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作者：Farrokhi, Farid
作者单位：Purdue University System; Purdue University
摘要：This paper develops a multi-country general equilibriummodel that incorporates crude oil global sourcing by refineries and refined oil demand by downstream industries that are connected through international trade and input-output linkages. I exploit detailed data on crude oil imports of US refineries, and derive a new procedure that allows for an all-in-one estimation of which suppliers refineries select and how much they buy from each. Using the estimates to evaluate counterfactual policies,...
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作者：Guilloux-Nefussi, Sophie
作者单位：European Central Bank; Bank of France
摘要：The decline in the sensitivity of inflation to domestic slack observed in developed countries since the mid-1980s has been often attributed to globalization. However, this intuition has so far not been formalized. I develop a general equilibrium setup in which the sensitivity of inflation to marginal cost decreases in response to a fall in trade costs. In order to do so, I add three ingredients to an otherwise standard two-country new-Keynesian model: strategic interactions, endogenous entry o...
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作者：Kaas, Leo; Mellert, Jan; Scholl, Almuth
作者单位：Goethe University Frankfurt; Dortmund University of Technology; University of Konstanz
摘要：Sovereign debt wises are often accompanied by deep recessions with sharp declines in external credit to the private sector. In a sample of emerging economies we find that both, sovereign and Ovate interest rate spreads are counter-cyclical. This paper presents a model of a small open economy that accounts for these empirical regularities. It includes private firms, which finance a fraction of imports by external debt and are subject to idiosyncratic productivity risk. and a government, which b...
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作者：Baley, Isaac; Veldkamp, Laura; Waugh, Michael
作者单位：Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); New York University; National Bureau of Economic Research
摘要：Common wisdom holds that uncertainty impedes trade-yet we show that uncertainty can fuel more trade in a simple general equilibrium trade model with information frictions. in equilibrium, increases in uncertainty increase both the mean and variance in returns to exporting. This implies that trade can increase or decrease with uncertainty, depending on preferences. Under general conditions on preferences, we characterize the importance of these forces using a sufficient statistics approach. Hig...
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作者：Kolasa, Marcin; Wesolowski, Grzegorz
作者单位：Warsaw School of Economics; Narodowy Bank Polski
摘要：This paper develops a two-country model with asset market segmentation to investigate the effects of quantitative easing implemented by the major central banks on a typical small open economy that follows independent monetary policy. The model is able to replicate the key empirical facts on emerging countries response to large scale asset purchases conducted abroad, including inflow of capital to local sovereign bond markets, an increase in international comovement of term premia, and change i...
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作者：Garcia-Cicco, Javier; Garcia-Schmidt, Mariana
摘要：A large literature estimates the exchange rate pass-through to prices (ERPT) using reduced-form approaches, whose results are an important input for Central Banks. We show two shortcomings of these empirical measures for monetary policy analysis, which are quantitatively important and may lead to imprecise and biased inflation predictions. First, while the literature describes a single ERPT, which we will label unconditional, there are different ERPT conditional on each shock that hits the eco...
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作者：Ding, Shuze; Puzzello, Daniela
作者单位：Nankai University; Indiana University System; Indiana University Bloomington
摘要：This paper integrates theory and experiments to explore how policy rules related to government interventions can affect economic allocations and the international status of a currency. Using a two-country, two-currency search model, we study two types of government interventions: (1) legal restrictions impacting a seller's ability to accept a foreign currency, and (2) reductions to the cost a seller must pay to accept a foreign currency. The first intervention can be viewed as a way to capture...
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作者：Pancrazi, Roberto; Prosperi, Lorenzo
作者单位：University of Warwick
摘要：In this paper we argue that an important and not-yet analyzed determinant of the observed heterogeneity of government debt across countries is the interaction between political conflicts and transparency of institutions. In the empirical part of the paper we show that whereas these two variables, per-se, are not significant determinants of observed debt levels across countries, their interaction is a key factor to explain debt-levels heterogeneity. Specifically, political conflicts imply highe...
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作者：Lee, Eunhee
作者单位：University System of Maryland; University of Maryland College Park
摘要：I present a new general equilibriumframework to quantify the effect of international trade on labormarket outcomes such as the skill premiumand reallocation of workers for a large number of countries. Worker-level comparative advantage based on workers' heterogeneous productivities is the key feature of the framework. I use household-levelmicrodata to quantify key aspects of themodel for 32 countries. I find that the calibrated decline in trade costs during 2000-2007 increased between-educatio...
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作者：Fontaine, Francois; Martin, Julien; Mejean, Isabelle
作者单位：Paris School of Economics; University of Quebec; University of Quebec Montreal; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We study the cross-sectional dispersion of prices paid by EMU importers for French products. We document a significant level of dispersion in unit values both within product categories across exporters, and within exporters across buyers. This latter source of price discrepancies, which we call price discrimination, reflects the ability of exporters to sell similar or differentiated varieties of a given product at different prices to different buyers. Price discrimination (i) is substantial wi...
