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作者：Akinci, Ozge; Chahrour, Ryan
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Boston College
摘要：We estimate a model with an occasionally-binding collateral constraint, and find that half of productivity shocks are anticipated by households. In the estimated model, good news about productivity raises leverage, increasing the probability that a Sudden Stop occurs in future periods. In the run-up to the Sudden Stop, the economy exhibits a boom period with consumption and investment above trend, consistent with the data. During the Sudden Stop, the nonlinear effects of the constraint induce ...
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作者：Cho, Jaehan
作者单位：Korea Institute for Industrial Economics & Trade (KIET)
摘要：This paper provides empirical evidence of the prevalence and importance of manager transfers to affiliates of multinational corporations (MNCs). Using a unique data set on foreign affiliates of Korean MNCs, I find that most foreign affiliates have managers transferred from their parent companies. These transferred managers at first comprise a significant portion of the managerial positions at foreign affiliates, but gradually become outnumbered by local managers as the affiliates grow. Despite...
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作者：Mengus, Eric
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：Why does a borrowing country not avoid the internal cost of default, an important driver of sovereign debt repayment, by implementing domestic sector bailouts? This paper investigates sovereign debt sustainability in a model where domestic and foreign investors optimally select their portfolios and the sovereign decides over its default and bailout policies. It shows that internal bailouts do not preclude sovereign borrowing when domestic private exposures to sovereign debt, direct or indirect...
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作者：Jarocinski, Marek; Mackowiak, Bartosz
作者单位：European Central Bank; Centre for Economic Policy Research - UK
摘要：When monetary and fiscal policy are conducted as in the euro area, output, inflation, and government bond default premia are indeterminate according to a standard sticky-price general equilibrium model extended to include defaultable public debt. With sunspots, the model mimics the recent euro area data. We specify an alternative configuration of monetary and fiscal policy, with a non-defaultable eurobond. If this policy arrangement had been in place since the onset of the Great Recession, out...
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作者：Raff, Horst; Ryan, Michael; Staehler, Frank
作者单位：University of Kiel; Leibniz Association; Ifo Institut; University of Kiel; Western Michigan University; Eberhard Karls University of Tubingen; University of Adelaide
摘要：Using Japanese microdata for the period 1980 to 2000 we find evidence for two transmission channels from financial shocks to foreign direct investment: a collateral channel, whereby changes in the value of investors' landholdings affect their borrowing ability; and a lending channel, whereby changes in bank health affect banks' lending ability. Decreasing land values by 55% on average from their peak in 1990 to the sample mean reduces the predicted number of investments by 17%. Reducing banks'...
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作者：Lyon, Spencer G.; Waugh, Michael E.
作者单位：New York University; National Bureau of Economic Research
摘要：Should a nation's tax system become more progressive as it opens to trade? Does opening to trade change the benefits of a progressive tax system? We answer these question within a standard incomplete markets model with frictional labor markets and Ricardian trade. Consistent with empirical evidence, adverse shocks to comparative advantage lead to labor income losses for import-competition-exposed workers: with incomplete markets, these workers are imperfectly insured and experience welfare los...
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作者：Krieger, Tim; Renner, Laura; Ruhose, Jens
作者单位：University of Freiburg; Leibniz Association; Ifo Institut; Leibniz University Hannover; IZA Institute Labor Economics
摘要：This paper studies the effect of the long-term relatedness between countries, measured by their genetic distance, on educational migrant selection. Analyzing bilateral migrant stocks of the 15 main destination countries and 85 sending countries for the year 2000, we find that migrant selection and genetic distance follow a nonlinearJ-shaped pattern: at low levels of genetic distance, increases in genetic distance reduce the positive selection of migration. However, at higher levels of genetic ...
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作者：Frankel, Jeffrey; Rey, Helene
作者单位：Harvard University; National Bureau of Economic Research; University of London; London Business School
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作者：Gete, Pedro; Melkadze, Givi
作者单位：IE University; Georgetown University
摘要：Changes in country-specific aggregate volatility are positively correlated with the current account but negatively correlated with investment, output and credit flows. An International Real Business Cycle model with time-varying aggregate uncertainty, through a precautionary savings channel, can account for the positive correlation but implies counterfactual comovements for the other variables. Adding a credit supply channel with default and lenders exposed to aggregate risk allows the model t...
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作者：McCalman, Phillip
作者单位：University of Melbourne
摘要：This paper studies the relationship between income distribution and international integration in a canonical trade setting with one change. In the standard model prices are solely a function of (constant) marginal costs and (constant) elasticities, implying that information on individual incomes are of no value to a firm. To allow a more realistic role for consumer level information, a firm's strategy space is expanded to include non-linear prices. Now profit maximizing firms use information o...
