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Interest Rate Volatility and Macroeconomic Dynamics: Heterogeneity Matters 利率波动和宏观经济动态:异质性问题
Wiley-Blackwell: Review of International Economics Pub Date : 2020-04-18 DOI: 10.1111/roie.12477
Michael Curran, Adnan Velic
{"title":"Interest Rate Volatility and Macroeconomic Dynamics: Heterogeneity Matters","authors":"Michael Curran, Adnan Velic","doi":"10.1111/roie.12477","DOIUrl":"https://doi.org/10.1111/roie.12477","url":null,"abstract":"We examine the relation between real interest rate volatility and aggregate fluctuations for a diverse sample of countries. Compiling a new dataset including emerging and advanced countries, the substantial variation in our data yields novel results: (a) stochastic volatility outperforms Markov‐switching in representing interest rates, (b) some advanced economies can be more volatile than emerging markets, and (c) creditors take on more debt following volatility shocks. We show how an equilibrium business cycle model with uncertainty shocks can generate these facts. Sample heterogeneity produces significant parameter differences, playing an important role in distinguishing the effects of volatility shocks.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126298724","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Exports of Primary Goods and Human Capital Accumulation 初级产品出口与人力资本积累
Wiley-Blackwell: Review of International Economics Pub Date : 2019-11-01 DOI: 10.1111/roie.12428
Yulin Hou, Cem Karayalçin
{"title":"Exports of Primary Goods and Human Capital Accumulation","authors":"Yulin Hou, Cem Karayalçin","doi":"10.1111/roie.12428","DOIUrl":"https://doi.org/10.1111/roie.12428","url":null,"abstract":"Many developing countries have experienced export‐led growth in the last half century. This paper asks whether the content of what economies export matters for human capital accumulation. We construct a small open economy model and find that expansion of primary exports can harm human capital accumulation if the economy is initially allocating significant resources to the production of primary goods. We then test this prediction empirically using Latin American data over the period 1965 to 2010 and find robust evidence in support of the hypothesis that a shift towards primary exports reduces human capital accumulation. Given the importance of the latter for long‐run growth, our results suggest a potential role for policy intervention.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114298985","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Trade Balance Dynamics and Exchange Rates: In Search of the J‐Curve Using a Structural Gravity Approach 贸易平衡动态和汇率:用结构重力方法寻找J曲线
Wiley-Blackwell: Review of International Economics Pub Date : 2019-09-01 DOI: 10.1111/roie.12426
Harald Badinger, Aurélien Fichet de Clairfontaine
{"title":"Trade Balance Dynamics and Exchange Rates: In Search of the J‐Curve Using a Structural Gravity Approach","authors":"Harald Badinger, Aurélien Fichet de Clairfontaine","doi":"10.1111/roie.12426","DOIUrl":"https://doi.org/10.1111/roie.12426","url":null,"abstract":"This paper uses a structural gravity approach, specifying currency movements as trade cost component to derive an empirical trade balance model, which incorporates multilateral resistance terms and accounts for the cross-country variation in the exchange rate pass-through into import and export prices. The model is estimated using quarterly bilateral trade flows between 47 countries over the period 2010Q1-2017Q2, disaggregated into 97 commodity groups. Our results support the existence of an \"aggregate\" J-curve, pooled over commodity groups; at the same time they point to considerable heterogeneity in the trade balance dynamics across industries below the surface of aggregate data.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130627836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Trade Liberalization, Consumption Shifting and Pollution: Evidence from Mexico's Used Vehicle Imports 贸易自由化、消费转移与污染:来自墨西哥二手车进口的证据
Wiley-Blackwell: Review of International Economics Pub Date : 2019-08-21 DOI: 10.1111/roie.12436
Liangheng Chen, B. Cecilia Garcia‐Medina, Rui Wan
