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作者：Cherkashin, Ivan; Demidova, Svetlana; Imai, Susumu; Krishna, Kala
作者单位：McMaster University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Queens University - Canada
摘要：There is little work on the inner workings of journals. What factors seem to affect the ability to publish in a journal? Could simple rules (which are already used by some journals) like the desk rejection of a significant minority of papers, help to streamline the process? At what cost? How well do journals seem to do in choosing papers? What can we say about the extent of type 1 and type 2 errors? Do editors seem to have uniform standards or are some harsher than others? We use data on submi...
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作者：Konrad, Kai A.; Kovenock, Dan
作者单位：Max Planck Society; University of Iowa
摘要：Countries compete for new FDI investment, whereas stocks of FDI generate agglomeration benefits and are potentially Subject to extortionary taxation. We study the interaction between these aspects in a simple vintage capital framework with discrete time and an infinite horizon, focussing on Markov perfect equilibrium. We show that the equilibrium taxation destabilizes agglomeration advantages. The agglomeration advantage is valuable, but is exploited in the short run. The tax revenue in the eq...
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作者：Hatchondo, Juan Carlos; Martinez, Leonardo
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：This paper extends the baseline framework used in recent quantitative studies of sovereign default by assuming that the government can borrow using long-duration bonds. This contrasts with previous studies, which assume the government can borrow using bonds that mature after one quarter. We show that, when we assume that the government issues bonds with a duration similar to the average duration of sovereign bonds in emerging economies, the model generates an interest rate that is substantiall...
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作者：Chor, Davin
作者单位：Singapore Management University
摘要：This paper analyzes the welfare effects of subsidies to attract multinational corporations when firms are heterogeneous in their productivity levels. I show that the use of a small subsidy raises welfare in the FDI host country, with the consumption gains from attracting more multinationals exceeding the direct cost of funding the subsidy program through a tax on labor income. This welfare gain stems from a selection effect, whereby the subsidy induces only the most productive exporters to swi...
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作者：Alfaro, Laura; Kanczuk, Fabio
作者单位：Harvard University; National Bureau of Economic Research; Universidade de Sao Paulo
摘要：Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming constant debt levels does not allow addressing one of the puzzles behind using reserves as a means to avoid the negative effects of crisis: why do not sovereign countries reduce their sovereign debt instead? To study the joint de...
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作者：Francois, Joseph; Woerz, Julia
作者单位：Johannes Kepler University Linz; Centre for Economic Policy Research - UK
摘要：We develop a panel-based inequality constrained least-squares (ICLS) framework for estimating the export tax equivalent (ETE) of quotas where the ETEs vary over time. Working with a panel of bilateral data on textile and clothing trade,underlying bilateral tariffs, and the country-pair coverage of quotas under the WTO's Agreement on Textiles and Clothing (ATC), we use this framework to examine the evolution of market access conditions in the textile and clothing sectors. Our estimating framewo...
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作者：Kilian, Lutz; Rebucci, Alessandro; Spatafora, Nikola
作者单位：University of Michigan System; University of Michigan; Inter-American Development Bank; International Monetary Fund
摘要：We provide estimates of the effects of demand and supply shocks in the global crude oil market on several measures of oil exporters' and oil importers' external balances, including the oil trade balance, the non-oil trade balance, the current account, capital gains, and changes in net foreign assets (NFA). First, we show that the effect of oil demand and supply shocks on the merchandise trade balance and the current account, which depending on the source of the shock can be large, depends crit...
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作者：Engelen, Christian; Lambsdorff, Johann Graf
作者单位：University of Passau
摘要：The latest Argentinean debt restructuring was the first time the resolution of a modern financial crisis was completely handed over to the private financial markets without official intervention by public institutions. We argue that the resulting harshest haircut for private creditors in history can be at least partially related to a stag-hunt game played by creditors. We show that incentive schemes provided by the Argentinean government were factors facilitating this haircut. The analysis sug...
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作者：Coeurdacier, Nicolas
作者单位：University of London; London Business School
摘要：Two of the main puzzles in international economics are the consumption and the portfolio home biases. We solve for international equity portfolios in a two-country/two-good stochastic equilibrium model with trade costs in goods markets. We show that introducing trade costs, as suggested by Obstfeld and Rogoff [Obstfeld, M., Rogoff, K., 2000a. The Six Major Puzzles in International Macroeconomics: Is There a Common Cause? NBER Macroeconomics Annual, 151, is not sufficient to explain these two p...
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作者：Lyons, Richard K.; Moore, Michael J.
作者单位：Queens University Belfast; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Models of currency competition focus on the 5% of trading attributable to balance-of-payments flows. We introduce an information approach that focuses on the other 95%. Important departures from traditional models arise when transactions convey information. First, prices reveal different information depending on whether trades are direct or though vehicle currencies. Second, missing markets arise due to insufficiently symmetric information, rather than insufficient transactions scale. Third, t...
