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作者：Karacaovali, Baybars; Limao, Nuno
作者单位：University System of Maryland; University of Maryland College Park; Fordham University; National Bureau of Economic Research
摘要：Preferential trade agreements (PTAs) are characterized by liberalization with respect to only a few partners and thus they can potentially clash with, and retard multilateral trade liberalization (MTL). Yet there is almost no systematic evidence on whether the numerous existing PTAs actually affect MTL. We provide a model showing that PTAs hinder MTL unless they entail accession to a customs union with internal transfers. Using product-level tariffs negotiated by the European Union (EU) in the...
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作者：Gancia, Gino; Bonfiglioli, Alessandra
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：In a world where poor countries provide weak protection for intellectual property rights (IPRs), market integration shifts technical change in favor of rich nations. Through this channel, free-trade may amplify international wage differences. At the same time, integration with countries where IPRs are weakly protected can slow down the world growth rate. An important implication of these results is that protection of intellectual property is most beneficial in open countries. This prediction, ...
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作者：Pasquariello, Paolo
作者单位：University of Michigan System; University of Michigan
摘要：We study the anatomy of recent financial crises in Mexico, East Asia, Russia, Brazil, Turkey, and Argentina by investigating the efficiency and pricing of the emerging American depositary receipt (ADR) market. We use a non-parametric technique to test for persistent regime shifts in two basic structural relationships for ADR returns in 20 emerging countries - identified via arbitrage and capital mobility considerations - that should always hold in efficient and integrated capital markets. We f...
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作者：Dekle, Robert
作者单位：University of Southern California
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作者：Artuc, Erhan; Chaudhuri, Shubham; McLaren, John
作者单位：Koc University; The World Bank; University of Virginia
摘要：We simulate numerically a trade model with labor mobility costs added, modeled in such a way as to generate gross flows in excess of net flows. Adjustment to a trade shock can be slow with plausible parameter values. In our base case, the economy moves 95% of the distance to the new steady state in approximately eight years. Gross flows have a large effect on this rate of adjustment and on the normative effects of trade. Announcing and delaying the liberalization can build - or destroy - a con...
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作者：Raffo, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：Conventional two-country RBC models interpret countercyclical net exports as reflecting primarily the dynamics of capital. I show that, quantitatively, theoretical economies rely on counterfactual terms of trade effects: trade fluctuations, on the contrary, are driven by consumption smoothing, thus generating procyclical net trade in goods. I then consider a class of preferences that embeds home production in a reduced form: consumption volatility increases so that countercyclical net exports ...
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作者：Scholl, Almuth; Uhlig, Harald
作者单位：Goethe University Frankfurt; University of Chicago
摘要：Past empirical research on monetary policy in open economies has found evidence of the 'delayed overshooting puzzle' and the 'forward discount puzzle'. We revisit the effects of monetary policy on exchange rates by applying Uhlig's [Uhlig, H., 2005a. What are the effects of monetary policy on output? Results from an agnostic identification procedure. journal of Monetary Economics 52(2), 381-419.] identification procedure that involves sign restrictions on the impulse responses of selected vari...
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作者：Tille, Cedric
摘要：Recent years have witnessed a large increase in international financial integration in the form of largely offsetting cross-holdings across countries. We assess how such financial leverage affects the international transmission of monetary shocks, and find that it leads to sizable welfare differentials that far exceed the impact due to nominal rigidities. We document the relevance of the exact nature of holdings, with bond holdings associated with larger effects than equity holdings. The impac...
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作者：Arteta, Carlos; Hale, Galina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We use micro-level data to analyze emerging markets' private sector access to international debt markets during sovereign debt crises. We find that these crises are systematically accompanied by a decline in foreign credit to domestic private firms, both during debt renegotiations and for over two years after restructuring agreements are reached. This decline is large, statistically significant, and robust. We find that this effect is concentrated in the non-financial sector and is different f...
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作者：Gali, Jordi; Monacelli, Tommaso
作者单位：Bocconi University; Pompeu Fabra University
摘要：We lay out a tractable model for the analysis of optimal monetary and fiscal policy in a currency union. The monetary authority sets a common interest rate for the union, whereas fiscal policy is implemented at the country level, through the choice of government spending. In the presence of country-specific shocks and nominal rigidities, the policy mix that is optimal from the viewpoint of the union as a whole requires that inflation be stabilized at the union level by the common central bank,...
