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作者：Bergin, PR
作者单位：University of California System; University of California Davis
摘要：This paper explores one way to extend the New Open Economy Macroeconomics in an empirical direction. Adapting maximum likelihood procedures, it estimates and tests an intertemporal small open economy model with monetary shocks and nominal rigidities. Results offer mixed support for a benchmark model where prices are assumed to be sticky in the currency of the buyer. Price stickiness seems to be an important element, as overall results are poorer for versions of the model in which prices either...
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作者：Canova, F; de Nicoló, G
作者单位：Pompeu Fabra University; International Monetary Fund
摘要：This paper examines sources of cyclical movements in output, inflation and the term structure of interest rates in the G-7. It employs a novel identification approach which uses the sign of the theoretical cross correlation function in response to shocks to catalog orthogonal disturbances. We find that demand shocks are the dominant source of output and inflation fluctuations in several of the G-7 countries. The proportion of term structure variability explained by different structural sources...
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作者：Davis, DR; Weinstein, DE
作者单位：Columbia University
摘要：Traditional neoclassical models of comparative advantage suggest that, all else equal, a country with idiosyncratically strong demand for a good will be an importer of that good. However, there is a contrary tradition that emphasizes the advantages of a large home market as a foundation for exports of a good. One recent formalization of this home market approach falls within what is termed the new economic geography. This paper integrates core models of Heckscher-Ohlin and Krugman [American Ec...
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作者：Olsen, TE; Osmundsen, P
作者单位：Norwegian School of Economics (NHH); Equinor; Universitetet i Stavanger
摘要：Two jurisdictions compete to attract shares of the investment budget of a large multinational enterprise, whose investments confer positive spillovers on national firms. The firm has private information about its efficiency and about spillovers. It is shown that the firm may be harmed by tax competition. Relative to a cooperative tax agreement, tax competition may induce excessive investments in the country where the positive spillover effects are lowest. Also, with sufficiently asymmetric spi...
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作者：Johnson, S
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Klimenko, MM
作者单位：University of California System; University of California San Diego
摘要：This paper analyzes the effect of a debtor country's pattern of trade with commercial creditors' home countries on the outcome of debt-rescheduling negotiations. The analysis reveals that a debtor country with more market power has greater leverage in a three-way debt-re scheduling negotiation that includes the debtor country, its creditors and the International Financial Institutions (IFIs). The paper also considers the effects of the IFI sovereign-debt policy on the bargaining power of the p...
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作者：Hummels, D
作者单位：Purdue University System; Purdue University
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作者：Campa, JM
作者单位：University of Navarra
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作者：Del Negro, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：The paper applies a factor model to the study of risk sharing among U.S. states. The factor model makes it possible to disentangle movements in output and consumption due to national, regional, or state-specific business cycles from those due to measurement error. The results of the paper suggest that some findings of the previous literature which indicate a substantial amount of inter-state risk sharing may be due to the presence of measurement error in output. When measurement error is prope...
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作者：Neely, CJ
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：This paper characterizes the temporal pattern of trading rule returns and official intervention for Australian, German, Swiss and U.S. data to investigate whether intervention generates technical trading rule profits. The data reject the hypothesis that intervention generates inefficiencies from which technical rules profit. In particular, high frequency data show that abnormally high trading rule returns precede German, Swiss and U.S. intervention. Australian intervention precedes high tradin...
