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作者：Benigno, P
作者单位：New York University; Centre for Economic Policy Research - UK
摘要：This paper analyzes the strategic interaction between the monetary policymakers of two countries, in an intertemporal general equilibrium model with nominal rigidities and imperfect competition. It offers an excursus on non-cooperative towards cooperative solutions. In a non-cooperative equilibrium the monopolistic allocation prevails in both countries, because of the incentive to use strategically the terms of trade. In a cooperative solution where both policymakers internalize the externalit...
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作者：Moore, MJ; Roche, MJ
作者单位：Queens University Belfast; Maynooth University
摘要：The two-country monetary model is extended to include a consumption externality with habit persistence. The model is simulated using the artificial economy methodology. The 'puzzles' in the forward market are re-examined. The model is able to account for: (a) the low volatility of the forward discount; (b) the higher volatility of expected forward speculative profit; (c) the even higher volatility of the spot return; (d) the persistence in the forward discount; (e) the martingale behavior of s...
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作者：Redding, S
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper proposes a new empirical framework for analyzing specialization dynamics. A country's pattern of specialization is viewed as a distribution across sectors, and statistical techniques for analyzing the evolution of this entire distribution are employed. The empirical framework is implemented using data on 20 industries in seven OECD countries since 1970. We find substantial mobility in patterns of specialization. Over time horizons of 5 years, this is largely explained by forces comm...
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作者：Reinhart, CM; Smith, RT
作者单位：University of Alberta; University System of Maryland; University of Maryland College Park; International Monetary Fund
摘要：During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies, calibrates their potential effectiveness, and assesses their welfare implications in an environment in which the level of capital inflows can be sub-optimal. In addition, motivated by the fact that these types...
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作者：Glass, AJ; Saggi, K
作者单位：University System of Ohio; Ohio State University; Southern Methodist University
摘要：We develop a symmetric two country model of foreign direct investment (FDI) that captures the internalization decision and its implications for both the rate and magnitude of innovations. When mode choice (licensing versus FDI) is fixed, a subsidy to multinational production increases the rate but decreases the size of innovations. When mode can switch, the rate and size of innovations both increase, provided the subsidy is not too large. Although innovation size decreases for industries where...
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作者：Panagariya, A; Krishna, P
作者单位：University System of Maryland; University of Maryland College Park; Brown University
摘要：The well-known Kemp-Vanek-Ohyama-Wan proposition establishes that if two or more countries form a customs union (CU) by freezing their net external trade vector through a common external tariff and eliminating internal trade barriers, the union as a whole and the rest of the world cannot be worse off than before. Owing to the fact that a Free Trade Area (whose member countries impose country specific external tariff vectors) does not equalize marginal rates of substitution across its member co...
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作者：Francois, P; van Ypersele, T
作者单位：Tilburg University; University of Namur
摘要：We identify cultural goods as goods which are valued differently by consumers at home than by individuals abroad, and which are produced under scale economies. It is shown that restrictions on the trade of cultural goods can raise welfare in both recipient and source countries. (C) 2002 Elsevier Science B.V. All rights reserved.
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作者：Keen, M; Ligthart, JE
作者单位：International Monetary Fund; University of Essex
摘要：A key obstacle to fundamental tariff reform in many countries is the revenue loss that it ultimately implies. This paper establishes and explores a simple and practicable strategy for realizing the efficiency gains from tariff reform without reducing public revenue, showing that for a small economy a cut in import duties (respectively, export taxes) combined with a point-for-point increase in domestic consumption taxes (production taxes) increases both welfare and public revenue. Increasingly ...
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作者：Bernsteina, JR; Weinstein, DE
作者单位：Columbia University; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison
摘要：Examining the relationship between factor endowments and production patterns using data from Japanese prefectures and from OECD nations, we find evidence of substantial production indeterminacy. Regressions of outputs on endowments yield prediction errors six to 30 times larger for goods traded relatively freely than for non-traded goods. We argue that a compelling explanation for these results is the existence of more goods than factors in the presence of trade costs. If so, regressions of tr...
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作者：Kim, W; Wei, SJ
作者单位：Brookings Institution; Harvard University; National Bureau of Economic Research; Korea Development Institute (KDI)
摘要：Using a unique data set, we study the trading behavior of foreign portfolio investors in Korea before and during the currency crisis. The central message is that investors in different categories have different trading patterns. For example, foreign investors outside Korea are more likely to engage in positive feedback trading strategies and are more likely to engage in herding than the branches I subsidiaries of foreign institutions in Korea or foreign individuals living in Korea. This differ...
