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作者：Lake, James; Nken, Moise; Yildiz, Halis Murat
作者单位：Southern Methodist University; University West Indies Mona Jamaica; Toronto Metropolitan University
摘要：We show that multilateral tariff binding liberalization substantially impacts the nature and extent of Preferential Trade Agreement (PTA) formation. First, it shapes the nature of forces constraining expansion of Free Trade Agreements (FTAs). The constraining force is a free riding incentive of FTA non-members under relatively high bindings but an exclusion incentive of FTA members under relatively low bindings. Second, multilateral tariff binding liberalization shapes the role played by PTAs ...
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作者：Bahar, Dany
作者单位：Brookings Institution
摘要：Using a unique global dataset on multinational corporations (MNCs) with precise location of headquarters and affiliates, I present evidence of a trade-off between distance to the headquarters and knowledge intensity of the affiliates' economic activity. This trade-off is strongly diminished the higher the overlap inworking hours between the headquarters and the affiliate. In order to rule out biases arising fromconfounding factors, I implement a regression discontinuity framework to show that ...
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作者：Kohl, Miriam
作者单位：Johannes Gutenberg University of Mainz
摘要：This paper examines the distributional effects of international trade in a general equilibrium model with heterogeneous agents and a welfare state redistributing income. The redistribution scheme is financed by a progressive income tax and gives the same absolute transfer to all individuals. Ceteris paribus, international trade leads to an increase in income per capita but also to higher income inequality on two fronts. Inter-group inequality between managers and workers increases, and intra-g...
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作者：Ramanarayanan, Ananth
作者单位：Western University (University of Western Ontario)
摘要：This paper characterizes how plant-level heterogeneity in imported input use affects the aggregate welfare gains from trade. Heterogeneous plants choose a fraction of inputs to source from the lowest cost source country, with the rest purchased domestically. Sourcing more inputs requires higher up-front fixed costs, but reduces variable input costs, so import shares are increasing in plant size. Welfare gains are inversely proportional to the general equilibrium elasticity of the aggregate imp...
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作者：Dvorkin, Maximiliano; Sanchez, Juan M.; Sapriza, Horacio; Yurdagul, Emircan
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Universidad Carlos III de Madrid
摘要：Leading into a debt crisis, interest rate spreads on sovereign debt rise before the economy experiences a decline in productivity, suggesting that news about future economic developments may play an important role in these episodes. An empirical VAR estimation shows that a news shock has a larger contemporaneous impact on sovereign credit spreads than a comparable shock to labor productivity. A quantitative model of news and sovereign debt default with endogenous maturity choice generates impu...
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作者：Bagwell, Kyle; Lee, Seung Hoon
作者单位：Stanford University; National Bureau of Economic Research; University System of Georgia; Georgia Institute of Technology
摘要：We analyze unilateral, efficient and Nash trade policies in a symmetric, two-country version of the Melitz-Ottaviano (2008) model. Starting at global free trade, we show that a country gains from the introduction of (1) a small import tariff; (2) a small export subsidy, if trade costs are low and the dispersion of productivities is high; and (3) an appropriately combined small increase in its import and export tariffs. The welfare of its trading partner, however, falls in each of these three c...
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作者：Wang, Zi
作者单位：Shanghai University of Finance & Economics
摘要：I study the welfare implications of corporate taxation in the presence of multinational production (MP) to understand the consequences of international tax competition and cooperation. I build a quantifiable general equilibrium model with trade. MP, and salient features of international corporate tax system. The model delivers structural equations that can be used to estimate the key parameters governing the response of firms' production locations to changes in corporate tax rates. Calibrating...
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作者：Frankel, Jeffrey; Rey, Helene
作者单位：Harvard University; University of London; London Business School
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作者：Picard, Pierre M.; Worrall, Tim
作者单位：University of Luxembourg; University of Edinburgh; Universite Catholique Louvain
摘要：Fiscal integration is recognized as an important issue in determining whether countries establish a common currency area. Fiscal integration between sovereign states is, however, limited by the ability of countries to commit to fiscal transfers. This paper supposes that fiscal transfers between countries must be voluntary and asks how this influences the choice between a currency area and a flexible exchange rate regime. It presents a model with wage rigidity in which, absent transfers, the fl...
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作者：Avdjiev, Stefan; Gambacorta, Leonardo; Goldberg, Linda S.; Schiaffi, Stefano
作者单位：Bank for International Settlements (BIS); Federal Reserve System - USA; Federal Reserve Bank - New York; European Central Bank; Bank of Italy
摘要：The sensitivities of themain global liquidity components, international loan and bond flows, to global factors varied considerably over the past decade. The estimated sensitivity to US monetary policy rose substantially in the immediate aftermath of the Global Financial Crisis, peaked around the time of the 2013 Fed taper tantrum, and then reverted towards pre-crisis levels. Conversely, the responsiveness of international bank lending to global risk conditions declined steadily throughout the ...
