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作者：Kalemli-Ozcan, S; Sorensen, BE; Yosha, O
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of Houston System; University of Houston; Tel Aviv University
摘要：We show empirically that regions with a more specialized production structure exhibit output fluctuations that are less correlated with those of other regions (less 'symmetric' fluctuations). Combined with the causal relation running from capital market integration to regional specialization found in an earlier study, this finding supports the idea that higher capital market integration leads to less symmetric fluctuations. This mechanism counterbalances the effect of lower trade-barriers on t...
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作者：Slaughter, MJ
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：In this paper I try to determine whether international trade has been increasing the own-price elasticity of demand for U.S. labor in recent decades. The empirical work yields three main results. First, from 1961 through 1991 demand for U.S. production labor became more elastic in manufacturing overall and in five of eight industries within manufacturing. Second, during this time U.S. nonproduction-labor demand did not become more elastic in manufacturing overall or in any of the eight industr...
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作者：Bacchetta, P; Rose, AK; van Wincoop, E
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作者：Watanabe, K; Watanabe, T; Watanabe, T
作者单位：Bank of Japan; Bank of Japan; Hitotsubashi University
摘要：This paper studies the extent to which the impact of tax policy on consumer spending differs between temporary and permanent, as well as anticipated and unanticipated tax changes. To discriminate between them, we use institutional information such as legal distinction between temporary and permanent tax changes, as well as timing of policy announcement and implementation. We find that the impact of temporary changes is significantly smaller than the impact of permanent changes. We also find th...
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作者：Ranjan, P
作者单位：University of California System; University of California Irvine
摘要：This paper shows how the degree of credit-market imperfections affects the steady-state distributions of income and wealth, human capital investment, and the pattern of comparative advantage. The impact of trade liberalization on the accumulation of human capital depends on how it affects (1) the incentives to accumulate human capital, (2) the borrowing constraints facing human capital accumulation, and (3) the distribution of income and wealth. If the degree of credit market imperfections is ...
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作者：Clark, TE; van Wincoop, E
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：We document that business cycles of U.S. Census regions are substantially more synchronized than those of European countries. Data from regions within European countries confirm a European border effect - within-country correlations are substantially larger than cross-country correlations. These results continue to hold after controlling for exogenous factors such as distance and size. We consider the role of four factors that have received attention in the debate about EMU: sectoral specializ...
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作者：Palacios-Huerta, I
作者单位：Brown University
摘要：This paper evaluates the extent of the international diversification puzzle when human capital is considered part of the wealth of nations. The analysis examines whether (i) the inclusion of human capital in the wealth of portfolio of individuals, (ii) the different human capital assets held by stockholders and non-stockholders, and (iii) frictions in human capital markets, can help explain the puzzle. The methodology consists of comparing Hansen-Jagannathan bounds on the stochastic discount F...
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作者：Barrett, CB; Yang, YN
作者单位：Cornell University; Chung Yuan Christian University
摘要：International product standardization enables traditional, price-based competition. But the existence of redesign costs or network effects creates market frictions that diminish the incentive to standardize if there already exists a different technology in an established market. This leads to multi-attribute competition between products and will generally reduce trade flows. Not only do incumbent firms using a different technology have an incentive to deviate from an international standard, bu...
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作者：Kashyap, A; Rose, AK
作者单位：National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
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作者：Tiile, C
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper develops a general framework to analyze the impact of monetary shocks in an open economy, focusing on the role of the degree of substitutability between goods produced in different countries. We extend the contributions by Obstfeld and Rogoff [Obstfeld, M., Rogoff, K., 1995. Exchange rate dynamics redux. Journal of Political Economy 103, 624-659] and Corsetti and Pesenti [Corsetti, G., Pesenti, P., 1997. Welfare and Macroeconomic Interdependence, NBER Working Paper 6307] to show tha...
