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作者：Demiroglu, U; Yun, KK
作者单位：University of Michigan System; University of Michigan; State University of New York (SUNY) System; University at Albany, SUNY
摘要：Deardorff (1994) provides a condition that is necessary for factor price equalization across countries. This is a generalization of the condition that ''country endowments should he in the diversification cone from the standard 2 x 2 x 2 Heckscher-Ohlin model to the case of many goods, countries and factors. He also shows that this condition is sufficient in the case of two countries and conjectures that the sufficiency might hold in general. In this paper we establish the sufficiency in furth...
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作者：Konishi, H; Saggi, K; Weber, S
作者单位：Southern Methodist University
摘要：Using Bernheim and Whinston (1986) common agency game, we endogenize trade policy in a duopoly composed of a domestic firm and a foreign firm, where both firms influence the domestic government's trade policy via their contributions. The foreign firm can jump over trade restrictions by undertaking foreign direct investment (FDI) in the domestic market. The government prefers a voluntary export restraint (VER) to a tariff for two reasons. First, a VER leads to higher contributions from the fore...
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作者：Rowland, PF
作者单位：Fordham University
摘要：This paper employs an intertemporal portfolio-choice model that incorporates proportional transaction costs to examine two features of portfolio allocation: the domestic bias of equity holdings and the relationship between domestic and international turnover rates. The model implies that the rate of portfolio diversification decreases as the magnitude of the transaction costs increases. As costs increase, active portfolio reallocation decreases and is replaced by passive portfolio reallocation...
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作者：Vitale, P
作者单位：University of London; London School Economics & Political Science
摘要：We have studied the signalling role of sterilised foreign exchange intervention using a market micro-structure framework. We have assumed that the monetary authorities intervene in the foreign exchange market in order to target the value of a foreign currency. Since the fundamentals of the foreign currency are not necessarily equal to this objective, the central bank does not have an incentive to reveal its intervention operations and no announcement on its activity will be credible. Under the...
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作者：McLaren, J
作者单位：Columbia University
摘要：This paper analyzes the degree of formality in industrial procurement. Contracts impose cost discipline on suppliers, but stifle cooperative innovation; noncontractual procurement provides cooperation but poor cost discipline. However, cost discipline comes naturally when there is not much vertical integration, because the promise of finding an alternative buyer to use as a bargaining threat enhances the supplier's incentive to make efficiency-enhancing investments. Thus, highly integrated ind...
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作者：van Wincoop, E
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：There is extensive evidence that risksharing across countries is far from perfect. Some have attributed this to small benefits from risksharing. Gains from riskpooling that have been reported range from negligible to enormous. This paper documents to what extent the results are sensitive to the parameterization of preferences, the stochastic process of the endowment, and its measurement. We find that gains from risksharing are quite sizable for realistic assumptions about the underlying factor...
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作者：Normandin, M
作者单位：University of Quebec; University of Quebec Montreal; University of Quebec; University of Quebec Montreal
摘要：This paper gauges the twin deficits hypothesis, i.e. a positive causal relationship between the external and budget deficits. This relationship is measured by the responses of the external deficit to changes in the budget deficit induced by Blanchard's model. These responses are positively affected by the birth rate and by the degree of persistence of the budget deficit. Empirical results for the Canadian and US economies reveal that, although the relevant birth rates are small, the great pers...
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作者：Ballabriga, F; Sebastián, M; Vallés, J
作者单位：Banco de Espana; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Complutense University of Madrid
摘要：The degree of symmetry of the shocks that cause macroeconomic fluctuations in the different European economies is a basic consideration when evaluating the cost in terms of loss of the nominal exchange rate as an instrument for short-term macroeconomic adjustment, The more symmetrical these shocks, the lower the costs. This paper uses a structural Bayesian Vector Autoregressive (BVAR) approach and quarterly data from 1970 to 1996 to characterise the responses to common and specific, nominal an...
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作者：Carter, TJ
作者单位：University of Oklahoma System; University of Oklahoma Health Sciences Center
摘要：This paper studies illegal immigration using an efficiency wage/dual labor market model. The illegal immigrants are endogenously sorted, completely or incompletely, into secondary labor markets. The effects of immigration on native workers are more complex than in standard models of factor mobility. As illegals first enter the country, natives may gain because the number of primary sector jobs rises. With enough illegals in the country, natives are hurt because the migrants increasingly take t...
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作者：Furusawa, T; Lai, ELC
作者单位：City University of Hong Kong; Yokohama National University; Vanderbilt University
摘要：This paper analyzes dynamic bilateral trade liberalization between two large countries. Trade liberalization causes the importable sector of each country to shrink and thereby causes reallocation of labor between sectors. Assuming that each moving worker must pay a fixed adjustment cost, a country has to bear a total adjustment cost which is linear in the amount of moving workers. We derive the most-cooperative, self-enforcing trade liberalization path, and find that in general trade liberaliz...
