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Exchange Rate Regimes And Nominal Wage Comovements In A Dynamic Ricardian Model, Yao Tang, Yoshinori Kurokawa, Jiaren Pang
Exchange Rate Regimes And Nominal Wage Comovements In A Dynamic Ricardian Model, Yao Tang, Yoshinori Kurokawa, Jiaren Pang
Economics Department Working Paper Series
We construct a dynamic Ricardian model of trade with money and nominal exchange rate. The model implies that the nominal wages of the trading countries are more likely to exhibit stronger positive comovements when the countries fix their bilateral exchange rates. Panel regression results based on data from OECD countries from 1973 to 2012 suggest that countries in the European Monetary Union (EMU) experienced stronger positive wage comovements with their main trade partners. When we restrict the regression to the subsample of the EMU countries, we find a significant increase in wage comovements after these countries joined the EMU in …
Do African Immigrants Enhance Their Home Nations’ Trade With Their Hosts?, Roger White, Bedassa Tadesse
Do African Immigrants Enhance Their Home Nations’ Trade With Their Hosts?, Roger White, Bedassa Tadesse
Economics
Employing data on the immigrant stocks of 43 African home countries who reside in 110 host countries and on trade flows between these countries during the year 2005, we examine whether African immigrants exert positive effects on their home countries’ trade with the typical host country. Estimates from Tobit regression models indicate a one percent increase in the number of African immigrants in a given host country increases that country’s exports to and imports from the typical home country by 0.132 percent and 0.259 percent, respectively. Further evaluation of these effects from the perspective of each African home country reveals …