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作者：Bacchetta, P; van Wincoop, E
作者单位：University of Virginia; National Bureau of Economic Research; Study Center Gerzensee; University of Lausanne; Centre for Economic Policy Research - UK
摘要：The currency denomination of international trade has significant macroeconomic and policy implications. In this paper we solve for the optimal invoicing choice by integrating this microeconomic decision at the level of the firm into a general equilibrium open economy model. Strategic interactions between firms play a critical role. We find that the less competition firms face in foreign markets, as reflected in market share and product differentiation, the more likely they will price in their ...
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作者：Abhyankar, A; Sarno, L; Valente, G
作者单位：University of Warwick; Durham University; Centre for Economic Policy Research - UK
摘要：A major puzzle in international finance is the well-documented inability of models based on monetary fundamentals to produce better out-of-sample forecasts of the nominal exchange rate than a naive random walk. While this literature has generally employed statistical measures of forecast accuracy, we investigate whether there is any economic value to the predictive power of monetary fundamentals for the exchange rate. We find that, in the context of a simple asset allocation problem, the econo...
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作者：Choudhri, EU; Faruqee, H; Hakura, DS
作者单位：International Monetary Fund; Carleton University
摘要：This paper examines the performance of a variety of new open economy macroeconomic models in explaining the exchange rate pass-through in a wide range of prices. Quantitative versions of different models are used to derive the dynamic response of various prices to an exchange rate shock. Predicted responses are compared with the evidence based on VAR models to examine how well different models fit the data. The results show that the best-fitting model incorporates a number of features highligh...
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作者：Kind, HJ; Midelfart, KH; Schjelderup, G
作者单位：Norwegian School of Economics (NHH)
摘要：Multinational firms are known to shift profits and countries are known to compete over shifty profits. Two major principles for corporate taxation are Separate Accounting (SA) and Formula Apportionment (FA). These two principles have very different qualities when it comes to preventing profit shifting and preserving national tax autonomy. Most OECD countries use SA. In this paper we show that a reduction in trade barriers lowers equilibrium corporate taxes under SA, but leads to higher taxes u...
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作者：Portes, R; Rey, H
作者单位：Princeton University; National Bureau of Economic Research; University of London; London Business School
摘要：We explore a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-1996. We show that a gravity model explains international transactions in financial assets at least as well as goods trade transactions. Gross transaction flows depend on market size in source and destination country as well as trading costs, in which both information and the transaction technology play a role. Distance proxies some information costs, and other variables explicitly represent...
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作者：Milesi-Ferretti, GM
作者单位：International Monetary Fund
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作者：Falvey, R; Kreickemeier, U
作者单位：University of Nottingham
摘要：The standard competitive trade model, extended to include many goods and factors, is used to analyze the effect of goods and factor market integration on average international disparities in the real returns of internationally immobile factors. It is shown that goods market integration decreases international real return differentials for all factors. We derive sufficient conditions for this result to hold for the subgroup of internationally immobile factors as well. While there is a presumpti...
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作者：Haldane, AG; Penalver, A; Saporta, V; Shin, HS
作者单位：Bank of England; University of London; London School Economics & Political Science
摘要：This paper develops a simple theoretical model to analyse recent proposals on restructuring of sovereign bonds. We find that collective action clauses (CACs) inserted in bonds resolve the inefficiencies caused by intra-creditor coordination problems providing that all parties have complete information about each other's preferences. In such a world, statutory mechanisms, such as international bankruptcy courts, are unnecessary. This is no longer the case when the benefits from reaching a restr...
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作者：Miller, NH; Pazgal, A
作者单位：Harvard University; Washington University (WUSTL)
摘要：Strategic trade theory has been criticized on the grounds that its predictions are overly sensitive to modeling assumptions. Applying recent results in duopoly theory, this paper considers three-stage games in which governments choose subsidies, firms' owners choose incentive schemes for their managers, and then the managers compete in the product market. We show that if firms' owners have sufficient control over their managers' behavior, then the optimal strategic trade policy does not depend...
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作者：Fajnzylber, P; Maloney, WF
作者单位：The World Bank
摘要：Trade liberalization is thought to result in higher own-wage elasticities of labor demand, particularly for unskilled labor, with adverse implications for both labor market volatility and wage dispersion. The paper first argues that theoretically the link between liberalization and labor-demand elasticities is less clear than has previously been asserted. It then uses dynamic panel techniques to estimate labor-demand relations for manufacturing establishments in Chile, Colombia, and Mexico acr...