{"title":"Trade Liberalization, Consumption Shifting and Pollution: Evidence from Mexico's Used Vehicle Imports","authors":"Liangheng Chen, B. Cecilia Garcia‐Medina, Rui Wan","doi":"10.1111/roie.12436","DOIUrl":"https://doi.org/10.1111/roie.12436","url":null,"abstract":"En este documento se desarrolla un modelo del comercio de vehículos usados entre países con diferentes regulaciones ambientales con respecto a las emisiones de autos. Se prueba que en EUA, dado las estrictas regulaciones ambientales, hay incentivos para exportar autos usados a México, lo cual afecta las emisiones de contaminación del aire por la movilidad vehicular en México. Utilizando una base de datos del registro de vehículos en México y de importaciones posteriores a la firma de TLCAN, se encuentra que las importaciones de vehículos usados de México redujeron el promedio de emisiones de contaminantes vehiculares debido principalmente al \"efecto técnico\" -diferencia de emisiones de vehículos de modelo y edad comparables entre los que circulan en EUA antes de ser importados (emiten menos contaminantes) y los que circulan en México.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122249985","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Regional Variations in Exporters’ Productivity Premium: Theory and Evidence 出口商生产率溢价的地区差异:理论与证据
Wiley-Blackwell: Review of International Economics Pub Date : 2019-08-01 DOI: 10.1111/roie.12398
Toshihiro Okubo, Eiichi Tomiura
{"title":"Regional Variations in Exporters’ Productivity Premium: Theory and Evidence","authors":"Toshihiro Okubo, Eiichi Tomiura","doi":"10.1111/roie.12398","DOIUrl":"https://doi.org/10.1111/roie.12398","url":null,"abstract":"The international trade literature confirms that the average productivity of exporters is higher than that of non-exporters, while economic geography studies establish that urban firms tend to be more productive than rural ones. By introducing region-specific transportation costs in a Melitz-type heterogeneous firm trade model, the theory predicts that the minimum threshold productivity level for export is higher but that for survival by serving the local market is lower in the periphery region than in the core. Using Japanese plant-level panel data, we find evidence supporting the theoretical prediction that exporters in the peripheral regions, especially those distant from the core, have large productivity premiums.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133977688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Export Cartel and Consumer Welfare 出口卡特尔与消费者福利
Wiley-Blackwell: Review of International Economics Pub Date : 2018-09-30 DOI: 10.1111/roie.12362
A. Mukherjee, U. Sinha
{"title":"Export Cartel and Consumer Welfare","authors":"A. Mukherjee, U. Sinha","doi":"10.1111/roie.12362","DOIUrl":"https://doi.org/10.1111/roie.12362","url":null,"abstract":"The purpose of this paper is to show that export cartels are not necessarily harmful for consumers in the importing countries. Using the strategic trade policy model of Brander and Spencer (1985a), we show that, contrary to the harmful effect, product-market cooperation benefits consumers by affecting the trade policies. We further show that consumers in the importing countries are affected adversely if cooperation is among the governments of the exporting countries, instead of the exporting firms.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"40 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113991364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Learning to Sell in New Markets: A Preliminary Analysis of Market Entry by a Multinational Firm 学习在新市场销售:一家跨国公司进入市场的初步分析
Wiley-Blackwell: Review of International Economics Pub Date : 2018-09-21 DOI: 10.1111/roie.12369
Ignatius J. Horstmann, J. Markusen
{"title":"Learning to Sell in New Markets: A Preliminary Analysis of Market Entry by a Multinational Firm","authors":"Ignatius J. Horstmann, J. Markusen","doi":"10.1111/roie.12369","DOIUrl":"https://doi.org/10.1111/roie.12369","url":null,"abstract":"We consider the multinational firm's decision on whether to enter a new market immediately via direct investment or to contract initially with a local agent and (possibly) invest later. Use of a local agent allows the multinational to avoid costly mistakes by finding out if the market is large enough to support direct investment. However, the agent is able to extract information rents from the multinational due to being better informed about market characteristics. We derive the optimal sequence of agent contracts and discuss situations in which the multinational contracts initially with a local agent and then converts subsequently to an owned sales operation.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128974378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Sources of Heterogeneous Gains from Trade: Income Differences and Non‐Homothetic Preferences 异质性贸易收益的来源:收入差异和非同质偏好
