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Working Paper
Technological progress and endogenous capital depreciation: evidence from the U.S. and Japan
Dekle, Robert (1994)
Japanese government planners use the average age of the manufacturing capital stock as one measure of their country's international "competitiveness." Compared to the U.S., the data show that Japanese depreciation rates are higher and that capital stocks are younger. ; In much of economic analysis, higher rates of depreciation are assumed to result in poorer economic performance. A high depreciation rate lowers the net capital stock, and decreases the level of output. ; In this paper, we argue that Japan's high depreciation rate is caused by that country's high rate of technological ...
International Finance Discussion Papers , Paper 485

Working Paper
Asymmetric shocks in a currency union with monetary and fiscal handcuffs?
Erceg, Christopher J.; Lindé, Jesper (2010)
This paper investigates the impact of the asymmetric shocks within a currency union in a framework that takes account of the zero bound constraint on policy rates, and also allows for constraints on fiscal policy. In this environment, we document that the usual optimal currency argument showing that the effects of shocks are mitigated to the extent that they are common across member states can be reversed. Countries can be worse off when their neighbors experience similar shocks, including policy-driven reductions in government spending.
International Finance Discussion Papers , Paper 1012

Working Paper
The vicious circle argument and its relevance for the Italian economy
Lubitz, Raymond (1981)
International Finance Discussion Papers , Paper 186

Working Paper
The role of fiscal policy in an incomplete markets framework
Thomas, Charles P. (1993)
A general-equilibrium model is developed to highlight the link between neo-Keynesian models of unemployment and recent results on the constrained suboptimality of competitive economies with incomplete asset markets. Although the model deviates from the Arrow-Debreu paradigm only by the absence of some contingent claims, the competitive equilibrium exhibits underemployment and balanced-budget fiscal policies have Keynesian effects which are Pareto improving.
International Finance Discussion Papers , Paper 451

Working Paper
Terms-of-trade uncertainty and economic growth: are risk indicators significant in growth regressions?
Mendoza, Enrique G. (1994)
This paper examines a neoclassical stochastic endogenous growth model in which terms-of-trade uncertainty affects savings and consumption growth. The model explains the positive link between growth and the average rate of change of terms of trade found in recent empirical studies. In addition, terms-of-trade variability, as an indicator of risk, is found to be a key determinant of growth. This implies that welfare costs of uncertainty are much larger than conventional measures of costs of consumption instability. The model's key predictions are strongly supported by results of panel ...
International Finance Discussion Papers , Paper 491

Working Paper
Where are global and U.S. trade heading in the aftermath of the trade collapse: issues and alternative scenarios
Schnatz, Bernd; di Mauro, Filippo; Gruber, Joseph W.; Zorell, Nico (2011)
Global and U.S. trade declined dramatically in the wake of the global financial crisis in late 2008 and early 2009. The subsequent recovery in trade, while vigorous at first, gradually lost momentum in 2010. Against this backdrop, this paper explores the prospects for global and U.S. trade in the medium term. We develop a unified empirical framework ? an error correction model ? that exploits the cointegrating relationship between trade and economic activity. The model allows us to juxtapose several scenarios with different assumptions about the strength of GDP growth going forward and the ...
International Finance Discussion Papers , Paper 1017

Working Paper
Life expectancy of international cartels: an empirical analysis
Marquez, Jaime R. (1992)
This paper examines the empirical relation between market structure and life expectancy for cartels that were active in international commodity markets throughout this century. I consider two alternative empirical formulations and estimate their parameters recognizing that durability cannot take negative values. Both formulations predict that increases in either market shares or intercartel concentration prolong life expectancy but disagree in the relative importance of these two factors. The application of tests to discriminate among the two formulations does not support constant-elasticity ...
International Finance Discussion Papers , Paper 439

Working Paper
Risk Taking and Interest Rates : Evidence from Decades in the Global Syndicated Loan Market
Lee, Seung Jung; Stebunovs, Viktors; Liu, Lucy Qian (2017-01)
We study how low interest rates in the United States affect risk taking in the market for cross-border corporate loans. Because banks tend to originate these loans with intent to sell to nonbank investors, we examine risk taking by the broad financial system. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of cross-border spillover effects of U.S. monetary policy and highlights the global lending and risk-taking channels. We find that movements in the U.S. interest rates have an important effect on ex-ante credit risk of ...
International Finance Discussion Papers , Paper 1188

Working Paper
Expected and unexpected changes in exchange rates
Isard, Peter (1979)
International Finance Discussion Papers , Paper 145

Working Paper
Idiosyncratic tastes in a two-country optimizing model: implications ; of a standard presumption
Warnock, Francis E. (1998)
International spillovers and exchange rate dynamics are examined in a two-country dynamic optimizing model that allows for idiosyncratic tastes across countries. Specifically, there is a home-good bias in consumption patterns: at given relative prices the ratio of home goods consumed to foreign goods consumed is higher in the home country. The setup nests Obstfeld and Rogoff (1995), who assume identical tastes. Allowing for idiosyncratic tastes produces results that differ from Obstfeld and Rogoff's expansionary monetary policy increases home utility by more, the positive spillovers of a ...
International Finance Discussion Papers , Paper 631

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