International Economic Review
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VEHICLE CURRENCY*Historically, the world economy has been dominated by a single currency accepted in the exchange of goods and assets among countries. In recent decades, the U.S. dollar has played this role. The dollar acts as a “vehicle currency” in the sense that agents in nondollar economies will generally engage in currency trade indirectly using the U.S. dollar instead of using direct bilateral trade ... ...
International Economic Review - Tập 54 Số 1 - Trang 97-133 - 2013
FROM INDIVIDUAL TO AGGREGATE LABOR SUPPLY: A QUANTITATIVE ANALYSIS BASED ON A HETEROGENEOUS AGENT MACROECONOMY*At the aggregate level, the labor‐supply elasticity depends on the reservation‐wage distribution. We present a model economy where workforce heterogeneity stems from idiosyncratic productivity shocks. The model economy exhibits the cross‐sectional earnings and wealth distributions that are comparable to those in the micro data. We find that the aggregate labor‐supply elasticity of such an ... ...
International Economic Review - Tập 47 Số 1 - Trang 1-27 - 2006
Answering the Skeptics: Yes, Standard Volatility Models do Provide Accurate Forecasts
International Economic Review - Tập 39 Số 4 - Trang 885 - 1998
THE IMPACT OF OIL PRICE SHOCKS ON THE U.S. STOCK MARKET*It is shown that the reaction of U.S. real stock returns to an oil price shock differs greatly depending on whether the change in the price of oil is driven by demand or supply shocks in the oil market. The demand and supply shocks driving the global crude oil market jointly account for 22% of the long‐run variation in U.S. real stock returns. The responses of industry‐specific U.S. stock ... ...
International Economic Review - Tập 50 Số 4 - Trang 1267-1287 - 2009
Can the Mortensen‐Pissarides Matching Model Match the Business‐Cycle Facts?We examine whether the Mortensen‐Pissarides matching model can account for the business‐cycle facts on employment, job creation, and job destruction. A novel feature of our analysis is its emphasis on the reduced‐form implications of the matching model. Our main finding is that the model can account for the business‐cycle facts, but only if the average duration of a nonemployment spell is ... ...
International Economic Review - Tập 40 Số 4 - Trang 933-959 - 1999
LIQUIDITY, MONETARY POLICY, AND UNEMPLOYMENT: A NEW MONETARIST APPROACHAbstract We discover a consumption channel of monetary policy in a model with money and government bonds. When the central bank withdraws government bonds (short‐term or long‐term) through open market operations, it lowers returns on bonds. The lower return has a direct negative impact on consumption by households that hold bonds and an indirect negative impact on c... ...
International Economic Review - Tập 60 Số 2 - Trang 1005-1025 - 2019
The Exact Measurement of Welfare Losses Which Result from Trade Taxes
International Economic Review - Tập 19 Số 1 - Trang 157 - 1978
A Comparison of Multiple‐Unit All‐Pay and Winner‐Pay Auctions Under Incomplete Information*This article examines the properties of independent‐private‐value all‐pay and winner‐pay auctions when there are multiple units sold. We study bidding behavior, efficiency, and revenue in a set of 23 experimental sessions. Our data show that the all‐pay auction and the winner‐pay auction are empirically revenue equivalent, though both yield higher revenue than the risk neutral Bayesian equ... ...
International Economic Review - Tập 43 Số 3 - Trang 675-708 - 2002
THE ROLE OF TRANSPORTATION IN U.S. ECONOMIC DEVELOPMENT: 1840–1860*We return to two questions concerning the 19th century U.S. transportation revolution. First, to what extent were transportation improvements responsible for the large changes in the regional distribution of population in the United States and, within regions, for the changes in industry structure? Second, how important were transportation improvements for welfare gains? We find that trans... ...
International Economic Review - Tập 53 Số 3 - Trang 693-716 - 2012
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