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作者：Haucap, J; Wey, C; Barmbold, J
作者单位：Saarland University
摘要：the literature on international trade, only little attention has been given to informational asymmetries between firms and consumers with respect to product quality. The few economic models that analyze the question of how asymmetric information about product quality might affect trade flows treat product quality as exogeneous. In contrast, our model takes product quality as an endogeneous variable, i.e. firms can choose the quality they wish to produce. In this case, location costs can signal...
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作者：Maggi, G; Rodríguez-Clare, A
作者单位：Princeton University; University of Chicago
摘要：In this paper we reconsider a key empirical prediction generated by an important class of political-economy models of trade policy, namely that trade protection should be higher in sectors characterized by lower import penetration (we call this the 'standard' prediction). The existing empirical evidence offers little support for this prediction. In this paper we argue that the standard prediction depends critically on the assumptions that trade taxes are the only policy instruments and that th...
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作者：Freund, C
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper examines the interaction between preferential trade agreements (PTAs) and multilateral tariff reduction in a model of imperfect competition. A growing literature finds that the formation of PTAs alters the incentives for and the sustainability of multilateral tariff reduction. We show that the causation is not one-sided: multilateral tariff reduction also affects the formation of PTAs. Specifically, tariff reduction enhances the incentives to form a PTA and increases the likelihood ...
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作者：Spilimbergo, A
作者单位：International Monetary Fund
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作者：Winters, LA; Chang, W
作者单位：University of Sussex; Centre for Economic Policy Research - UK; Columbia University
摘要：This paper argues that the effect of regional trading preferences on members of blocs and on excluded countries should be investigated by looking at their effects on the prices at which trade occurs. It offers, we believe, the first ex post empirical exercise of this kind, exploring the effect of Spanish accession to the EC on the prices of imports from major OECD suppliers. Using a simple theoretical model and detailed data on trade in finished manufactures, the results suggest that accession...
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作者：Chang, R; Velasco, A
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; New York University
摘要：We develop a model in which the maturity of external debt of banks, their level of international reserves, and the term structure of interest rates are jointly determined. Self-fulfilling runs may occur, and banks take this possibility into account when choosing the structure of their assets and liabilities. If the probability of a run is sufficiently small, banks will deliberately choose an illiquid asset-liability position and expose themselves to a run. In that case, short term debt will be...
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作者：Lahiri, A
作者单位：University of California System; University of California Los Angeles
摘要：This paper uses a model with endogenous labor supply to study exchange rate-based inflation stabilization programs under uncertainty regarding the duration of the program. The paper finds that the output and consumption dynamics induced by these programs are extremely sensitive to whether the programs are perceived to have a chance of continuing permanently or whether they are expected to end in finite time. It is shown that the business cycle dynamics for output that are typically associated ...
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作者：Kindleberger, CP
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Bansal, R; Dahlquist, M
作者单位：Stockholm School of Economics; Duke University
摘要：In this paper we document new results regarding the forward premium puzzle. The often Found negative correlation between the expected currency depreciation and interest rate differential is, contrary to popular belief, not a pervasive phenomenon. It is confined to developed economies, and here only to states where the U.S. interest rate exceeds foreign interest rates. Furthermore, we find that differences across economies are systematically related to per capita GNP, average inflation rates, a...
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作者：Calvo, GA; Mendoza, EG
作者单位：Duke University; University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
摘要：This paper argues that globalization may promote contagion by weakening incentives for gathering costly information and by strengthening incentives for imitating arbitrary market portfolios. In the presence of short-selling constraints, the gain of gathering information at a fixed cost may diminish as markets grow. Moreover, if a portfolio manager's marginal cost for yielding below-market returns exceeds the marginal gain for above-market returns, there is a range of optimal portfolios in whic...
