-
作者：Abbassi, Puriya; Brauning, Falk
作者单位：Deutsche Bundesbank; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：We exploit the post-Brexit depreciation of the British pound as an exogenous shock to show how exchange rate shocks transmit to the German real economy through the banking sector. German banks with GBP currency mismatches (between assets and liabilities, including off -balance sheet items) suffer losses when the currency of assets depreciates relative to that of liabilities, which they internalize by cutting back credit supply. For a one percentage-point loss in equity, a bank cuts credit supp...
-
作者：Heresi, Rodrigo
作者单位：Inter-American Development Bank
摘要：I study the firm-level dynamic response of a commodity-exporting economy to global cycles in commodity prices. I propose a heterogeneous-firms model endogenizing manufacturing productivity slowdowns through reallocation towards less productive firms. Within a given sector, commodity booms reallocate market share away from exporters because of exchange rate appreciation and away from capital-intensive firms because of the increase in the required rate of return to capital. Using microdata for C...
-
作者：Arslanalp, Serkan; Eichengreen, Barry; Simpson-Bell, Chima
作者单位：International Monetary Fund; University of California System; University of California Berkeley
摘要：After falling for decades, central bank gold holdings have risen since the Global Financial Crisis. We identify 14 active diversifiers, countries that purchased gold and raised its share in total reserves by 5 or more percentage points over the last two decades. In contrast to the diversification of foreign currency reserves, which has been undertaken by advanced and developing country central banks alike, diversifiers into gold are exclusively emerging markets. We document two sets of factors...
-
作者：Kim, Duhyeong
作者单位：University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; University System of Ohio; Kent State University; Kent State University Kent; Kent State University Salem
摘要：A two-country general equilibrium model is developed to study the global consequences of quantitative easing and foreign exchange intervention. The model incorporates financial frictions such as limited commitment, differential pledgeability of assets as collateral, and a low supply of collateralizable assets. Due to differential asset pledgeability, financial intermediaries acquire different asset portfolios particular to their home country. Quantitative easing can reduce longterm nominal int...
-
作者：Sosa-Padilla, Cesar; Sturzenegger, Federico
作者单位：National Bureau of Economic Research; University of Notre Dame; Universidad de San Andres Argentina
摘要：There has been substantial research on the benefits of accumulating foreign reserves, but less on the relative merits of how these reserves are accumulated. In this paper we explore whether the form of accumulation affects country risk. We first present a model of endogenous sovereign debt defaults, where we show that reserve accumulation through the issuance of debt contingent on local output reduces spreads in a way that reserve accumulation with for-eign borrowing does not. We confirm this ...
-
作者：Hanson, Gordon; Liu, Chen
作者单位：Harvard University; National University of Singapore; National Bureau of Economic Research
摘要：Job selection by high-skilled foreign-born workers in the US correlates strongly with country of origin. We use a Frechet-Roy model of occupational choice to evaluate the causes of immigrant sorting. We find that revealed comparative advantage in the US is stronger for workers from countries with higher education quality in occupations that are more intensive in cognitive reasoning, and for workers from countries that are more linguistically similar to the US in occupations that are more inten...
-
作者：Aparicio, Diego; Rigobon, Roberto
作者单位：University of Navarra; IESE Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Many retailers practice an extreme form of discrete pricing defined as quantum prices: differentiated products are priced using few and sparse price buckets. To show this, online data was collected for 350,000 products from over 65 fashion retailers in the U.S. and the U.K. This pricing strategy is observed within categories and across categories (i.e., similar or even disparately distinct products like jeans and bags have an identical price), as well as in product introductions, where new pro...
-
作者：Klotz, Richard; Sharma, Rishi R.
作者单位：Colgate University; Colgate University
摘要：We highlight the key role of changes in the transportation and use of intermediate inputs in determining the CO2 consequences of reductions in trade barriers such as tariffs and transpor-tation efficiency improvements. Reductions in trade barriers increase gross flows relative to value added - a lengthening of value chains - thereby increasing transportation emissions. Reductions in trade barriers also increase wages relative to the price of other goods, which in-creases the quantity of interm...
-
作者：Conesa, Juan Carlos; Kehoe, Timothy J.
作者单位：State University of New York (SUNY) System; Stony Brook University; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：By preemptive austerity, we mean a policy that increases taxes to deter potential rollover crises. The policy is so successful that the usual danger signal of a rollover crisis, a high yield on new bonds sold, does not show up, because the policy eliminates the danger. Mechanically, high taxes make the safe zone in the model - the set of sovereign debt levels for which the government prefers to repay its debt rather than default - larger. By announcing a high tax rate at the beginning of the p...
-
作者：Alessandria, George; Khan, Shafaat Yar; Khederlarian, Armen; Mix, Carter; Ruhl, Kim J.
作者单位：University of Rochester; National Bureau of Economic Research; University of Rochester; University of Connecticut; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：We study the aggregate effects of supply-chain disruptions in the post-pandemic period in a heterogeneous -firm, general equilibrium model with input-output linkages and a rich set of supply chain frictions: uncertain shipping delays, fixed order costs, and storage costs. Firms optimally hold inventories that depend on the source of supply, domestic or imported. Increases in shipping times are contractionary, raise prices, and increase stockouts, particularly for goods intensive in delayed inp...
