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作者：Li, CY; Maskus, KE
作者单位：University of Colorado System; University of Colorado Boulder; Nankai University
摘要：We develop a two-country model of endogerious investment in process innovation by a manufacturer facing competition from parallel imports (PI). We find that the distortions associated with PI inhibit innovation. However, the difference between the manufacturer's expected profits under successful and failed innovation is U-shaped in the cost of engaging in PI. Thus, the reduction in R&D investment depends oil both legality of PI and transport costs. The reduction in innovation could harm global...
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作者：Dominguez, KME; Tesar, LL
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：In this paper we examine the relationship between exchange rate movements and firm value. We estimate the exchange rate exposure of publicly listed firms in a sample of eight (non-US) industrialized and emerging markets. We find that exchange rate movements do matter for a significant fraction of firms, though which firms are affected and the direction of exposure depends on the specific exchange rate and varies over time, suggesting that firms dynamically adjust their behavior in response to ...
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作者：Besedes, Tibor; Prusa, Thomas J.
作者单位：Louisiana State University System; Louisiana State University; Rutgers University System; Rutgers University New Brunswick
摘要：We examine the extent to which product differentiation affects duration of US import trade relationships. The results are consistent with a matching model of trade formation. Using highly disaggregated product level data we estimate the hazard rate is at least 23% higher for homogeneous goods than for differentiated products. The results are not only highly robust but are often strengthened under alternative specifications. As the smallest relationships are dropped, differences across product ...
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作者：Ghironi, Fabio
作者单位：Boston College
摘要：This paper uses a two-country, flexible-price model with overlapping generations of infinitely lived households to study the role of net foreign asset dynamics in the propagation of productivity shocks. Absence of Ricardian equivalence ensures existence of a unique steady-state level of net foreign assets, to which the economy returns following temporary shocks. Model dynamics are significantly different from those of a setup in which terms of trade movements perform all the international adju...
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作者：Gravelle, T; Kichian, M; Morley, J
作者单位：Washington University (WUSTL); International Monetary Fund
摘要：This paper investigates why financial market crises often increase the interdependence between assets associated with different countries. Two sources of increased co-movement in asset returns are considered: (i) larger common shocks operating through standard cross-country linkages and (ii) changes in the structural transmission of shocks across countries, referred to as shift-contagion. To examine this issue, we develop a method for detecting shift-contagion with three notable features. Firs...
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作者：Huang, Haizhou; Wei, Shang-Jin
作者单位：International Monetary Fund; Barclays; National Bureau of Economic Research
摘要：Weak public institutions, including high levels of corruption, characterize many developing countries. We demonstrate that this feature has important implications for the design of monetary policymaking institutions. We find that a pegged exchange rate or dollarization, while sometimes prescribed as a solution to the credibility problem, is typically not appropriate for countries with poor institutions. Such an arrangement is inferior to a Rogoff-style conservative central banker, whose optima...
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作者：Mukand, Sharun W.
作者单位：Tufts University
摘要：We show that governments in developing countries have an incentive to play the confidence game wherein the need to win the confidence of the international capital market 'can actually prevent a country from following otherwise sensible policies and force it to follow policies that it would normally consider perverse'. This incentive arises because of a combination of a 'conformity bias' and 'good news bias' in governmental decision making in an open economy, which results in inefficient outcom...
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作者：Imbs, J
摘要：This paper shows how correlations in GDP fluctuations rise with financial integration. Finance serves to increase international correlations in both consumption and GDP fluctuations, which explains the persistent gap between the two in the data, a quantity puzzle. The positive association between financial integration and GDP correlation constitutes a puzzle, as theory suggests a negative relation if anything. Nevertheless, it prevails in the data even after the effects of finance on trade and...
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作者：Nason, JM; Rogers, JH
作者单位：Federal Reserve System - USA; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：Tests of the present-value model (PVM) of the current account are frequently rejected by data. Standard explanations rely on the usual suspects of non-separable preferences, fiscal policy and world real interest rate shocks, external imperfect international capital mobility, and an internalized risk premium. We confirm these rejections on post-war Canadian data, then investigate their source by calibrating and simulating alternative versions of a small open economy, real business cycle model (...
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作者：Alfaro, L
作者单位：Harvard University
