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Motivated by the long-standing debate on the pros and cons of competitive devaluation, we propose a new perspective on how monetary and exchange rate policies can contribute to a country's international competitiveness. We refocus the analysis on the implications of monetary stabilization for a...
Persistent link: https://www.econbiz.de/10012479715
This paper develops a model of a small open economy that produces an export good with domestic labour and imported energy and is stuck in an unemployment situation resulting from an excessive fixed net-of-tax wage rate. We study a revenue-neutral green tax reform that substitutes energy for wage...
Persistent link: https://www.econbiz.de/10012471885
This paper studies the mechanism of international transmission of exchange rate shocks within a 3-country Center-Periphery model, providing a choice-theoretic framework for the policy analysis and empirical assessment of competitive devaluations. If relative prices and terms of trade exhibit...
Persistent link: https://www.econbiz.de/10012471922
We propose and provide evidence for a new source of gains from trade: Firms invest in product differentiation to escape import competition. In the data and in the model, these investments are associated with increases in measured productivity, introduction of new goods, and shifts to...
Persistent link: https://www.econbiz.de/10012453189
,' developed in trade theory to analyze the benefits from promoting entry of domestic firms in the manufacturing sector. In a … trade predicted by the theory are present in data and are quantitatively important …
Persistent link: https://www.econbiz.de/10012459306
The paper provides an integrated analysis of globalization effects on the inflation-output tradeoff and monetary policy … flatten the Phillips curve, the tradeoff between inflation and activity. Second, the same globalization forces lead the …
Persistent link: https://www.econbiz.de/10012464268
post too much through lobbying by corporate insiders. With financial globalization, national disclosure laws can have wide …
Persistent link: https://www.econbiz.de/10012464429
globalization is accompanied by the development of domestic institutions and financial markets. However, if liberalization does not … lead to financial development, globalization can result in adverse effects on social welfare and the distribution of wealth … asset market incompleteness, financial globalization hurts the poor in countries with less developed financial markets. This …
Persistent link: https://www.econbiz.de/10012465238
It has recently become popular to argue that globalization has had or will soon have dramatic consequences for the … banks. In this paper, I consider three possible mechanisms through which it might be feared that globalization can undermine … globalization, even of a much more thorough sort than has yet occurred, is unlikely to weaken the ability of national central banks …
Persistent link: https://www.econbiz.de/10012465321
The paper provides a unified analysis of globalization effects on the Phillips curve and monetary policy, in a New … inflation and activity. If policy makers are guided by the welfare criterion of the representative household, globalization …
Persistent link: https://www.econbiz.de/10012465371