国外权威期刊目录 JIE ·《国际经济学期刊》（总第192期）
期刊介绍
Journal of International Economics 是公认的国际经济学领域顶级期刊，是SSCI的一区期刊，也是教育部认可的12本经济学国际顶级期刊之一。该期刊旨在作为国际经济学所有领域的理论和实证研究的主要渠道。这些包括但不限于以下内容：贸易模式，商业政策；国际机构；汇率；开放经济等。
本期期卷：Volume 136
发表日期：May 2022
来源：https://www.sciencedirect.com/journal/journal-of-international-economics/vol/136/suppl/C
或点击文末“阅读原文”
2022年5月刊合集（卷136）
目 录
（1）
Can sticky portfolios explain international capital flows and asset prices?
粘性投资组合能否解释国际资本流动和资产价格
PhilippeBacchetta, Margaret Davenport, Eric van Wincoop
关键词：国际资本流动；投资组合；逐步投资组合调整；价格影响；超额收益动量
（2）
A tale of two global monetary policies
两种全球货币政策的故事
Silvia Miranda-Agrippino, Tsvetelina Nenova
关键词：非常规货币政策；高频识别；国际溢出效应；美联储；欧洲央行
（3）
Finite resources and the world economy
有限资源与世界经济
John Hassler, Per Krusell, Conny Olovsson
关键词：节能技术变革；绿色能源；有限资源
（4）
Patterns of invoicing currency in global trade: New evidence
全球贸易中计价货币的模式：新证据
Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena LeMezo, Arnaud Mehl, Tra Nguyen
关键词：贸易计价货币；主导货币范式；汇率传递
（5）
Sovereign risk and financial risk
主权风险和金融风险
Simon Gilchrist, Bin Wei, Vivian Z. Yue, Egon Zakrajšek
关键词：主权债券；CDS；全球金融风险；超额债券溢价；全球金融周期
（6）
Spillovers at the extremes: The macroprudential stance and vulnerability to the global financial cycle
极端溢出效应：宏观审慎立场和对全球金融周期的脆弱性
Anusha Chari, Karlye Dilts-Stedman, Kristin Forbes
关键词：宏观审慎政策；全球金融周期；风险冲击；国际资本流动；高频数据
（7）
Are consideration of the failure of uncovered interest parity for the U.S. dollar
对美元未偿付利息平价失败的再思考
Charles Engel, Katya Kazakova, Mengqi Wang, Nan Xiang
关键词：未发现利息平价；正向溢价之谜；法玛之谜
（8）
Crypto currencies, currency competition, and the impossible trinity
加密货币、货币竞争和不可能三角
Pierpaolo Benigno, Linda M. Schilling, Harald Uhlig
关键词：货币竞争；加密货币；不可能三角；汇率；未覆盖利率平价；独立货币政策
1
Can stickyportfolios explain international capital flows and asset prices?
粘性投资组合能否解释国际资本流动和资产价格
PhilippeBacchetta, Margaret Davenport, Eric van Wincoop
Abstract
Recently portfolio choice has become an important element of many DSGE open economy models. Yet, a substantial body of evidence is inconsistent with standard friction less portfolio choice models. In this paper we introduce a quadratic cost of changesin portfolio allocation into a two-country DSGE model. We investigate the level of portfolio frictions most consistent with the data and the impact of portfolio frictions on asset prices and net capital flows. We find the portfolio friction accounts for (i) micro evidence of portfolio inertia byhouseholds, (ii) macro evidence of the price impact of financial shocks and related disconnect of asset prices from fundamentals, (iii) a broad set ofmoments related to the time series behavior of saving, investment and net capital flows, and (iv) other phenomena relating to excess return dynamics. Financial and saving shocks each account for close to half of the variance of net capital flows.
摘 要
最近，投资组合选择已成为许多 DSGE 开放经济模型的重要元素。然而，大量证据与标准的无摩擦投资组合选择模型不一致。在本文中，我们将投资组合配置变化的二次成本引入两国 DSGE 模型。我们调查了与数据最一致的投资组合摩擦水平以及投资组合摩擦对资产价格和净资本流动的影响。我们发现投资组合摩擦解释了（i）家庭投资组合惯性的微观证据，（ii）金融冲击的价格影响以及资产价格与基本面相关脱节的宏观证据，（iii）与储蓄、投资和净资本流动的时间序列行为，以及 (iv) 与超额回报动态相关的其他现象。金融和储蓄冲击各占净资本流动方差的近一半。
2
A tale of two global monetary policies
两种全球货币政策的故事
Silvia Miranda-Agrippino, Tsvetelina Nenova
Abstract
We compare the macroeconomic and financial spillovers of the unconventional monetary policies of the Fed and the ECB. Monetary policy tightenings in the two areas are followed by a contraction in global activity and trade, a retrenchment in global capital flows, a fall inglobal stock markets, and a rise in risk aversion. Bilateral spillovers in both directions are also powerful. We find that Fed and ECB monetary policies propagate internationally through the same channels – trade and risk-taking.While the magnitude of ECB spillovers to global aggregates is smaller, proxies for global risk aversion respond in the same way and to the same degree to ECB and Fed unconventional monetary policy shocks, pointing to an equally powerful risk-taking channel for their international transmission that operates through global financial markets. Spillovers of the unconventional policies of the two central banks to international asset prices are equivalent to a very large extent.
