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作者：Bouakez, H
作者单位：Universite de Montreal; HEC Montreal
摘要：This paper develops and estimates a dynamic general-equilibrium sticky-price model that accounts for real exchange rate persistence. The key feature of the model is the dependence of the firm's desired markup on its relative price. Desired markup variations exacerbate the nominal rigidity that results from the exogenously imposed frictions in the goods market. The model is estimated by the maximum-likelihood method using Canadian and U.S. data. The estimated model successfully replicates the p...
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作者：Yeaple, SR
作者单位：University of Pennsylvania
摘要：This paper presents a general equilibrium trade model in which homogeneous firms choose a technology from a set of competing technologies and choose employees from a set of workers of heterogeneous skill. In equilibrium, the interaction between the characteristics of competing technologies, international trade costs, and the availability of workers of heterogeneous skill gives rise to firm heterogeneity. The model generates several of the stylized facts concerning the (apparent) superiority of...
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作者：Alessandria, G; Qian, J
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Boston College
摘要：We consider lending and investment under asymmetric information in a small, developing economy. We allow different forms of financial contracts to arise endogenously. Financial intermediaries mitigate a moral hazard problem in investment choice through costly monitoring. We then examine the impact of opening the capital account on both welfare and the structure of lending contracts. Liberalizing the capital account may improve or worsen the efficiency of financial intermediaries, leading to an...
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作者：Corsetti, G; Dedola, L
作者单位：European Central Bank; European University Institute
摘要：This paper builds a baseline two-country model of real and monetary transmission in the presence of optimal international price discrimination by firms. Distributing traded goods to consumers requires nontradables, making the price elasticity of demand country-specific and a function of the exchange rate. Profit-maximizing monopolistic firms drive a wedge between prices across countries, optimally dampening the response of import and consumer prices to exchange-rate movements. We derive genera...
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作者：Porto, GG
作者单位：The World Bank
摘要：This paper investigates the poverty impacts of informal export barriers like transport costs, cumbersome customs practices, costly regulations and bribes. In low-income countries, these informal barriers act as export taxes that distort the efficient allocation of resources, lower wages and agricultural income, and increase poverty. I investigate the case of Moldova, a very open economy where poverty is widespread, agriculture is, a key sector, formal trade barriers are low, and informal expor...
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作者：McCalman, P
作者单位：University of California System; University of California Santa Cruz
摘要：Does a stronger intellectual property rights regime lead to the faster diffusion of new products and technology? While there is a presumption that this is the case, our analysis of data on the international release patterns of Hollywood movies suggests a more complex story: although moderate standards of IPR encourage the spread of movies, either very weak or very strong property rights tend to slow the speed with which American movies are released abroad. This empirical finding is robust to a...
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作者：Van Biesebroeck, J
作者单位：University of Toronto; National Bureau of Economic Research
摘要：Proponents of trade liberalization argue that exporting helps firms to achieve higher productivity levels. This hypothesis is examined for a panel of manufacturing firms in nine African countries. The results indicate that exporters in these countries are more productive and, more importantly, exporters increase their productivity advantage after entry into the export market. While the first finding can be explained by selection-only the most productive firms engage in exporting-the latter can...
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作者：Kletzer, LG
作者单位：University of California System; University of California Santa Cruz
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作者：Debaere, P
作者单位：University of Texas System; University of Texas Austin
摘要：In this paper, I show that the increasing similarity in GDPs among OECD country pairs leads to higher bilateral trade to GDP ratios. This finding provides some support for the prediction of Helpman [J. Jpn. Int. Econ. 1 (1987) 62], whose model explains intra-industry trade that is prevalent among developed countries. I also show that Helpman's prediction is rejected for non-OECD countries, among which intra-industry trade is not critical. This result contrasts with the findings of Hummels-Levi...
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作者：Alfaro, L; Kanczuk, F
作者单位：Harvard University; Universidade de Sao Paulo
摘要：We construct a dynamic equilibrium model with contingent service and adverse selection to quantitatively study sovereign debt. In the model, benefits of defaulting are tempered by higher future interest rates. For a wide set of parameters, the only equilibrium is one in which the sovereign defaults in all states; additional output losses, however, sustain equilibria that resemble the data. We show that due to the adverse selection problem, some countries choose to delay default to reduce loss ...