Wiley-Blackwell: Review of International Economics Pub Date : 2018-09-05 DOI: 10.1111/roie.12368
P. Egger, Sergey Nigai
{"title":"Sources of Heterogeneous Gains from Trade: Income Differences and Non‐Homothetic Preferences","authors":"P. Egger, Sergey Nigai","doi":"10.1111/roie.12368","DOIUrl":"https://doi.org/10.1111/roie.12368","url":null,"abstract":"This paper considers the interrelationship between a hierarchy of consumption needs of agricultural goods, manufactures, and services as a central feature of the demand side of economies and the demand for skilled and unskilled workers, whose incomes differ. The relationship is established as skilled and unskilled labor are used in conjunction with capital goods in a nested constant‐elasticity‐of‐substitution (CES) production function, which features capital‐skill complementarity and a substitutive relationship between the bundle of capital and skills on the one hand and unskilled labor on the other hand. Incomes differ across countries both within and between types of workers. As trade costs change, relative and absolute incomes of worker types change and so does the worker‐type‐specific pattern of consumption. A calibration and simulation exercise documents that a consideration of the supply‐and‐demand‐side linkage in this hierarchy‐of‐needs model matters quantitatively for the role of trade liberalization in the world economy.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126947016","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Foreign Direct Investment, Input Prices, and Host Country Welfare 外国直接投资、投入价格和东道国福利
Wiley-Blackwell: Review of International Economics Pub Date : 2018-09-04 DOI: 10.1111/roie.12355
Kuo‐Feng Kao, Chin-Sheng Chen
{"title":"Foreign Direct Investment, Input Prices, and Host Country Welfare","authors":"Kuo‐Feng Kao, Chin-Sheng Chen","doi":"10.1111/roie.12355","DOIUrl":"https://doi.org/10.1111/roie.12355","url":null,"abstract":"This paper analyzes a multinational firm’s foreign direct investment decision, through either greenfield investment or cross‐border merger and acquisition, into a host country with an input monopoly that adopts either uniform pricing or discriminatory pricing. The optimal foreign entry mode could differ under each pricing policy. Under Cournot competition, firms’ technological gap and the initial local market structure are critical to the choice of foreign entry mode, whereas product substitutability is important under Bertrand competition. In the presence of foreign entry, this paper also examines the welfare effects of input price discrimination for the host country.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131759910","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Trade Policy Preference, Childhood Sporting Experience, and Informal School Curriculum: An Examination of Views of the TPP from the Viewpoint of Behavioral Economics 贸易政策偏好、儿童运动经验与非正式学校课程:行为经济学视角下的TPP观点检视
Wiley-Blackwell: Review of International Economics Pub Date : 2018-07-26 DOI: 10.1111/roie.12356
Eiji Yamamura, Y. Tsutsui
{"title":"Trade Policy Preference, Childhood Sporting Experience, and Informal School Curriculum: An Examination of Views of the TPP from the Viewpoint of Behavioral Economics","authors":"Eiji Yamamura, Y. Tsutsui","doi":"10.1111/roie.12356","DOIUrl":"https://doi.org/10.1111/roie.12356","url":null,"abstract":"We investigated how childhood education and experiences helped to form noncognitive skills and later, trade policy preferences. We used individual‐level data with approximately 10,000 observations collected in July 2016. Using the instrumental variables (IV) method, with sporting experience and informal education in the childhood as exogenous IV, we found that (1) sporting experiences and informal education lead people to have positive subjective views about the role of group work, competition, reciprocity, and generalized trust and (2) positive views about the role of group work, competition, reciprocity, and trust leads people to prefer the Trans‐Pacific Strategic Economic Partnership Agreement (TPP).","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116938938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
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