摘 要
我们比较了美联储和欧洲央行非常规货币政策的宏观经济和金融溢出效应。紧随这两个领域的货币政策紧缩之后，全球活动和贸易萎缩，全球资本流动紧缩，全球股市下跌，避险情绪上升。双向的双边溢出效应也很强大。我们发现美联储和欧洲央行的货币政策通过相同的渠道在国际上传播——贸易和冒险。尽管欧洲央行对全球总体的溢出效应较小，但全球避险情绪的代表对欧洲央行和美联储非常规货币政策冲击的反应方式和程度相同，这表明它们的国际传导具有同样强大的风险承担渠道，通过全球金融市场运作。两国央行非常规政策对国际资产价格的溢出效应在很大程度上是相当的。
3
Finite resources and the world economy
有限资源与世界经济
John Hassler, Per Krusell, Conny Olovsson
Abstract
We build and evaluate a global macroeconomic model incorporating natural-resource scarcity. The model features low short-run substitutability between the natural resource and other inputs, while in the longer run endogenous directed technical change—allowing the economy to save on scarce resources—generates much higher substitutability, with rather stable cost shares. A nontrivial feature of the framework is secularly increasing resource use: initially, when the resource is abundant,much less is used of it, and as physical and human capital are accumulated, its use increases. The model is also able to generate highly volatile prices at higher frequencies.
摘 要
我们建立并评估了一个包含自然资源稀缺性的全球宏观经济模型。该模型的特点是自然资源与其他投入之间的短期可替代性较低，而从长远来看，内生定向技术变革——允许经济节省稀缺资源——产生更高的可替代性，具有相当稳定的成本份额。该框架的一个重要特征是长期增加资源使用：最初，当资源丰富时，对它的使用会少得多，随着物质和人力资本的积累，它的使用会增加。该模型还能够以更高的频率生成高度波动的价格。
4
Patterns of invoicing currency in global trade: New evidence
全球贸易中计价货币的模式：新证据
Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena LeMezo, Arnaud Mehl, Tra Nguyen
Abstract
This paper presentsthe most comprehensive and up-to-date panel data set of invoicing currency patterns in global trade. It provides data on the shares of exports and imports invoiced in US dollars, euros, and other currencies for 115 countries since 1990. The evidence from these data confirms findings from earlier research regarding the strong persistence in invoicing currency patterns and theglobally dominant role of the US dollar. It also points to several novel facts,such as the increase in the use of the dollar and the euro for invoicing, and the use of the euro as a vehicle currency in parts of Africa. Exchange ratepass-through and trade elasticity estimations with these data confirm that countries invoicing more in dollars (euros) tend to experience greater dollar (euro) exchange rate pass-through to their import prices and higher sensitivity of their trade volumes to fluctuations in these exchange rates.
摘 要
本文介绍了全球贸易中计价货币模式的最全面和最新的面板数据集。它提供了自 1990 年以来115 个国家以美元、欧元和其他货币计价的进出口份额的数据。这些数据的证据证实了早期研究的结果，即计价货币模式的持久性和全球主导作用。美元。它还指出了几个新的事实，例如美元和欧元在发票上的使用增加，以及在非洲部分地区使用欧元作为车辆货币。使用这些数据进行的汇率传递和贸易弹性估计证实，以美元（欧元）计价的国家往往会经历更大的美元（欧元）汇率传递到其进口价格，并且其贸易量对这些波动的敏感性更高。
5
Sovereign risk and financial risk
主权风险和金融风险
Simon Gilchrist, Bin Wei, Vivian Z. Yue, Egon Zakrajšek
Abstract
In this paper, we study the interplay between sovereign risk and global financial risk. We show that a substantial portion of the comovement among sovereign spreads is accounted for by changes in global financial risk. We construct bond-level sovereign spreads for dollar-denominated bonds issued by over 50 countries from 1995 to 2020 and use various indicators to measure global financial risk. Through panel regressions and local projection analysis, we find that an increase in global financial risk causes a large and persistent widening ofsovereign bond spreads. These effects are strongest when measuring global riskusing the excess bond premium – a measure of the risk-bearing capacity of U.S. financial intermediaries. The spillover effects of global financial risk are more pronounced for speculative-grade sovereign bonds.
