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Sticky Prices Versus Monetary Frictions:An Estimation of Policy Trade-offs
Bayesian Estimation Long-run Inflation Target Monetary Models Welfare Costs of Inflation
2015/9/18
We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralizedmarket resemble those in a standard New Keynesian economy with price rigidities. In the...
Trade-offs in Monetary Policy.
Credit constraints, equity market liberalizations and international trade
Credit constraints equity market liberalizations
2015/7/21
This paper provides evidence that credit constraints are an important determinant of
international trade flows. I exploit shocks to the availability of external finance and examine
the i...
Off the cliff and back? Credit conditions and international trade during the global financial crisis
International trade Financial crisis Credit constraints
2015/7/21
We study the collapse of international trade flows during the global financial crisis using detailed data on
monthly US imports. We show that credit conditions were an important channel t...
Firms and Credit Constraints along the Global Value Chain: Processing Trade in China
global value chain processing trade
2015/7/21
Global value chains (GVCs) allow firms to produce and export final goods, or to perform
only intermediate stages of production by processing imported inputs for re-exporting. We examine
how financ...
Information,Trade and Common Knowledge.
Credit Constraints, Heterogeneous Firms, and International Trade
Heterogeneous Firms nternational Trade
2015/7/21
Financial market imperfections severely restrict international trade áows because
exporters require external capital. This paper identiÖes and quantiÖes the three
mechanisms through which ...
Financial development and the choice of trade partners
Financial development International trade Trade partners
2015/7/21
What determines the choice of countries' trade partners? We show theoretically and empirically that financial
market imperfections affect the number and identity of exporters' destinations. Big...
In addressing the precipitous drop in trade volumes in the recent
crisis, the real and financial explanations have sometimes been juxtaposed as competing explanations. However, they can be reco...
Futures positions of commercial hedgers in wheat, corn, soybeans and cotton fluctuate much more than expected output. Hedgers’ short positions are positively correlated with price changes. Together, t...