districts. Each district is represented by a legislator in the Congress. Legislative process is modeled as a multilateral sequential bargaining game a la Baron ...
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作者：Kempf, Hubert; von Thadden, Leopold
作者单位：Universite Paris Saclay; Paris School of Economics; Johannes Gutenberg University of Mainz
摘要：This paper offers a framework to study strategic interactions between private players, national fiscal authorities and a common central bank in monetary unions. We establish general conditions, in terms of restrictions on spill-over effects of actions by private and public players, under which games that differ in the degree of cooperation and commitment can admit the same equilibrium outcome. We use these conditions to characterize benchmark results on the irrelevance of cooperation and commi...
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作者：Ahmad, Yamin; Lo, Ming Chien; Mykhaylova, Olena
作者单位：Minnesota State Colleges & Universities; Saint Cloud State University; University of Richmond
摘要：This paper investigates the extent to which modern DSGE models, which feature local currency pricing, home bias, nontraded goods, and incomplete markets, can generate nonlinear real exchange rate dynamics that are consistent with those found in the time series literature using data from the current floating period. Our key findings are as follows. First, if the true model can be appropriately characterized as a set of linear equations, then linearity tests that utilize univariate autoregressio...
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作者：Baldwin, Richard; Venables, Anthony J.
作者单位：University of Oxford
摘要：Global production sharing is determined by international cost differences and frictions related to the costs of unbundling stages spatially. The interaction between these forces depends on engineering details of the production process with two extremes being 'snakes' and 'spiders'. Snakes are processes whose sequencing is dictated by engineering; spiders involve the assembly of parts in no particular order. This paper studies spatial unbundling as frictions fall, showing that outcomes are very...
