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作者：Redding, S
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
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作者：Loungani, P
作者单位：International Monetary Fund
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作者：Forslid, R; Midelfart, KH
作者单位：Norwegian School of Economics (NHH); Stockholm University
摘要：This paper analyses industrial policy in an open economy hosting an agglomeration consisting of vertically linked upstream and downstream firms. We show that optimal policy towards upstream and downstream industries may typically differ radically in this setting as compared to the case of a closed economy. Internationalisation in terms of international mobility of firms as well as reduced trade costs is found to have significant impact on policy design. We find that in addition to technology a...
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作者：Konings, J; Vandenbussche, H
作者单位：Universite Catholique Louvain; Centre for Economic Policy Research - UK
摘要：This paper tests whether Antidumping (AD) protection affects the market power of import-competing domestic firms. We use panel data of about 4000 EU producers that were involved in AD cases to estimate markups before and after the filing of a case. Our findings indicate that AD protection has positive and significant effects on domestic markups, except in cases where import diversion after protection is strong, like in 'seamless steel tubes'. Our results control for potential endogeneity of AD...
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作者：Monacelli, T
作者单位：Bocconi University
摘要：Industrial countries moving from fixed to floating exchange rate regimes experience dramatic rises in the variability of the real exchange rate. This evidence, forcefully documented by Mussa [Nominal exchange regimes and the behavior of real exchange rates: evidence and implications. Camegie-Rochester Conference Series on Public Policy 25 (1986) 117], is a puzzle because it is hard to reconcile with the assumption of flexible prices. This paper lays out a dynamic general equilibrium model of a...
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作者：Saggi, K
作者单位：Southern Methodist University
摘要：In an n country oligopoly model of intraindustry trade (n greater than or equal to 3), this paper explores the economics of the most-favored-nation (MFN) principle. Under the non-cooperative tariff equilibrium, each country imposes higher tariffs on low cost producers relative to high cost ones thereby causing socially harmful trade diversion. MFN adoption by each country improves world welfare by eliminating this trade diversion. Under linear demand, MFN adoption by the country with the avera...
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作者：Broda, C
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Since Friedman [Essays in Positive Economics, University of Chicago Press, Chicago (1953) 157-203] an advantage often attributed to flexible exchange rate regimes over fixed regimes is their ability to insulate more effectively the economy against real shocks. I use a post-Bretton Woods sample (1973-96) of 75 developing countries to assess whether the responses of real GDP, real exchange rates, and prices to terms-of-trade shocks differ systematically across exchange rate regimes. I find that ...
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作者：Bown, CP
作者单位：Brandeis University; Brandeis University
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作者：Camera, G; Craig, B; Waller, CJ
作者单位：Purdue University System; Purdue University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Notre Dame
摘要：We study how two fiat monies, one safe and one risky, compete in a decentralized trading environment. The currencies' equilibrium values, their transaction velocities and agents' spending patterns are endogenously determined. We derive conditions under which agents holding diversified currency portfolios spend the safe currency first and hold the risky one for later purchases. We also examine when the reverse spending pattern is optimal. Traders generally favor dealing in the safe currency, un...
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作者：Chen, YM; Ishikawa, J; Yu, ZH
作者单位：Carleton University; Hitotsubashi University; University of Colorado System; University of Colorado Boulder
摘要：This paper develops a model of strategic outsourcing. With trade liberalization in the intermediate-product market, a domestic firm may choose to purchase a key intermediate good from a more efficient foreign producer, who also competes with the domestic firm for a final good. This has a strategic effect on competition. Unlike the outsourcing motivated by cost saving, the strategic outsourcing has a collusive effect that could raise the prices of both intermediate and final goods. Trade libera...
