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作者：Rojas, Eugenio; Saffie, Felipe
作者单位：State University System of Florida; University of Florida; University of Virginia
摘要：The expenditure elasticity of the demand for nontradable goods is higher than the one for trad-able goods. We extend the small open economy model of Sudden Stops of Bianchi (2011) allowing for non-homothetic preferences to generate this difference. Analytic results for an en-dowment economy show that, during crises, the non-homotheticity amplifies the decrease in the demand for the nontradable good, triggering a sharper deflation spiral that ultimately leads to a more severe current account re...
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作者：Blank, Sven; Egger, Peter H.; Merlo, Valeria; Wamser, Georg
作者单位：Deutsche Bundesbank; Swiss Federal Institutes of Technology Domain; ETH Zurich; Leibniz Association; Ifo Institut; Eberhard Karls University of Tubingen; Eberhard Karls University of Tubingen
摘要：We propose a quantifiable multi-country-multi-sector model of trade in goods and services where markets are not fully penetrated by firms and trade is impeded by standard iceberg costs as well as market-entry costs. Using transaction-type information of German services traders, we inform the model about key behavioral parameters governing the activity of services producers. We calibrate market-entry costs by sector and market, and decompose these into observable and unobservable components. We...
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作者：Bengui, Julien; Bianchi, Javier
作者单位：Bank of Canada; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We explore how imperfect regulation enforcement affects the design of optimal macro -prudential policy. We study an open economy workhorse model of macroprudential regulation motivated by pecuniary externalities. Our analytical characterization shows that imperfect en-forcement generates two opposing effects. While tighter regulation leads to higher borrowing by unregulated agents, a leakage effect, mitigating the increase in fragility calls for squeez-ing regulated agents further. Quantitativ...
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作者：de Ferra, Sergio; Mallucci, Enrico
作者单位：University of Oxford; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Emerging markets' interest rate spreads display substantial time-varying volatility. We show that models with endogenous sovereign default risk a la Eaton and Gersovitz (1981) can account for such volatility, even in the absence of shocks to the second moments of the exogenous stochastic variables. In particular, these models feature a key non-linearity that allows them to replicate the stochastic volatility of interest rate spreads and its comovement with other important economic variables. V...
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作者：Mehra, Mishita; Shen, Hewei
作者单位：Grinnell College; University of Oklahoma System; University of Oklahoma - Norman
摘要：We develop a two-sector dynamic general equilibrium model with skilled immigration that fo-cuses on the role of firms. The model is consistent with data on firm demand for foreign labor and firm size in the United States. Monopolistically competitive firms in the skill-intensive sec-tor differ in productivity and a subset of relatively larger firms hire foreign workers subject to skilled immigration policies that are similar to the United States: Firms face hiring costs and there is an immigra...
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作者：Miranda-Agrippino, Silvia; Nenova, Tsvetelina
作者单位：Bank of England; Centre for Economic Policy Research - UK; Bank of England; University of London; London Business School
摘要：We compare the macroeconomic and financial spillovers of the unconventional monetary pol-icies of the Fed and the ECB. Monetary policy tightenings in the two areas are followed by a contraction in global activity and trade, a retrenchment in global capital flows, a fall in global stock markets, and a rise in risk aversion. Bilateral spillovers in both directions are also power-ful. We find that Fed and ECB monetary policies propagate internationally through the same channels - trade and risk-t...
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作者：Herkenhoff, Philipp; Krautheim, Sebastian
作者单位：Johannes Gutenberg University of Mainz; University of Passau; Leibniz Association; Ifo Institut
摘要：In recent decades, many leading firms in a diverse set of industries have faced consumer boycotts and NGO campaigns based on allegations of 'unethical' practices along their international value chains. The large number of campaigns triggered by actions of independent suppliers points at a link between (un)ethical practices and the organization of production. We construct a measure of potential cost savings of unethical production at the industry-country level and show that it indeed correlates...
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作者：Beshkar, Mostafa; Lee, Ryan
作者单位：Indiana University System; Indiana University Bloomington; University of La Verne
摘要：We evaluate two potential causes of deviation from efficiency in WTO negotiations: (i) a free-riding problem that may be caused by the WTO's nondiscrimination requirement, and (ii) asymmetric information about government preferences. Theories based on the above two causes generate starkly different predictions about the pattern of negotiated tariffs. We find that the WTO agreement provides more tariff flexibility in products with lower import market power. This finding is consistent with the i...
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作者：Goetz, Martin R.; Gozzi, Juan Carlos
作者单位：Deutsche Bundesbank; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We analyze the effect of the geographic expansion of banks across U.S. states on the co movement of economic activity between states. Exploiting the removal of interstate banking restrictions to construct time-varying instrumental variables at the state-pair level, we find that bilateral banking integration increases output co-movement between states. The effect of financial integration depends on the nature of the idiosyncratic shocks faced by states and is stronger for financially dependent ...
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作者：Mallucci, Enrico
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I investigate how natural disasters can exacerbate fiscal vulnerabilities and trigger sovereign defaults. I extend a standard sovereign default model to include disaster risk and calibrate it to a sample of seven Caribbean countries that are frequently hit by hurricanes. I find that hur-ricane risk reduces governments' ability to issue debt and depresses welfare. Climate change will further restrict governments' access to financial markets and weigh on welfare. Disaster clauses, especially tho...