摘 要
在本文中，我们研究了主权风险与全球金融风险之间的相互作用。我们表明，主权利差之间的很大一部分联动是由全球金融风险的变化造成的。我们为 50 多个国家从 1995 年到 2020 年发行的以美元计价的债券构建债券级主权利差，并使用各种指标衡量全球金融风险。通过面板回归和局部预测分析，我们发现全球金融风险的增加导致主权债券利差大幅且持续扩大。当使用超额债券溢价（衡量美国金融中介机构的风险承受能力的一种衡量标准）来衡量全球风险时，这些影响最为强烈。全球金融风险的溢出效应对投机级主权债券更为明显。
6
Spillovers at the extremes: The macroprudential stance and vulnerability to the global financial cycle
极端溢出效应：宏观审慎立场和对全球金融周期的脆弱性
Anusha Chari, Karlye Dilts-Stedman, Kristin Forbes
Abstract
The effects of macroprudential policy on portfolio flows vary considerably across the globalfinancial cycle. A tighter ex-ante macroprudential stance amplifies the impactof global risk shocks on bond and equity flows, increasing outflows significantly more during risk-off episodes and increasing inflows significantly more during risk-on episodes. These amplification effects are moreprominent at the “extremes,” especially for extreme risk-off periods and for regulations that target specific risks instead of generalized cyclical buffers. This paper estimates these relationships using a policy-shocks approach that corrects for reverse causality by combining high-frequency risk measures with weekly data on portfolio investment and a new measure of macroprudential regulations that captures the intensity of policy stances. Overall, the results support a growing body of evidence that macroprudential regulation can reducethe volume and volatility of bank flows but shift risks in ways that aggravate vulnerabilities in other parts of the financial system.
摘 要
宏观审慎政策对投资组合流动的影响在全球金融周期中差异很大。更严格的事前宏观审慎立场放大了全球风险冲击对债券和股票流动的影响，在避险期间资金流出显着增加，而在冒险期间资金流入增加得更多。这些放大效应在“极端”时更为突出，特别是对于极端避险期和针对特定风险而非广义周期性缓冲的监管。本文使用一种政策冲击方法来估计这些关系，该方法通过将高频风险度量与每周的证券投资数据和一种捕捉政策立场强度的宏观审慎监管新度量相结合来纠正反向因果关系。总体而言，结果支持越来越多的证据表明，宏观审慎监管可以减少银行流动的数量和波动性，但会以加剧金融体系其他部分脆弱性的方式转移风险。
7
Are consideration of the failure of uncovered interest parity for the U.S. dollar
对美元未偿付利息平价失败的再思考
Charles Engel, Katya Kazakova, Mengqi Wang, Nan Xiang
Abstract
We reexamine the time-series evidence on uncovered interest rate parity for the U.S. dollar versus major currencies at short-, medium- and long-horizons. The evidence that interestrate differentials predict foreign exchange returns is not stable over time and disappears altogether when interest rates are near the zero-lower bound. However, we find that year-on-year inflation rate differentials predict excessreturns – when the U.S. y.o.y. inflation rate is relatively high, subsequentreturns on U.S. deposits tend to be high. We interpret this as consistent with the hypothesis that markets underreact initially to predictable changes infuture monetary policy. The predictive power of y.o.y. inflation begins in themid-1980s when central banks began to target inflation consistently andcontinues in the post-ZLB period when interest rates lose their primacy as apolicy instrument. We attempt to address some econometric problems that might bias the conventional Fama (1984) test.
摘 要
我们重新审视了美元兑主要货币在短期、中期和长期的未覆盖利率平价的时间序列证据。利率差异预测外汇收益的证据随着时间的推移并不稳定，并且在利率接近零下限时完全消失。然而，我们发现，同比通胀率差异预测超额回报——当美国 y.o.y.通货膨胀率相对较高，美国存款的后续回报往往较高。我们将此解释为与市场最初对未来货币政策的可预测变化反应不足的假设一致。 y.o.y. 的预测能力通货膨胀始于 1980 年代中期，当时中央银行开始一致地以通货膨胀为目标，并在利率失去其作为政策工具的首要地位的后 ZLB 时期继续存在。我们试图解决一些可能偏向传统 Fama (1984) 检验的计量经济学问题。
8
Cryptocurrencies,currency competition, and the impossible trinity
加密货币、货币竞争和不可能三角
Pierpaolo Benigno, Linda M. Schilling, Harald Uhlig
Abstract
We analyze at wo-country economy with complete markets, featuring two national currencies aswell as a global (crypto) currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchangerate between the national currencies is a risk-adjusted martingale. Deviationfrom interest rate equality implies the risk of approaching the zero lowerbound or the abandonment of the national currency. We call this result Crypto-Enforced Monetary Policy Synchronization (CEMPS). If the global currencyis backed by interest-bearing assets, additional and tight restrictions onmonetary policy arise. Thus, the classic Impossible Trinity becomes even less reconcilable.
摘 要
我们分析具有完整市场的两国经济，包括两种国家货币和一种全球（加密）货币。如果两个国家都使用全球货币，则国家名义利率必须相等，并且国家货币之间的汇率是风险调整的鞅。偏离利率平等意味着接近零下限或放弃本国货币的风险。我们将此结果称为加密货币强制货币政策同步 (CEMPS)。如果全球货币以生息资产为后盾，就会出现对货币政策的额外严格限制。因此，经典的不可能三角变得更加不可调和。
资料来源于期刊网址，仅供学术交流使用，不得用于商业用途！来源：
https://www.sciencedirect.com/journal/journal-of-international-economics/vol/136/suppl/C
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