-
作者：Hillrichs, Dorothee; Vannoorenberghe, Gonzague
作者单位：Universite Catholique Louvain
摘要：International trade affects consumption prices, with potentially different impacts on poor and rich consumers. We study these unequal impacts building on the Almost Ideal Demand System (AIDS) gravity model of Fajgelbaum and Khandelwal (2016). We augment the original model with a home bias in tastes and allow for trade costs to differ for domestic and foreign trade. In this setup, we show that the structural parameters governing the welfare gains are highly sensitive to the determinants of spen...
-
作者：Bacchetta, Philippe; Davenport, Margaret; van Wincoop, Eric
作者单位：Swiss Finance Institute (SFI); University of Lausanne; University of Lausanne; University of Virginia; National Bureau of Economic Research
摘要：Recently portfolio choice has become an important element of many DSGE open economy models. Yet, a substantial body of evidence is inconsistent with standard frictionless portfolio choice models. In this paper we introduce a quadratic cost of changes in portfolio allocation into a two -country DSGE model. We investigate the level of portfolio frictions most consistent with the data and the impact of portfolio frictions on asset prices and net capital flows. We find the portfolio fric-tion acco...
-
作者：Carballo, Jeronimo; Chatruc, Marisol Rodriguez; Santa, Catalina Salas; Martincus, Christian Volpe
作者单位：University of Colorado System; University of Colorado Boulder; Inter-American Development Bank
摘要：International trade is subject to information incompleteness. Firms must therefore engage in a costly search process to find business partners. Online platforms can reduce these search costs and thereby favor firms' overall exports. We examine whether this is actually the case and the underlying mechanisms thereof. In so doing, we combine detailed information on firms' participation in a free, purely informational online platform and customs data covering the entire universe of a developing co...
-
作者：Ottonello, Pablo; Perez, Diego J.; Varraso, Paolo
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; New York University; National Bureau of Economic Research
摘要：We study the design of macroprudential policies based on quantitative collateral-constraint models. We show that the desirability of macroprudential policies critically depends on the specific form of collateral used in debt contracts: While inefficiencies arise when current prices affect collateral-a frequent benchmark used to guide policies-they do not when only future prices affect collateral. Since the microfoundations and quantitative predictions of models with future-price collateral con...
-
作者：de Ferra, Sergio; Mallucci, Enrico
作者单位：University of Oxford; Federal Reserve System - USA; Federal Reserve System Board of Governors
-
作者：Khalil, Makram
作者单位：Deutsche Bundesbank
摘要：This paper studies the ability of manufacturing-specific shocks to explain oil prices. In an estimated three-region model (US, OPEC, rest of world) incorporating two sectors (manufacturing and services) in the oil-importing economies and featuring cross-border supply chains, such shocks rationalize the observed pattern of a positive comovement between oil prices and the global cyclical gap between manufacturing output and services provision. In the event of manufacturing technology shocks, oil...
-
作者：Fabiani, Andrea; Pineros, Martha Lopez; Peydro, Jose-Luis; Soto, Paul E.
作者单位：European Central Bank; Bank of Italy; Banco de la Republica Colombia; Centre for Economic Policy Research - UK; Imperial College London; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study how capital controls and domestic macroprudential policy tame credit supply booms, either directly or by enhancing the local bank-lending channel of monetary policy. We exploit credit registry data and the introduction of capital controls on foreign exchange (FX) debt inflows and increase of reserve requirements on domestic bank deposits in Colombia during a boom. We find that capital controls strengthen the bank-lending channel. Increasing the local monetary policy rate widens the in...
-
作者：Carballo, Jeronimo; Handley, Kyle; Limao, Nuno
作者单位：University of Colorado System; University of Colorado Boulder; University of California System; University of California San Diego; National Bureau of Economic Research; National Bureau of Economic Research; University System of Maryland; University of Maryland College Park
摘要：We examine the interaction of economic and policy uncertainty in a dynamic, heterogeneous firms model. Uncertainty about foreign income, trade protection, and their interaction dampens export investment. Trade agreements can mitigate uncertainty and the probability of policy uncertainty shocks. We use firm data from 2003-2011 to establish new facts about U.S. export dynamics. These facts include a differentially lower export growth to non-preferential markets driven by the extensive margin at ...
-
作者：Twinam, Tate
作者单位：William & Mary
摘要：Foreign competition and technological change can both present threats to domestic industries, potentially resulting in out-migration from cities and regions where these industries are spatially agglomerated. In this paper, I study the migration effects of one such trade shock: The quartz crisis, which devastated the globally dominant Swiss watch industry in the 1970s. Using a differences-in-differences strategy, I show that this trade shock led to a rapid loss of population in affected areas, ...
-
作者：Benigno, Pierpaolo; Schilling, Linda M.; Uhlig, Harald
作者单位：University of Bern; Washington University (WUSTL); Center for Economic & Policy Research (CEPR); University of Chicago; National Bureau of Economic Research
摘要：We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the na-tional nominal interest rates must be equal and the exchange rate between the national cur-rencies is a risk-adjusted martingale. Deviation from interest rate equality implies the risk of approaching the zero lower bound or the abandonment of the national currency. We call this result Crypto-Enforced Monetary Po...
