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Bernard, Andrew B.; Moxnes, Andreas; Ulltveit-Moe, … - C.E.P.R. Discussion Papers - 2013

Empirical studies of firms within industries consistently report substantial heterogeneity in measures of performance such as size and productivity. This paper explores the consequences of joint heterogeneity on the supply side (sellers) and the demand side (buyers) in international trade using...

Persistent link: https://www.econbiz.de/10011084201

Monetary Policy Shocks and Portfolio Choice

Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - C.E.P.R. Discussion Papers - 2010

The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...

Persistent link: https://www.econbiz.de/10008692318

Long-Term Capital Movements

Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2001

International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this Paper, we show that a small set of fundamentals shifts in relative output levels, the stock of public debt and demographic factors can do much to explain the...

Persistent link: https://www.econbiz.de/10005792250

External Wealth, the Trade Balance and the Real Exchange Rate

Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2002

We examine the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, we decompose the impact of a country’s net foreign asset position (‘external wealth’) on its long-run real exchange rate into two mechanisms: the relation between...

Persistent link: https://www.econbiz.de/10005124328

Business Cycles in a Small Open Economy

Correia, Isabel; Neves, Joao C; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 1994

This paper discusses a dynamic model that is consistent with the main empirical regularities of economic fluctuations in open economies. While other models in this class have relied on non-separable preferences or finite horizons to generate a realistic consumption volatility, we show that there...

Persistent link: https://www.econbiz.de/10005124343

Trade Costs, Trade Balances and Current Accounts: An Application of Gravity to Multilateral Trade

Fazio, Giorgio; MacDonald, Ronald; Melitz, Jacques - C.E.P.R. Discussion Papers - 2005

In this paper we test the well-known hypothesis of Obstfeld and Rogoff (2000) that trade costs are the key to explaining the so-called Feldstein-Horioka puzzle. Using a gravity framework in an intertemporal context, we provide strong support for the hypothesis and we reconcile our results with...

Persistent link: https://www.econbiz.de/10005497776

Intertemporal Prices and the US Trade Balance in Durable Goods

Burda, Michael C; Gerlach, Stefan - C.E.P.R. Discussion Papers - 1990

This paper shows that virtually all of the rapid worsening of the US trade deficit since 1982 can be attributed to the balance on durable goods. Moreover, this deterioration has been concentrated in capital goods rather than consumer durables intertemporal prices play a key role in the...

Persistent link: https://www.econbiz.de/10005656219

On the connection between intra-temporal and intertemporal trade

Ju, Jiandong; Shi, Kang; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2012

Sticky (or slow-adjusting) current accounts are observed for many countries. This paper explores the role of domestic factor market flexibility in understanding the phenomenon. To do so, we consider multiple tradable sectors with different factor intensities and allow substitution between...

Persistent link: https://www.econbiz.de/10011083600

Brazilian Debt: A Requiem for Muddling Through

Cardoso, Eliana; Dornbusch, Rudiger - C.E.P.R. Discussion Papers - 1988

Brazilian debt crisis, and assesses the prospects for Brazil's sovereign debt after five years of the `muddling … 1978 and 1982, Brazil's current account shifted by $13 billion towards deficits. This shift can be explained, for the most … between 1978 and 1982, $35 billion (75% of Brazil's total net debt accumulation) can be accounted for by the adverse external …

Persistent link: https://www.econbiz.de/10005662401

Sugar Prices, Labour Income and Poverty in Brazil

Krivonos, Ekaterina; Olarreaga, Marcelo - C.E.P.R. Discussion Papers - 2005

household labour income and poverty in Brazil. We first estimate the extent of price transmission from world markets to eleven …

Persistent link: https://www.econbiz.de/10005667051

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