Search Results
Speech
The U.S. economic outlook
Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.
Newsletter
Economic globalization
Globalization has been covered heavily in the news recently, with special focus on the rise of China in the global economy and the sense of more job insecurity in the United States.
Conference Paper
The United States as an open economy
Speech
The longer-term challenges ahead
Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom.
Working Paper
The perils of globalization: offshoring and economic insecurity of the American worker
According to polls from the 2006 congressional elections, globalization and economic insecurity were the primary concerns of many voters. These Americans apparently believe that they have fallen victim to liberal trade polices and that inexorable trends in globalization are destroying the American Dream. In this analysis, we use time series cross-section data from the General Social Survey (GSS) to examine the links among offshoring, labor market volatility, and the demand for social insurance. Unique among the GSS literature, our analysis includes a pseudo-panel model which permits including ...
Journal Article
Multinationals from emerging economies: growing but little understood
Their share of the foreign investment pie grew from 0.4 percent in 1970 to 15.8 percent in 2008. What's behind the growth?
Report
Home bias in trade: location or foreign-ness?
With "home bias," a consumer differentiates between domestic goods and imports and tends to purchase the domestic variety. A vast number of empirical studies in the international trade literature report the apparent prevalence of a large degree of home bias (the case of the "missing trade," the "border puzzle"). Many theoretical studies, in turn, assume its presence. Despite this wide usage, the origins of home bias remain cloudy. Do customs officials require extensive paper work, thus making imports prohibitively expensive? Is there some inherent distrust of a foreign product? ; This paper ...
Working Paper
International monetary policy coordination and financial market integration
The welfare gains from international coordination of monetary policy are analysed in a two-country model with sticky prices. The gains from coordination are compared under two alternative structures for financial markets: financial autarky and risk sharing. The welfare gains from coordination are found to be largest when there is risk sharing and the elasticity of substitution between home and foreign goods is greater than unity. When there is no risk sharing the gains to coordination are almost zero. It is also shown that the welfare gain from risk sharing can be negative when monetary ...