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作者：Marchesi, Silvia; Sabani, Laura; Dreher, Axel
作者单位：University of Milan; University of Florence; University of Gottingen
摘要：Context-specific knowledge is crucial to crafting multilateral reform programs. Nonetheless local knowledge often consists of unverifiable information, thus the quality of countries' reports depends on the conflict of interests faced by the recipient and the multilateral. We compare the performance of a delegation-scheme against a centralization-scheme. We find that recipients' discretion in the choice of reforms (delegation) should only be increased when the countries' local knowledge is stri...
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作者：Antras, Pot; Padro i Miquel, Gerard
作者单位：Harvard University; University of London; London School Economics & Political Science
摘要：How do foreign interests influence policy? How are trade policies and the viability of trade agreements affected? What are the welfare implications of such foreign influence? In this paper we develop a model of foreign influence and apply it to the study of optimal tariffs. In a two-country voting model of electoral competition, we allow the incumbent party in each country to take costly actions that probabilistically affect the electoral outcome in the other country. We show that policies end...
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作者：Bems, Rudolfs; de Carvalho Filho, Irineu
作者单位：International Monetary Fund
摘要：Exporters of exhaustible resources have historically exhibited higher income volatility than other economies, suggesting a heightened role for precautionary savings. This paper uses a parameterized small open-economy model to quantify the role of precautionary savings for exporters of exhaustible resources, when the only source of uncertainty is the price of the exhaustible resource. The parameterized model fares moderately well at capturing current account balances in both cross-section and t...
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作者：Ha Nguyen
作者单位：The World Bank
摘要：Changes in asset prices of a country's foreign assets and liabilities (valuation effects) are commonly thought of as stabilizing: they counteract current account movements and mitigate the impact of the current account on the country's net foreign asset (NFA) position. This paper shows that whether valuation effects are stabilizing or not depends critically on the nature of the underlying productivity shocks. In response to transitory shocks, valuation effects are stabilizing; but in response ...
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作者：Branstetter, Lee; Fisman, Ray; Foley, C. Fritz; Saggi, Kamal
作者单位：Carnegie Mellon University; Carnegie Mellon University; Columbia University; Harvard University; Vanderbilt University; National Bureau of Economic Research
摘要：An extensive theoretical literature generates ambiguous predictions concerning the effects of intellectual property rights (IPR) reform on industrial development. The impact depends on whether multinational enterprises (MNEs) expand production in reforming countries and the extent of decline in imitative activity. We examine the responses of U.S.-based MNEs and domestic industrial production to a set of intellectual property rights reforms in the 1980s and 1990s. Following reform, MNEs expand ...
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作者：Davis, Donald R.; Harrigan, James
作者单位：Columbia University; National Bureau of Economic Research
摘要：How do labor markets adjust to trade liberalization? Leading models of intraindustry trade (Krugman (1981), Melitz (2003)) assume homogeneous workers and full employment, and thus predict that all workers win from trade liberalization, a conclusion at odds with the public debate. Our paper develops a new model that merges Melitz (2003) with Shapiro and Stiglitz (1984), so also links product market churning to labor market churning. Workers care about their jobs because the model features aggre...
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作者：Clerc, Laurent; Dellas, Harris; Loisel, Olivier
作者单位：University of Bern
摘要：Monetary union can benefit countries suffering from policy credibility problems if it eliminates the inflation bias and also allows for more efficient management of certain shocks. But it also carries costs as some stabilization may be feasible even in the absence of credibility, and this may be more than what an individual country can hope for in a monetary union. In this paper, we combine the stabilization and credibility branches of the currency union literature and construct a simple welfa...
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作者：Blanchard, Emily; Willmann, Gerald
作者单位：Dartmouth College; Universite Catholique Louvain
摘要：This paper analyzes the dynamics of trade policy reform under democracy. In an overlapping generations model, heterogeneous agents may acquire skills when young thereby determining the skill composition of their cohort. Current and anticipated trade policies influence education decisions and thus voters' trade policy preferences. We show that there may exist two political steady states: one protectionist and one liberal. Transition from the former to the latter can be achieved by government an...
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作者：Minetti, Raoul; Zhu, Susan Chun
作者单位：Michigan State University
摘要：This paper estimates the impact of credit rationing on firms' export. We use detailed survey data from Italian manufacturing firms that provide a firm-specific measure of credit rationing based directly on firms' responses to the survey rather than indirectly on firms' financial statements. After controlling for productivity and other relevant firm attributes, and accounting for the endogeneity of credit rationing, we find that the probability of exporting is 39% lower for rationed firms and t...
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作者：Monte, Ferdinando
作者单位：University of Chicago
摘要：Wage ratios between different percentiles of the wage distribution have moved in parallel and then diverged in the U.S. in the last 50 years. In this paper, I study the theoretical response of wage ratios to skill-biased technical change and trade integration. I build a simple model of heterogeneous technology and heterogeneous workers that features complementarities between the quality of ideas and abilities. I show that changes to the skill bias of technology and to trade costs can both repr...
