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作者：CAMPA, J; GOLDBERG, LS
作者单位：New York University; National Bureau of Economic Research; New York University
摘要：This paper introduces a new measure of external exposure, which emphasizes exposure to external markets both through export sales and imported inputs into production, and uses this measure to explore the linkage between exchange rates and investment in US industry. On average, manufacturing sectors have evolved to being primarily import-exposed by the early 1980s. In low price-over-cost markup sectors, markups are relatively unresponsive to exchange rate changes, whereas sectoral investment pa...
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作者：GLICK, R; KRETZMER, P; WIHLBORG, C
作者单位：University of Gothenburg
摘要：We examine the effects of monetary policy on the real exchange rate. In a cross-country analysis, we find that the variability of money shocks and the degree of informativeness of the exchange rate are important determinants of the magnitude of the real exchange rate effects of domestic money shocks. Our results are consistent with previous cross-country evidence on the output effects of money shocks but also highlight the role of the exchange rate regime.
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作者：ROBERTS, MA
摘要：Within a broader setting of rational expectations, where agents do not fully know the parameter values of the model, expectations errors from past observable and persistent shocks will lead to systematic effects. In particular, observable lagged current account shocks will affect the exchange rate within a Mundell-Flemming model even where there is perfect capital mobility. Moreover, the process of agents learning unknown parameter values and revising the values of the forecast parameters woul...
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作者：SUTHERLAND, A
作者单位：Centre for Economic Policy Research - UK
摘要：Recent papers have analysed the effects of Britain's return to gold in 1925. One line of argument has been that the return to gold was a state-contingent regime switch. An alternative view is that it was time-contingent. This paper shows that these approaches are not mutually exclusive. The solution for the exchange rate is derived in a model where a switch to a fixed rate takes place either when a state-contingent trigger is reached or at a fixed time, whichever is the sooner. State-contingen...
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作者：FLAM, H
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作者：MARKUSEN, JR; RUTHERFORD, TF; HUNTER, L
作者单位：National Bureau of Economic Research
摘要：Existing theoretical models in the trade-industrial-organization literature assume almost exclusively that firms are 'national enterprises', so that there is no international coordination by multinational firms. We develop a model in which multinationals compete among themselves but coordinate production, pricing, and sales decisions across multiple plants and markets. Free entry and exit is assumed, and cases in which the multinationals can and cannot segment markets are considered. The model...
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作者：SAPIR, A; SEKKAT, K
作者单位：Universite Libre de Bruxelles; Centre for Economic Policy Research - UK
摘要：The paper investigates the role of exchange rate regimes on the process of trade adjustment. A two-period model of a duopoly with consumer switching costs is constructed. The perception of economic agents regarding exchange rate stability is explicitly introduced. The model is tested using bilateral trade prices data for flows inside and outside the European Monetary System (EMS). Results suggest that a system of pegged rates, like the EMS, although helpful, is not necessary to achieve a smoot...
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作者：DAVIS, DR
摘要：The large volume of intra-industry trade is often cited as a critical element favoring trade theories based on increasing returns and imperfect competition over those with constant returns and perfect competition. The former provide an elegant account of intra-industry trade, while the latter, it is often argued, cannot. This paper provides an account of intra-industry trade based squarely on comparative advantage. The key is to introduce elements of Ricardian trade theory within the Heckscher...
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作者：SERVEN, L
摘要：Conventional open-economy aggregate models typically rule out capital goods imports - an assumption that is completely arbitrary. This paper shows that removing such an assumption in a standard intertemporal model with investment subject to adjustment costs has major consequences for the effects of macroeconomic policies and external shocks. Long-run output and the real exchange rate are inversely related. Fiscal policy disturbances and wealth transfers from abroad alter the long-run capital s...
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作者：IKEDA, S; SHIBATA, A
作者单位：University of Osaka
摘要：Using a monetary model of exchange rate determination, we study exchange rate dynamics with bubbles which depend on stochastic market fundamentals. These dynamics can be either stochastically stable or unstable; and either monotonic or non-monotonic (including cyclic). In an extreme case, they converge with probability one and exhibit cyclic movements. Implications for the analysis of time-dependent regime shifts are also explored. Exchange rates with bubbles are likely to appear less volatile...
