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作者：Sanguinetti, P; Tommasi, M
作者单位：Universidad Torcuato Di Tella; Universidad de San Andres Argentina
摘要：This paper evaluates the trade-off between the advantages of risk sharing and the perils of common pool problems in federal fiscal arrangements. Under the assumption of asymmetric information we evaluate two alternative regimes of intergovernmental transfers. In one regime, the central government pre-commits to a certain level of transfers that compensate vertical fiscal imbalances and provide some limited ex-ante insurance. In the other regime, it accommodates expost the fiscal needs of the d...
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作者：Choi, WG; Cook, D
作者单位：Hong Kong University of Science & Technology; International Monetary Fund
摘要：Emerging markets' financial institutions often face a mismatch in the currency denominations of their liabilities (foreign currency-denominated debt raised from foreign lenders) and their assets (domestic currency loans to domestic borrowers). We study the effect of this mismatch on monetary policy in a sticky-price, dynamic general-equilibrium small open economy model in which the country default-risk premium depends on domestic banks' balance sheets due to asymmetric information. A fixed exc...
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作者：Rose, AK
作者单位：University of California System; University of California Berkeley
摘要：This paper uses 68 measures of trade policy and liberalization to ask if membership in the World Trade Organization (WTO) and its predecessor the General Agreement on Tariffs and Trade (GATT) is associated with more liberal trade policy. Almost no measures of trade policy are significantly correlated with GATT/WTO membership. Trade liberalizations, when they occur, usually lag GATT entry by many years, and the GATT/WTO often admits countries that are closed and remain closed for years. The exc...
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作者：Maneschi, A
作者单位：Vanderbilt University
摘要：The four numbers in David Ricardo's example of comparative advantage have been traditionally interpreted as unit labor coefficients in the production of wine and cloth in UK and Portugal. A recent interpretation suggests that they represent instead the labor needed to produce the amounts of wine and cloth actually traded. Ricardo's four numbers are shown to yield each country's gains from trade by simply subtracting two of the numbers from the other two. Since the numbers also indicate each co...
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作者：Gourinchas, PO; Tornell, A
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：We propose a new explanation for the foreign exchange forward-premium and delayed-overshooting puzzles. We show that both puzzles arise from a systematic distortion in investors' beliefs about the interest rate process. Accordingly, the forward premium is always a biased predictor of future depreciation; the bias can be so severe as to lead to negative coefficients in the 'Fama' regression. Delayed overshooting may or may not occur depending upon the persistence of interest rate innovations an...
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作者：Dewit, G; Leahy, D
作者单位：Maynooth University; University College Dublin
摘要：This paper examines optimal trade policy in a two-period oligopoly model, with a home and a foreign firm choosing capital and output. Demand uncertainty, resolved in period two, gives rise to a trade-off between strategic commitment and flexibility in the firms' investment decisions. Finns' investment timing is endogenous and can be manipulated by the home government, which sets a subsidy before firms decide when to invest. We show that when the government wishes to manipulate investment timin...
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作者：Aizenman, J; Marion, N
作者单位：University of California System; University of California Santa Cruz; University of California System; University of California Santa Cruz; National Bureau of Economic Research; Dartmouth College
摘要：We examine the impact of uncertainty on vertical and horizontal FDI. Our model shows that greater supply uncertainty reduces the expected income from vertical FDI but increases the expected income from horizontal FDI. Greater demand uncertainty adversely affects the expected income under both production modes. Uncertainty about predatory actions by the host country is more costly to the multinational under vertical than under the horizontal mode. We examine sales by foreign affiliates of U.S. ...
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作者：Cheung, YW; Lai, KS; Bergman, M
作者单位：California State University System; California State University Los Angeles; University of California System; University of California Santa Cruz; Lund University
摘要：The conventional view, as expounded by sticky-price models, is that price adjustment determines the PPP reversion rate. This study examines the mechanism by which PPP deviations are corrected. Nominal exchange rate adjustment, not price adjustment, is shown to be the key engine governing the speed of PPP convergence. Moreover, nominal exchange rates are found to converge much more slowly than prices. With the reversion being driven primarily by nominal exchange rates, real exchange rates also ...
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作者：Medin, H
作者单位：Norwegian School of Economics (NHH)
摘要：This article presents a model of international trade under monopolistic competition. In the increasing returns sector firms face fixed, in addition to variable, trade costs, and both exporters and non-exporters may coexist. Exporters benefit from access to large foreign markets, thus a small country has a higher share of exporting firms than a large one. In contrast to standard models, the increasing returns sector will be more open in a small country than in a large one, and a small country m...
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作者：Glazer, A; Ranjan, P
作者单位：University of California System; University of California Irvine
摘要：We consider individuals who value product variety, and who can be skilled or unskilled as workers. Skilled people prefer to consume skill-intensive goods. We show that under plausible conditions an increase in the relative size of the skilled population increases the relative wage of skilled workers, thereby increasing wage inequality. In our two-country model of trade, an increase in the relative supply of skilled labor in either country increases the relative wage of skilled workers, and hen...
