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作者：Bacchetta, Philippe; Davis, J. Scott; van Wincoop, Eric
作者单位：University of Lausanne; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Virginia; National Bureau of Economic Research
摘要：Deviations from covered interest rate parity (CIP) have persisted since the global financial crisis, reflecting a segmentation between onshore (US) and offshore dollar markets. This segmentation can give rise to dollar shortages in offshore markets during periods of financial stress. We propose a model with limited CIP and UIP arbitrage where the CIP deviation and exchange rate are jointly determined by equilibrium in the swap and spot FX markets. We consider offshore dollar funding shocks, wh...
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作者：Arnarson, Bjorn Thor; David, Asker Nygaard; Javorcik, Beata S.; Munch, Jakob R.
作者单位：University of Copenhagen; University of Oxford; European Bank of Reconstructon & Development; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; IZA Institute Labor Economics
摘要：Working with business partners in distant countries often requires operating outside standard working hours, potentially harming workers' mental well-being-especially for women balancing professional and family responsibilities. This hypothesis is investigated using matched employer-employee data from Denmark merged with information on workers' use of prescription antidepressants (AD) and firms' import and export transactions. The analysis exploits variation within job spells and controls for ...
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作者：Han, Yuancheng; Miranda-Pinto, Jorge; Tanaka, Satoshi
作者单位：Reserve Bank of New Zealand; University of Queensland; International Monetary Fund
摘要：How much does trade in services affect regional production specialization and welfare? Using unique Canadian trade data, we document that the size of inter-provincial service trade is comparable to that of good trade, and that net exports of services are highly correlated with the value-added share of services across provinces. With a spatial model featuring domestic and international trade, we quantify the effects of service trade. Our results highlight that domestic service trade significant...
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作者：Finlay, John; Williams, Trevor C.
作者单位：Imperial College London; Cornerstone Research
摘要：Skilled workers' incomes have pulled away from those of unskilled workers in recent decades, reflecting increasing skill bias in production. How has this changed the spatial distribution of skill? We show nonhomothetic housing demand connects aggregate income inequality to spatial sorting. A household's skill level determines its income, and therefore its housing expenditure share, sensitivity to housing costs, and location preferences. The result is spatial sorting by skill. Moreover, divergi...
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作者：Georgiadis, Georgios; Jarocinski, Marek
作者单位：European Central Bank
摘要：We estimate international spillovers from both conventional and unconventional US monetary policy. We use novel measures of exogenous variation in conventional policy, forward guidance and large-scale asset purchases (LSAPs), based on high-frequency asset price surprises around a broad set of Federal Reserve communications. The identification relies on relatively weak assumptions and accounts for potential endogenous policy components-including central bank information effects-in these asset p...
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作者：Beqiraj, Elton; Cao, Qingqing; De Haas, Ralph; Minetti, Raoul
作者单位：Sapienza University Rome; Michigan State University; European Bank of Reconstructon & Development; KU Leuven
摘要：We study how the organizational structure of global banks shapes their impact on macroeconomic stability. We develop a two-country dynamic general equilibrium model in which global banks can either delegate loan monitoring to local affiliates or exert control over affiliates' monitoring activities, hiring loan officers centrally. Moreover, we allow global banks to transfer liquidity between parents and local affiliates through internal capital markets. We show that global banks with a centrali...
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作者：Acharya, Sushant; Challe, Edouard
作者单位：University of Melbourne; Centre for Economic Policy Research - UK; Paris School of Economics
摘要：We study optimal monetary policy in a tractable Small Open Economy Heterogeneous-Agent New Keynesian (SOE-HANK) model in which households face uninsured idiosyncratic risk and unequal bond-market access. We derive conditions under which optimal policy in our SOE-HANK economy entails domestic producer price stability, extending the open-economy divine coincidence result of Gal & iacute; and Monacelli (2005) beyond the Representative-Agent benchmark (SOE-RANK). Away from those conditions, ineffi...
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作者：Chung, Wanyu; Perroni, Carlo
作者单位：University of Birmingham; Centre for Economic Policy Research - UK; University of Warwick; Leibniz Association; Ifo Institut
摘要：Focusing on the 1989 Canada-United States Free Trade Agreement (CUSFTA), we examine how regional content requirements in Free Trade Areas (FTAs) affect competition and prices in intermediate goods markets. Content requirements in FTAs shelter firms from competition more than an equivalent trade-protection tariff would. We document patterns in US industry-level census data and Canadian product-level export data that align with theoretical predictions: stricter and binding content requirements a...
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作者：Li, Lei; Mihalache, Gabriel
作者单位：State University of New York (SUNY) System; Stony Brook University; University System of Ohio; Ohio State University
摘要：We develop a quantitative theory of the long-run frequency of sovereign default, in which the government's willingness to risk crises reflects the sectoral composition of the economy. Development and structural transformation alter the trade-offs faced by the government, with the implication that default is largely a lower income country phenomenon, as in the data. Default impacts adversely the balance sheets of financial intermediaries, who then offer unfavorable rates on working capital loan...
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作者：Boer, Lukas; Lee, Jaewoo; Sun, Mingzuo
作者单位：International Monetary Fund; International Monetary Fund; Dongbei University of Finance & Economics; Dongbei University of Finance & Economics
摘要：What are the key drivers of current account dynamics? We estimate shocks that explain most of the variation in the current account for the US and other G7 economies. Discovering that the dominant shocks contradict the expenditure switching effect at business cycle frequency, we then explore which macroeconomic shocks are behind these empirical dominant drivers of the current account. Rather than traditional aggregate shocks to supply and demand or recently emphasized financial shocks, shocks t...
