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作者：Slaughter, MJ
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：This paper tests whether the transfer of production sl:ages within US-headquartered multinational enterprises (MNEs) from US parents to foreign affiliates has contributed to within-industry shifts in US relative labor demand toward the more-skilled. There are two main empirical results. First, there is evidence of MNE transfer during the past 20 years. Second, regression analysis does not support the MNE hypothesis. MNE transfer tends to have small, imprecisely estimated effects on US relative...
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作者：Betts, C; Devereux, MB
作者单位：Chinese University of Hong Kong; University of Southern California; University of British Columbia
摘要：This paper develops a general equilibrium exchange rate model consistent with the weak empirical evidence supporting the law of one price. Some firms segment markets by country, and set prices in local currency of sale, a practice we refer to as pricing-to-market (PTM). The presence of PTM increases exchange rate volatility, relative to a situation where the law of one price holds. PTM also affects the international transmission of monetary and fiscal policy. The higher is the degree of PTM, t...
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作者：Krugman, PR
作者单位：Massachusetts Institute of Technology (MIT)
摘要：The view that recent changes in the distribution of income primarily reflect technology rather than trade may be the majority opinion, but has been harshly criticized by some trade economists. This paper will argue that the critique in fact misses the point, essentially because the critics undertake the wrong thought experiments. Trade volumes are not irrelevant: if one poses the question correctly, one immediately realizes that small trade volumes are inconsistent with a story that attributes...
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作者：Morasch, K
作者单位：University of Augsburg
摘要：In this paper loose competition policy towards strategic alliances is examined as an alternative to strategic trade policy. Alliances are assumed to design a strategic contract which changes incentives in the output market. permitting strategic alliances and using strategic trade policy yield exactly the same outcome if the good is not consumed domestically and all firms of a country form a single alliance. The performance of the policy options in a more general setting depends on a number of ...
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作者：de Cordoba, GF; Kehoe, TJ
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Salamanca; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Spain's 1986 entry into the European Community was followed by a dismantling of restrictions on international capital flows. Initial trade deficits and real exchange rate appreciation were followed by trade surpluses and real exchange rate depreciation. This paper analyzes Spain's financial liberalization using a dynamic general equilibrium model with a traded and nontraded good where a capital poor country opens itself to its capital rich neighbors. A carefully calibrated model has trouble ac...
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作者：Cheung, YW; Lai, KS
作者单位：California State University System; California State University Los Angeles; University of California System; University of California Santa Cruz
摘要：A puzzle concerning purchasing power parity is examined: Although the immense exchange rate volatility suggests a likely major role of nominal shocks under sticky prices, the observed half-life persistence of the real exchange rate seems excessively high to be rationalized by price stickiness, This study analyzes carefully the adjustment dynamics of real exchange rates through impulse response analysis. Half-life estimates are found to have substantial imprecision. Moreover, the dynamic respon...
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作者：Krishna, P; Panagariya, A
作者单位：University System of Maryland; University of Maryland College Park
摘要：The received wisdom from the theory of second best is that the presence of distortions in some sectors of the economy would in general require intervention in other sectors as well. This paper offers a simple set of propositions which help unify the results of numerous papers in the international trade literature involving the theory of second best, many of which appear to contradict this theory. The propositions identify how, in optimization problems in economics, pre-imposed quantitative res...
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作者：Hayri, A
作者单位：Deloitte Touche Tohmatsu Limited
摘要：This paper develops pricing formulae for sovereign debt by incorporating strategic debt relief games into a model of debt pricing under continuous time uncertainty. Two types of debt relief for sovereign borrowers are considered: debt reductions and exit deals. The formulae provide a good fit to the data and generate plausible predictions in a simulation analysis. The paper also examines how the availability of credible commitment mechanisms affects the amount of debt reduction. Compared with ...
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作者：Engel, C
作者单位：University of Washington; University of Washington Seattle; National Bureau of Economic Research
摘要：Recent tests using long data series find evidence in favor of long-run PPP, These tests may have reached the wrong conclusion. Using artificial data calibrated to nominal exchange rates and disaggregated data on prices, we show that tests on long-run PPP have serious size biases. In the baseline case, unit root and cointegrarion tests with a nominal size of 5% have true sizes that range from 0.90 to 0.99 in 100-year long data series, even though there is a permanent component that accounts for...
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作者：Groen, JJJ
作者单位：Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Pure time series-based tests fail to find empirical support for monetary exchange rate models. In this paper we apply pooled time series estimation on a forward-looking monetary model, resulting in parameter estimates which are in compliance with the underlying theory. Based on a panel version of the Engle and Granger [Engle, R.F., Granger, C.W.J., 1987. Go-integration and error correction: representation, estimation and testing, Econometrica 55, 251-276] two-step procedure we find that the re...
