-
作者：Bouakez, Hafedh; Rebei, Nooman
作者单位：Universite de Montreal; HEC Montreal; Bank of Canada
摘要：Several empirical studies suggest that exchange rate pass-through has declined in recent years among industrialized countries. Results for Canada also indicate that import and consumer prices have become less responsive to exchange-rate movements in the 1990s. These findings are based on reduced-form regressions that are typically motivated by partial-equilibrium models of pricing. This paper uses instead a structural, general-equilibrium approach to test the premise that exchange rate pass-th...
-
作者：Chang, Roberto
作者单位：Rutgers University System; Rutgers University New Brunswick
-
作者：Heyman, Fredrik; Sjoholm, Fredrik; Tingvall, Patrik Gustavsson
作者单位：Stockholm School of Economics
摘要：Numerous studies on firm-level data have reported higher average wages in foreign-owned firms than in domestically owned firms. This, however, does not necessarily imply that the individual worker's wage increase with foreign ownership. Using detailed matched employer-employee data on the entire Swedish private sector, we examine the effect of foreign ownership on individual wages, controlling for individual and firm heterogeneity as well as for possible selection bias in foreign acquisitions....
-
作者：Aviat, Antonin; Coeurdacier, Nicolas
作者单位：Universite PSL; Ecole Normale Superieure (ENS)
摘要：Gravity models have been widely used to describe bilateral trade in goods. Portes and Rey [Portes, R., Rey, H., 2005. The Determinants of Cross-Border Equity Flows. Journal of International Economics, 65(2), 269-296.] applied this framework to cross-border equity flows and found that distance, which proxies information asymmetries, is a surprisingly very large barrier to cross-border asset trade. We adopt a different point of view and explore the complementarity between bilateral trade in good...
-
作者：Balistreri, Edward J.; Hillberry, Russell H.
作者单位：University of Melbourne; Colorado School of Mines
摘要：We revisit Anderson and van Wincoop's [Anderson, James and Eric van Wincoop, 2003. Gravity with gravitas: A solution to the border puzzle. American Economic Review 93, 170-192] claim that structural estimation solves the U.S.-Canadian border puzzle. We find this claim tenuous, as the proposed solution attributes to structural estimation the effects of added U.S. data and an assumption that U.S. and Canadian border costs are symmetric. Estimated Canadian and U.S. multilateral resistance measure...
-
作者：Jung, Yongseung
作者单位：Kyung Hee University
摘要：This paper explores the successes and failures of the new open economy macroeconomics more critically by addressing the performance of the model at all frequencies along the line of Watson's [Watson, M.W., 1993. Measures of Fit for Calibrated Models, Journal of Political Economy 101, 1011-1041] measures of fit. This paper shows that the NOEM model with either PCP or PTM is not successful in generating the spectral density of the selected variables calculated from the data. In particular, the m...
-
作者：Zissimos, Ben
作者单位：Vanderbilt University
摘要：This paper shows how the institutional rules imposed on its signatories by the GATT created a strategic incentive for countries to liberalize gradually. Trade liberalization must be gradual, and free trade can never be achieved, if punishment. for deviation from an agreement is limited to a 'withdrawal of equivalent concessions' and if initial deviation from an agreement is also limited. The paper shows how (sufficiently patient) countries have an incentive to deviate in a limited way when ope...
-
作者：Eden, Benjamin
作者单位：Vanderbilt University; University of Haifa
摘要：I study an example of a competitive environment in which trade occurs in a sequential manner. In this example, a country with a stable demand may suffer from trade with a country with unstable demand, there may be too much trade, a country may import and export the same good in the same period (cross-hauling) and dumping may occur. The timing of delivery is important. When delivery occurs before trade (delivery to stocks), trade improves welfare, there is dumping but no cross-hauling. When del...
-
作者：Schank, Thorsten; Schnabel, Claus; Wagner, Joachim
作者单位：University of Erlangen Nuremberg; Leuphana University Luneburg
摘要：Many plant-level studies find that average wages in exporting firms are higher than in non-exporting firms from the same industry and region. This paper uses a large set of linked employer-employee data from Germany to analyze this exporter wage premium. We show that the wage differential becomes smaller but does not completely vanish when observable and unobservable characteristics of the employees and of the workplace are controlled for. For example, blue-collar (white-collar) employees work...
-
作者：Basak, Suleyman; Croitoru, Benjamin
作者单位：McGill University; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：While international capital flows are now well liberalized, markets for goods remain segmented. To investigate how financial innovation may relieve the effects of this segmentation on risk sharing, we examine a series of two-country economies with internationally segmented good markets, distinguished by the available financial securities. Sufficient conditions for efficiency include complete international financial markets together with liberalized international financial flows. Under these co...
