-
作者：Reynolds, Kara M.
作者单位：American University
摘要：This paper argues that a recent U.S. law, which distributes the tariff revenue resulting from successful antidumping petitions to firms that supported the petitions, increases the amount of antidumping protection requested by U.S. firms in two ways. First, by increasing the total benefits accruing to industries filing successful petitions, the law subsidizes rent-seeking. Second, by awarding these subsidies only to those firms that actively support the petition, it mitigates the free rider pro...
-
作者：Rochon, Celine
作者单位：University of Oxford; University of Oxford; CY Cergy Paris Universite
摘要：in an economy with a fixed exchange rate regime that suffers a random adverse shock, we study the strategies of imperfectly and sequentially informed speculators that may trigger an endogenous devaluation before it occurs exogenously. The game played by the speculators has a unique symmetric Nash equilibrium which is a strongly rational expectation equilibrium in the set of all strategies with delay. Uncertainty about the extent to which the Central Bank is ready to defend the peg extends the ...
-
作者：Bradford, S
作者单位：Brigham Young University
摘要：Job loss concerns strongly influence the politics of trade, yet the formal political economy of trade literature has largely ignored unemployment. This paper seeks to extend the literature by merging an unemployment model with a trade policy model. The theory implies that labor turnover rates and unionization rates may significantly affect protection for individual industries. I use US data to test the model and find that protection for an industry declines with its turnover rate and increases...
-
作者：Blum, Bernardo S.; Goldfarb, Avi
作者单位：University of Toronto
摘要：We show that gravity holds in the case of digital goods consumed over the Internet that have no trading costs. Therefore trade costs cannot fully account for the effects of distance on trade. In particular, we show that Americans are more likely to visit websites from nearby countries, even controlling for language, income, immigrant stock, etc. Furthermore, we show that this effect only holds for taste-dependent digital products, such as music, games, and pornography. For these, a 1% increase...
-
作者：Goldstein, Itay; Razin, Assaf
作者单位：University of Pennsylvania; Tel Aviv University; Cornell University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：The paper develops a model of foreign direct investments (FDI) and foreign portfolio investments (FPI). FDI enables the owner to obtain refined information about the firm. This superiority, relative to FPI, comes with a cost: a firm owned by the FDI investor has a low resale price because of asymmetric information between the owner and potential buyers. The model can explain several stylized facts regarding foreign equity flows, such as the larger ratio of FDI to FPI inflows in developing coun...
-
作者：Celasun, Oya
作者单位：International Monetary Fund
摘要：This paper tests the empirical validity of the forward-looking pricing hypothesis using data from four exchange rate based stabilization (ERBS) episodes. It finds that backward-looking components of inflation play an important role in inflation dynamics, in some cases exceeding the importance of forward-looking components. The paper then shows that the presence of empirically relevant degrees of inflation stickiness increases the size of the real exchange rate appreciation predicted by an impe...
-
作者：Floden, Martin; Wilander, Fredrik
作者单位：Stockholm School of Economics; Centre for Economic Policy Research - UK
摘要：We analyze exchange rate pass-through and volatility of import prices in a dynamic framework where firms are subject to menu costs and decide on price adjustments in response to exchange rate innovations. The exchange rate pass-through and import price volatility then depend on the invoicing currency in combination with functional forms of cost and demand fanctions. In particular, there is lower pass-through, less frequent price adjustments, and lower price volatility when prices are set in th...
-
作者：Mendoza, Enrique G.; Smith, Katherine A.
作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; United States Department of Defense; United States Navy; United States Naval Academy
摘要：This paper shows that the quantitative predictions of an equilibrium asset-pricing model with financial frictions are consistent with key features of the Sudden Stop phenomenon. Foreign traders incur costs in trading assets with domestic agents, and a collateral constraint limits external debt to a fraction of the market value of domestic equity holdings. When this constraint does not bind, standard productivity shocks cause typical real-business-cycle effects. When it binds, the same shocks c...
-
作者：Laubach, Thomas
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
-
作者：Müller, T; Schnitzer, M
作者单位：University of Munich
摘要：It is often argued that multinationals are reluctant to transfer technology due to the fear of spillovers. We show that this need not be the case if host country policies like taxation are taken into account. Furthermore, we examine the incentives the multinational and the host country have to engage in an international joint venture. We show why a multinational may agree to enter a joint venture even though this gives rise to spillovers. Surprisingly, we find that a joint venture is sometimes...
