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作者：Canova, F; Marrinan, J
作者单位：Pompeu Fabra University
摘要：This paper studies the generation and transmission of international cycles in a multicountry model with production and consumption interdependencies. Two sources of disturbance are considered and three channels of propagation are compared. Technology disturbances, which are mildly correlated across countries, are more successful than government expenditure disturbances in reproducing actual data. The presence of a common component to the shocks and of production interdependencies appear to be ...
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作者：Keen, M; Lahiri, S
作者单位：International Monetary Fund; University of Essex; University of London; London School Economics & Political Science
摘要：Especially, but not only, in the European Union, closer economic integration is putting increasing pressure on the destination principle under which goods entering international trade are normally taxed. This has raised the possibility of switching to the origin principle, which dispenses with problematic border tax adjustments. This paper compares destination and origin principles under conditions of imperfect competition. Previous analyses, which have considered only the competitive case, ha...
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作者：Lim, GC; Lye, JN; Martin, GM; Martin, VL
作者单位：University of Melbourne
摘要：An empirical model of the distribution of exchange rate returns based on a combination of the generalized Student t distribution and conditional variance specifications, is formulated and estimated for four daily bilateral exchange rates over the period 1984 to 1991. The empirical results show that the stylized characteristics of exchange rate returns such as volatility clustering, leptokurtosis and skewness, are consistently captured by this model, in contrast with other model specifications ...
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作者：Haveman, J
作者单位：Purdue University System; Purdue University
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作者：Baxter, M; Jermann, UJ; King, RG
作者单位：University of Virginia; University of Pennsylvania
摘要：Can the presence of nontraded consumption goods or nontraded factors of production explain the high degree of home bias displayed by investor portfolios? We find that the answer is no, so long as individuals have access to free international trade in financial assets. In particular, it is never optimal to exhibit home bias with respect to domestic traded-good equities, By contrast, holdings of nontraded-good equities in an optimal portfolio will depend sensitively on the elasticity of substitu...
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作者：Harrigan, J
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
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作者：Amiti, M
作者单位：La Trobe University
摘要：The purpose of this paper is to examine the relationship between the size of a country and the characteristics of the goods it produces and trades. In a general equilibrium model with two countries which only differ in size, there are two imperfectly competitive industries which can differ in terms of factor intensites, trade costs and demand elasticities. The 'market access' effect attracts firms to the large country to save on transport costs; and the 'production cost' effect attracts firms ...
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作者：Mountford, A
作者单位：University of Southampton
摘要：This paper shows the importance of a model's dynamic structure for international trade theory. It shows how, by adding a simple dynamic structure to the standard convex 2 X 2 X 2 Heckscher-Ohlin model, the long run implications of international trade can be the reverse of the static ones. It also shows how trade can cause the steady state per capita income in the world economy to rise or fall, how trade can allow one country to catch up and overtake the steady state income of another country a...
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作者：Hess, GD; Shin, K
作者单位：University of Cambridge; University of Kansas
摘要：We established a comprehensive set of stylized facts for intranational business cycles across states and regions in the U.S. Notable findings are that the cross correlations of our consumption measure is much less than that for output, and the volatility of the real exchange rate between states is much less than that for output. These findings are contrasted with the quantity and price anomalies found in international business cycle data. Additional results for labour and non-labour earnings s...
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作者：Ozkan, FG; Sutherland, A
作者单位：University of York - UK; Brunel University
摘要：A model is presented in which the abandonment of a fixed exchange rate regime is triggered by an optimising policymaker who wants to loosen monetary policy and boost aggregate demand. Agents in the foreign exchange market know the policymaker's objective function and build expectations of a regime switch into interest differentials. The resulting rise in interest rates affects the policymaker's decision to switch regime. It is shown that a rational expectations equilibrium exists where the fix...
