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作者：Demidova, Svetlana; Rodriguez-Clare, Andres
作者单位：McMaster University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
摘要：We explore the effect of trade policy on productivity and welfare in the now standard model of firm-level heterogeneity and product differentiation with monopolistic competition. To obtain sharp results, we restrict attention to an economy that takes as given the price of imports and the demand schedules for its exports (a small economy). We first establish that welfare can be decomposed into four terms: productivity, terms of trade, variety and curvature, where the last is a term that capture...
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作者：Fatum, Rasmus; Pedersen, Jesper
作者单位：University of Alberta; University of Copenhagen
摘要：This paper investigates the real-time effects of sterilized foreign exchange intervention using official intraday intervention data provided by the Danish central bank. Our analysis employs a two-step weighted least squares estimation procedure. We control for macro surprises, address the issue of endogeneity, and carry out an array of robustness tests. Only when the direction of intervention is consistent with the monetary policy stance do we find that intervention exerts a significant influe...
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作者：Rodriguez-Clare, Andres
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
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作者：Desdoigts, Alain; Jaramillo, Fernando
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Universidad del Rosario
摘要：In this paper, we investigate international demand spillovers brought about by a global middle class and their impact on trade patterns and industrialization. We propose a multi-industry and two-country trade model featuring demand complementarities propagating increasing returns across industries and national boundaries. We show how the international extent of demand spillovers depends upon asymmetries in domestic income distribution, labor efficiency, and labor force size; that is, on the gl...
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作者：Kellenberg, Derek K.
作者单位：University of Montana System; University of Montana
摘要：Using a new dataset on the stringency and enforcement of environmental policy, this study is the first to find robust confirmation of a pollution haven effect in a cross-country context by accounting for strategically determined environment, trade, and intellectual property right (IPR) policies. A simple game theoretic approach to policy determination is described which suggests an identification strategy based on other country characteristics. It is found that for the top 20th percentile of c...
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作者：Ferrero, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper addresses the optimal joint conduct of fiscal and monetary policy in a two-country model of a currency union with staggered price setting and distortionary taxes. A tractable linear-quadratic approximation permits a representation of the optimal policy plan in terms of targeting rules. In the optimal equilibrium, monetary policy should achieve aggregate price stability following a flexible inflation targeting rule. Fiscal policy should stabilize idiosyncratic shocks allowing for per...
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作者：Chamon, Marcos; Kremer, Michael
作者单位：International Monetary Fund; Harvard University; National Bureau of Economic Research; Brookings Institution
摘要：We present and calibrate a model where trade with advanced economies spurs development, and trade opportunities depend on the relative population in advanced and developing countries. As developing countries become advanced, prospects improve for the remaining developing countries. If population growth differentials between developing and advanced economies are small, economic development accelerates over time. Otherwise, long-run global prosperity requires a sufficiently large initial populat...
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作者：Chan, Kalok; Covrig, Vicentiu; Ng, Lilian
作者单位：California State University System; California State University Northridge; Hong Kong University of Science & Technology; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：This study finds strong evidence that home bias affects firm valuation at both country and firm levels. At the country level, increasing the bias of domestic investors toward home equity lowers the market valuation of home equity. At the firm level, firm value increases as the compositions of local equities held by domestic and foreign investors tend toward the firms' global market capitalization weights, but decreases as their weights deviate from global weights. Overall, the evidence is cons...
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作者：Yeaple, Stephen Ross
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We use firm-level data for U.S. multinational enterprises (MNEs) and the model of firm heterogeneity presented in Helpman, Melitz, and Yeaple [Helpman, E., Melitz, M., Yeaple, S., 2004. Exports versus FDI with heterogeneous firms. The American Economic Review 94 (1), 300-316.] to make four empirical contributions. First, we show that the most productive U.S. firms invest in a larger number of foreign countries and sell more in each country in which they operate. Second, we assess the importanc...
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作者：Partridge, Mark D.; Rickman, Dan S.; Ali, Kamar; Olfert, M. Rose
作者单位：University System of Ohio; Ohio State University; Oklahoma State University System; Oklahoma State University - Stillwater; University of Saskatchewan
摘要：The tyranny of distance in terms of its effect on median earnings and housing costs is examined for rural and urban U.S. counties. First, we develop a series of distance metrics for an area's remoteness from multiple tiers of the urban hierarchy. Second, we consider geographical access of buyers and sellers through market potential measures typical of those used in empirical studies of the New Economic Geography. We estimate penalties of about 5 to 9% for median earnings and 12 to 17% for hous...
