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作者：Parsley, DC; Wei, SJ
作者单位：Vanderbilt University; Brookings Institution; Harvard University; National Bureau of Economic Research
摘要：This paper exploits a three-dimensional panel data set of prices on 27 traded goods, over 88 quarters, across 96 cities in the US and Japan. We show that a simple average of good-level real exchange rates tracks the nominal exchange rate well, suggesting strong evidence of sticky prices. Focusing on dispersion in prices between city-pairs, we find that crossing the US-Japan 'Border' is equivalent to adding as much as 43 000 trillion miles to the cross-country volatility of relative prices. We ...
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作者：Bartolini, L
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
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作者：Dehejia, VH; Weichenrieder, AJ
作者单位：University of Munich; Carleton University; Carleton University
摘要：This paper reconsiders the welfare effects of 'tariff jumping' direct investment if mobile capital is subjected to taxation. In contrast to the conventional wisdom, the receiving country may in this case gain from the incremental inflow of capital, as this diverts tax revenues from the rest of the world. In the case of perfect capital mobility, this possibility becomes a certainty. Our argument provides one rationale for a small country to levy a distorting tariff in a second best world in whi...
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作者：Mark, NC; Sul, D
作者单位：University System of Ohio; Ohio State University
摘要：We study the long-run relationship between nominal exchange rates and monetary fundamentals in a quarterly panel of 19 countries extending from 1973.1 to 1997.1. Our analysis is centered on two issues. First, we test whether exchange rates are cointegrated with long-run determinants predicted-by economic theory. These results generally support the hypothesis of cointegration. The second issue is to re-examine the ability for monetary fundamentals to forecast future exchange rate returns. Panel...
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作者：Knetter, MM
作者单位：Dartmouth College
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作者：Hoon, HT
作者单位：National University of Singapore
摘要：This paper develops a dynamic Ricardian model of the world economy exhibiting endogenous wages and equilibrium unemployment. It is shown that international trade serves to give workers an increased stake in job-holding, and, in general equilibrium, leads to higher real earnings and lower equilibrium unemployment. Economic shocks emanating in one country affect the trading partner's equilibrium unemployment rate by shifting the terms of trade. The generality of the results are discussed along t...
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作者：Mehlum, H
作者单位：University of Oslo
摘要：An economic reform programme where inefficient public labour is laid off is considered. The immediate effect is a lowering of wages and increased profitability in the private modem sector. Over time, as capital accumulates in the modem sector, wages and production increases. Big bang reform generates a sharp transitory drop in wages while gradual reform gives a more modest decline. In the presence of a subsistence wage constraint popular resistance can cause the cancellation of big bang reform...
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作者：Cherian, JA; Perotti, E
作者单位：University of Amsterdam; Bank of America Corporation
摘要：The paper analyses asset prices in a context of uncertainty over future government policy. As current policy is maintained, perceived risk abates thus leading to a gradual appreciation of asset prices and a gradual decrease in their conditional variance. Option values computed under this process have time series and the term structure of conditional volatility, which, in general, are downward sloping. In price series without a policy reversal, implied volatility from option prices will exceed ...
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作者：Krishna, P; Mitra, D; Chinoy, S
作者单位：State University System of Florida; Florida International University; Brown University; Stanford University
摘要：In the recent debate over the impact of trade reform on factor markets, it has been argued that trade liberalization will lead to an increase in labor-demand elasticities - thus placing labor markets under increased pressure. Using Turkish plant-level data spanning the course of a dramatic trade liberalization, we test this idea. However, we are unable to find any empirical support for this supposed theoretical link: in most of the industries we consider, we cannot reject the hypothesis of no ...
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作者：Engel, C; Rogers, JH
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Federal Reserve System - USA
摘要：We explore deviations from short-run purchasing power parity (PPP) across European cities, attempting to move beyond a 'first-generation' of papers that document very large border effects. We document two very distinct types of border effects embedded in relative prices. The first is a 'real barriers effect', caused by various barriers to market integration. The second is a sticky-consumer-price cum volatile exchange-rate effect. Both are shown to be important empirically, the second type espe...
