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作者：Duval, Romain; Li, Nan; Saraf, Richa; Seneviratne, Dulani
作者单位：International Monetary Fund; State University of New York (SUNY) System; University at Albany, SUNY
摘要：Ever since Frankel and Rose's (1998) seminal paper, the literature on trade and business cycle synchronization has relied on gross trade data, with weak results in recent papers that carefully address omitted variable bias. This paper re-examines this relationship using new value-added trade data for 63 advanced and emerging economies during 1995-2013. In a panel framework, we identify a significantly positive impact of bilateral (value-added) trade intensity on business cycle synchronization ...
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作者：Korinek, Anton; Sandri, Damiano
作者单位：Johns Hopkins University; National Bureau of Economic Research; International Monetary Fund
摘要：International capital flows can create significant financial instability in emerging economies. Does this make it optimal to impose capital controls or should policymakers rely on domestic macroprudential regulation in their quest for greater financial stability? This paper shows that it is desirable to employ both instruments to mitigate contractionary exchange rate depreciations: Macroprudential regulation reduces the amount and riskiness of financial liabilities, no matter whether they are ...
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作者：Missios, Paul; Saggi, Kamal; Yildiz, Halis Murat
作者单位：Toronto Metropolitan University; Vanderbilt University
摘要：In a game of endogenous trade agreements between three countries, we show that while the pursuit of customs unions (CUs) prevents global free trade from emerging as a coalition-proof Nash equilibrium, the pursuit of free trade agreements (FTAs) does not. This result reflects the relatively flexible nature of FTAs: whereas each FTA member can independently undertake further trade liberalization with respect to the non-member, CU members must do so as a group due to their common external tariff....
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作者：Elberg, Andres
作者单位：University Diego Portales
摘要：This paper uses a novel dataset of weekly sampled store-level prices to study the impact of sticky prices on the volatility and persistence of intranational deviations from the Law of One Price (LOP). The volatility of LOP deviations is found to be increasing both on the distance separating two locations and on the degree of price stickiness. Sticky prices are also found to be systematically related to the persistence of LOP deviations: Half-lives of LOP deviations are systematically larger fo...
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作者：Agrawal, Ajay; Lacetera, Nicola; Lyons, Elizabeth
作者单位：University of Toronto; University of Toronto; University Toronto Mississauga; University of California System; University of California San Diego
摘要：We examine trade in services between employers from developed countries (DCs) and workers from less developed countries (LDCs) on an online platform for contract labor. We report evidence that 1) DC employers are less likely to hire LDC compared to DC workers even after controlling for a wide range of observables, 2) workers with standardized and verified work history information are more likely to be hired, and 3) information on verified work history disproportionately benefits LDC contractor...
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作者：Hemous, David
作者单位：University of Zurich; INSEAD Business School; Centre for Economic Policy Research - UK
摘要：This paper builds a two-country, two-sector (polluting, nonpolluting) trade model with directed technical change, examining whether unilateral environmental policies can ensure sustainable growth. The emission rate of the polluting sector depends on its relative use of a clean and a dirty input. A unilateral policy combining clean research subsidies and a trade tax can ensure sustainable growth, while unilateral carbon taxes alone increase innovation in the polluting sector abroad and generall...
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作者：Anderson, James E.; Yotov, Yoto V.
作者单位：Boston College; Drexel University; Bulgarian Academy of Sciences
摘要：This paper infers the terms of trade effects of free trade agreements (FTAs) implemented in the 1990s. We estimate large FTA effects on bilateral trade volume in 2 digit manufacturing goods from 1990-2002, using panel data gravity methods to resolve two way causality. The terms of trade changes implied by these volume effects are deduced for 40 countries plus a rest-of-the-world aggregate using an endowments general equilibrium model. Some countries gain over 5% of real manufacturing income, s...
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作者：Guiso, Luigi; Herrera, Helios; Morelli, Massimo
作者单位：Universite de Montreal; HEC Montreal; Bocconi University
摘要：If citizens of different countries belonging to an economic union adhere to different and deeply rooted cultural norms, when these countries interact they may find it impossible to agree on efficient policies, especially in hard times. Political leaders are bound to follow policies that do not violate their country's cultural norms. This paper provides a simple positive theory and a compelling case study of the Euro area crisis to highlight the importance of cultural clashes when economies int...
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作者：Lee, Gea M.
作者单位：Singapore Management University
摘要：The WTO's strict treatment of domestic subsidies has not been well received in the existing literature. An essential reason is that the consequent restriction on domestic efficiency is hardly compatible with the existing theory of government intervention under which the primary objective of using domestic subsidies, domestic efficiency, is not sacrificed for another objective. We develop a trade-agreement model in which the magnitude of a legitimate domestic subsidy with which to address a pro...
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作者：Anderson, James E.; Neary, J. Peter
作者单位：Boston College; National Bureau of Economic Research; University of Oxford; Leibniz Association; Ifo Institut
摘要：What kinds of tariff reform are likely to raise welfare in situations where tariff revenue is important? General conditions for welfare to rise without reducing tariff revenue are opaque. We show that they can be greatly simplified using a small number of sufficient statistics, primarily the generalized mean and variance of tariffs. We present sufficient conditions for a class of linear tariff reform rules that guarantee higher welfare without a loss in revenue. The rules consist of convex com...
