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作者：Krishna, Kala; Tan, Ling Hui
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research; International Monetary Fund
摘要：This paper revisits the effects of tariffs and quotas in a competitive setting where three results are thought to hold These are that quotas are equivalent to specific tariffs, the form of tariffs specific or ad valorem does not matter, and that the way in which a quota is allocated has no real effects as it only affects the allocation of rents, not their size We show that all three of these results are false when entry/exit is endogenous Equivalence holds only if the initial level of entry is...
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作者：Spiegel, Mark M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
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作者：Mitra, Devashish; Ranjan, Priya
作者单位：University of California System; University of California Irvine; Syracuse University
摘要：In a two-sector, general-equilibrium model with labor-market search frictions, we find that the wage increases and sectoral unemployment decreases upon offshoring in the presence of perfect intersectoral labor mobility. If, as a result, labor moves to the sector with the lower (or equal) vacancy costs, there is an unambiguous decrease in economywide unemployment. With imperfect intersectoral labor mobility, unemployment in the offshoring sector can rise, with an unambiguous unemployment reduct...
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作者：Forbes, Kristin J.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Why are foreigners willing to invest over $2 trillion per year in the United States? This paper tests various hypotheses and finds that standard portfolio allocation models and diversification motives are poor predictors of foreign holdings of U.S. liabilities. Instead, foreigners hold greater shares of their investment portfolios in the United States if they have less developed financial markets. The magnitude of this effect decreases with income per capita. Countries that trade more with the...
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作者：Ramondo, Natalia; Rappoport, Veronica
作者单位：Columbia University; University of Texas System; University of Texas Austin
摘要：This paper explores the aggregate consequences of Foreign Direct Investment (FDI) on the opportunities for risk diversification available to consumers. The crucial difference between FDI and other international financial flows is that the former involves technology flows across countries. We present a model where firm-embedded productivity can be transferred costly across countries through the activity of multinational firms. We find that risk patterns affect multinationals' location decisions...
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作者：Devereux, Michael B.; Sutherland, Alan
作者单位：University of British Columbia; National Bureau of Economic Research; University of St Andrews
摘要：'Valuation effects' can imply that the traditional Current account is an inaccurate measure of the change in the net foreign asset (NFA) position, This paper uses new developments in the analysis of portfolio choice in general equilibrium to investigate valuation effects in a two-country model. Broadly speaking, the valuation effects in the model correspond to those observed in the data. But there is a key distinction between 'unanticipated' and 'anticipated' valuation effects. Unanticipated e...
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作者：Okubo, Toshihiro; Picard, Pierre M.; Thisse, Jacques-Francois
作者单位：Universite Catholique Louvain; Kobe University; University of Luxembourg; Paris School of Economics
摘要：We show that heterogeneous firms choose different locations in response to market integration Specifically decreasing trade costs lead to the gradual agglomeration of efficient firms in the larger country where they have access to a bigger pool of consumers In contrast high-cost firms seek protection against competition from efficient firms by locating in the smaller country However when the spatial separation of markets ceases to be a sufficient protection against foreign competition high-cos...
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作者：Mauleon, Ana; Vannetelbosch, Vincent
作者单位：Universite Catholique Louvain; Universite Catholique Louvain; Fonds de la Recherche Scientifique - FNRS; University Saint-Louis - Bruxelles; University Saint-Louis - Bruxelles
摘要：We consider a two-country model of wage determination with private information in unionized, imperfectly competitive, industries. We investigate the effects of opening up markets to trade as well as of further market integration on the negotiated wage and the maximum delay in reaching an agreement. From an initial situation of two-way intra-industry trade, an increase in product market integration decreases the maximum delay in reaching an agreement. However, opening up markets to trade has an...
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作者：Ardelean, Adina; Lugovskyy, Volodymyr
作者单位：University System of Georgia; Georgia Institute of Technology; Santa Clara University
摘要：We show theoretically and confirm empirically that domestic productivity has a significant impact on the demand for foreign varieties under the assumption that domestic and foreign varieties are imperfect substitutes In particular, the demand for imported varieties is more elastic for countries with comparative advantage For an average good facing a median trade barrier, doubling the importer-exporter relative export performance decreases the number of imported varieties by 17% Our findings su...
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作者：Alquist, Ron
摘要：Using a unique data set this paper studies the relationship between market liquidity risk and sovereign bond risk premia The London Stock Exchange during the late 19th century is an ideal laboratory in which to examine the effect of market liquidity on sovereign bond prices This period was the last time when the debt of a heterogeneous set of countries was traded in a centralized location and for which sufficiently long time series of observable bond prices are available to conduct asset-prici...
