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作者：Schmitt-Grohe, Stephanie; Uribe, Martin
作者单位：Columbia University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：This paper provides microfoundations to the Salter-Swan policy framework, a graphical apparatus designed to ascertain the exchange-rate and fiscal stance of a policymaker with internal and external economic targets. The environment is an infinite-horizon small open economy producing tradable and nontradable goods that takes world prices and world interest rates as given and is populated by optimizing households and firms. The economy is subject to terms of trade, interest rate, and discount fa...
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作者：Gurkaynak, Refet S.; Kara, A. Hakan; Kisacikoglu, Burcin; Lee, Sang Seok
作者单位：Ihsan Dogramaci Bilkent University
摘要：Central banks unexpectedly tightening policy rates often observe the exchange value of their currency depreciate, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using event studies and ask whether an information effect, where the public attributes the policy surprise to an unobserved state of the economy, may explain the abnormality. It turns out that many informational assumptions make a standard two country New Keynesian model match this ...
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作者：Crescenzi, Riccardo; Di Cataldo, Marco; Giua, Mara
作者单位：University of London; London School Economics & Political Science; Universita Ca Foscari Venezia; Roma Tre University
摘要：Can active investment promotion efforts attract FDI towards areas and sectors that would not otherwise be targeted? This paper leverages an ad hoc survey on national and sub-national In-vestment Promotion Agencies (IPAs) in Europe and applies state-of-the-art policy evaluation methods to estimate the impact of IPAs on FDI attraction. The results show that FDI responds to IPAs even in advanced economies. Sub-national IPAs, operating in closer proximity to inves-tors' operations, attract FDI in ...
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作者：Ludema, Rodney D.; Mayda, Anna Maria; Yu, Zhi; Yu, Miaojie
作者单位：Georgetown University; Center for Economic & Policy Research (CEPR); Renmin University of China; Peking University
摘要：This paper explores the political economy of import protection in a setting where imports may contain a country's own domestic value added (DVA) via domestically-produced inputs that get exported and used in foreign downstream production. We show that import-competing producers and their domestic input suppliers are generally allies in favor of protection, but this alliance weakens as DVA increases, because a home tariff on finished goods decreases foreign demand for home inputs. Empirically, ...
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作者：Ilzetzki, Ethan; Jin, Keyu
作者单位：University of London; London School Economics & Political Science
摘要：We demonstrate a dramatic change over time in the international transmission of US monetary policy shocks. International spillovers from US interest rate policy have had a different nature since the 1990s than they did in post-Bretton Woods period. Our analysis is based on a panel of 21 high income and emerging market economies. Prior to the 1990s, the US dollar appreciated, and ex-US industrial production declined, in response to increases in the US Federal Funds Rate, as predicted by textboo...
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作者：Bems, Rudolfs; Kikkawa, Ayumu Ken
作者单位：International Monetary Fund; Centre for Economic Policy Research - UK; University of British Columbia
摘要：Global Value Chains have proliferated in economic policy debates. Yet a key concept-trade in value added-is likely mismeasured because of sectoral aggregation bias stemming from reliance on input-output tables. This paper uses comprehensive firm-level data on domestic and international transactions to study this bias. We find that sectoral aggregation leads to overstated trade in value added. The magnitude of the bias varies across countries-at 2-5 p. p. of gross exports for Belgium and 17 p.p...
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作者：Krolikowski, Pawel M.; McCallum, Andrew H.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We add goods-market frictions to a general equilibrium dynamic model with heterogeneous exporting producers and identical importing retailers. Our tractable framework leads to endog-enously unmatched product varieties that reduce welfare, attenuate welfare responses, increase the responsiveness of trade to iceberg costs, and operate mainly through the extensive margin. Quantitative results based on U.S. and Chinese data suggest that reducing international search costs to their domestic levels ...
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作者：Barattieri, Alessandro; Cacciatore, Matteo; Ghironi, Fabio
作者单位：University of Quebec; University of Quebec Montreal; Bank of Canada; Universite de Montreal; HEC Montreal; University of Washington; University of Washington Seattle; National Bureau of Economic Research; Universite de Montreal; HEC Montreal; University of Washington; University of Washington Seattle
摘要：We study the macroeconomic effects of protectionism. First, using high-frequency trade policy data, we present fresh evidence on the dynamic effects of temporary trade barriers. Estimates from country-level and panel VARs show that protectionism acts as a supply shock, causing output to fall and inflation to rise in the short run. Moreover, protectionism has at best a small positive effect on the trade balance. Second, we build a small open economy model with firm heterogeneity, endogenous sel...
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作者：Chen, Cheng; Steinwender, Claudia
作者单位：Clemson University; University of Munich
摘要：When managers have objectives beyond maximizing monetary profits, inefficiencies may arise. An increase in competition may then force managers to improve the productivity of the firm in order to ensure survival. While this hypothesis has received ample theoretical attention, empirical evidence is scarce, mainly because preferences of managers are typically unobserved. In this paper, we exploit the fact that a large literature has documented specific non-monetary preferences of family managers....
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作者：Brandt, Loren; Li, Bingjing; Morrow, Peter M.
作者单位：University of Toronto; National University of Singapore
摘要：A major objective of policies promoting processing trade in developing countries is integration with global markets. A central feature of processing regimes is that firms do not have to pay tariffs on imported inputs as long as they are used exclusively in the production of goods for export. These firms are typically restricted from selling output using imported inputs on the domestic market. These restrictions can be viewed as a form of incomplete liberalization due to protectionist motives. ...
