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作者：Ben Zeev, Nadav
作者单位：Ben-Gurion University of the Negev
摘要：The recent global financial crisis has re-emphasized the need for better understanding the relation between the type of exchange rate regime (ERR) in place and the effects of global credit supply shocks. Recent advances in the measurement of such shocks and their large realizations in the recent financial crisis produce a suitable quasi natural experiment for studying this relation. Toward this end, I use ERR classification data for a panel of 40 emerging market economies (EMEs) to establish t...
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作者：Agca, Senay; Igan, Deniz
作者单位：George Washington University; International Monetary Fund
摘要：Using loan-level data covering 15 advanced economies over 1990-2014, we show that the cost of credit increases with fiscal consolidations. This increase is observed with both tax hikes and spending cuts, and is smaller when the consolidation is large. The cost of credit goes up with tax hikes that apply to a particular sector, but not with spending cuts that are directed at a certain sector. Firms that face higher costs tend to be small, highly leveraged, domestic, government dependent, and fi...
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作者：Brucal, Arlan; Javorcik, Beata; Love, Inessa
作者单位：University of London; London School Economics & Political Science; University of Oxford; Centre for Economic Policy Research - UK; University of Oxford; University of Hawaii System; University of Hawaii Manoa
摘要：The link between foreign ownership and environmental performance remains a controversial issue. This paper contributes to our understanding of this subject by analyzing the impact of foreign acquisitions on plant-level energy intensity. The analysis applies a difference-in-differences approach combined with propensity score matching to the data from the Indonesian Manufacturing Census for the period 1983-2001 (or 1983-2008 in robustness checks). It covers 210 acquisition cases where an acquire...
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作者：Bick, Alexander; Bruggemann, Bettina; Fuchs-Schuendeln, Nicola; Paule-Paludkiewicz, Hannah
作者单位：Arizona State University; Arizona State University-Tempe; McMaster University; Goethe University Frankfurt; Centre for Economic Policy Research - UK
摘要：We document the time-series of employment rates and hours worked per employed by married couples in the US and seven European countries (Belgium, France, Germany, Italy, the Netherlands, Portugal, and the UK) from the early 1980s through 2016. Relying on a model of joint household labor supply decisions, we quantitatively analyze the role of non-linear labor income taxes for explaining the evolution of hours worked of married couples over time, using as inputs the full country- and year-specif...
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作者：Del Negro, Marco; Giannone, Domenico; Giannoni, Marc P.; Tambalotti, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：The trend in the world real interest rate for safe and liquid assets fluctuated close to 2% for more than a century, but has dropped significantly over the past three decades. This decline has been common among advanced economies, as trends in real interest rates across countries have converged over this period. It was driven by an increase in the convenience yield for safety and liquidity and by lower global economic growth. (C) 2019 Elsevier B.V. All rights reserved.
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作者：Bodenstein, Martin; Kamber, Gunes; Thoenissen, Christoph
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Bank for International Settlements (BIS); University of Sheffield
摘要：We show that a model of an advanced small open economy with exports in commodities and search and matching frictions in the labour market can match the impulse responses from a panel vector autoregression to an identified commodity price shock. Using a minimum distance strategy, we find that international financial risk sharing is low even for advanced small open economies. Moreover, a strong real exchange rate appreciation is key for an unexpected commodity price increase to induce a tighteni...
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作者：Li, Shengyu
作者单位：University of New South Wales Sydney
摘要：This paper develops and estimates a dynamic model of exporting to quantify how productivity and uncertain foreign demand separately influence firms' export participation. In this model, firms face uncertainty about their own foreign demand, and they update their beliefs based on individual export transactions according to Bayes' rule. I estimate the model using data on firm-level production and transaction-level exports to Germany in the Chinese ceramics and glass industry. The empirical resul...
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作者：Raimondos, Pascalis; Woodland, Alan
作者单位：Queensland University of Technology (QUT); University of New South Wales Sydney
摘要：We propose a reciprocity rule for use in multilateral trade policy negotiations that is guaranteed to raise welfare of all participating countries under minimal assumptions. Our reciprocity rule requires all countries to raise the quantities of their net imports by the same proportion. We show that, starting from a Nash tariff equilibrium, a tariff reform that delivers proportional increases in all countries' net imports will unambiguously raise welfare in each country. The structure imposed b...
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作者：Foellmi, Reto; Grossmann, Sandra Hanslin; Kohler, Andreas
作者单位：University of St Gallen; Swiss National Bank (SNB); Swiss Federal Research Station Agroscope
摘要：This paper presents a dynamic North-South general-equilibrium model where per capita incomes shape demand patterns across regions. Innovation takes place in a rich North while firms in a poor South imitate products manufactured in North. Allowing a role for per capita incomes in determining demand delivers a complete international product cycle as described by Vernon (1966), where the different stages of the product cycle are not only determined by supply-side factors but also by the distribut...
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作者：Hill, Brian; Michalski, Tomasz
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); Hautes Etudes Commerciales (HEC) Paris
摘要：We study portfolio allocation and characterize contracts issued by firms in the international financial market when investors exhibit ambiguity aversion and perceive ambiguity in assets issued in foreign locations. Increases in the variance of their risky production process cause firms to issue assets with a higher variable payment (equity). Hikes in investors' perceived ambiguity have the opposite effect, and lead to less risk-sharing. Entrepreneurs from capital-scarce countries finance thems...
