理论论文

理论论文

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Optimal bailouts in banking and sovereign crises

银行业与主权危机中的最优纾困

Journal of International Economics · 2026, 162 · Sewon Hur、César Sosa-Padilla、Zeynep Yom ·

财政收入公共治理政府债务货币与金融监管

我们研究银行业与主权危机交织情形下的最优纾困政策。我们的模型刻画了带有有限承诺的主权借贷,其中国内银行持有政府债务并向私人部门提供信贷。银行资本冲击可能引发银行业危机,促使政府考虑对银行资产提供担保。这带来一种权衡:更大规模的纾困会放松金融摩擦并提高产出,但会增加财政需求与违约风险(形成"恶性循环")。最优纾困呈现出清晰的性质。纾困所覆盖的银行业损失比例:(i) 随政府债务增加而下降;(ii) 随总体生产率提高而上升;(iii) 随银行业危机的严重程度上升而上升。尽管纾困缓解了银行业危机的不利影响,但经济在事前若没有纾困会更好:能够获得纾困降低了违约成本,这反过来提高了违约频率,并降低了债务、产出与消费的水平。

英文原文

We study optimal bailout policies amidst banking and sovereign crises. Our model features sovereign borrowing with limited commitment, where domestic banks hold government debt and extend credit to the private sector. Bank capital shocks can trigger banking crises, prompting the government to consider extending guarantees over bank assets. This poses a trade-off: Larger bailouts relax financial frictions and increase output, but increase fiscal needs and default risk (creating a ‘diabolic loop’). Optimal bailouts exhibit clear properties. The fraction of banking losses the bailouts cover is (i) decreasing in government debt; (ii) increasing in aggregate productivity; and (iii) increasing in the severity of banking crises. Even though bailouts mitigate the adverse effects of banking crises, the economy is ex ante better off without bailouts: Having access to bailouts lowers the cost of defaults, which in turn increases the default frequency, and reduces the levels of debt, output, and consumption.

Spatial linkages and the uneven effects of a commodity boom

空间关联与大宗商品繁荣的不均衡效应

Journal of International Economics · 2026, 162 · Felipe Benguria、Felipe Saffie、Shihangyin Zhang ·

收入分配劳动经济学区域·城市·交通收入不平等就业与劳动力市场工资区域发展区域政策

我们研究一轮大宗商品周期的不均衡效应,记录其依据劳动者技能水平及其所在地区而对不同劳动者产生的影响。为此,我们构建了一个多地区经济的动态量化模型,该模型包含空间关联(地区间贸易与迁移)以及向下工资刚性。在实证上,我们聚焦于巴西在2000年代大宗商品繁荣期以及随后2010年代萧条期的经历。技能溢价在繁荣期下降,而向下工资刚性的程度决定了其在萧条期是回升还是维持下降。此外,巴西各州从大宗商品周期中获得的收益存在显著异质性。最后,我们构建反事实情形以表明,空间关联(地区间迁移与地区间贸易)与向下工资刚性共同塑造了大宗商品周期对技能溢价、实际工资、失业以及空间差距的影响。

英文原文

We study the uneven effects of a commodity cycle, documenting its impact across workers based on their skill level and the region where they live. To this end, we develop a dynamic quantitative model of a multi-region economy featuring spatial linkages (interregional trade and migration) and downward wage rigidity. Empirically, we focus on Brazil’s experience during the commodity boom of the 2000s and subsequent bust of the 2010s. The skill premium falls during the boom, while the extent of downward wage rigidity determines whether it reverts or maintains its decline during the bust. In addition, there is substantial heterogeneity across Brazilian states in the gains from the commodity cycle. Finally, we build counterfactuals to show that both spatial linkages (interregional migration and interregional trade) and downward wage rigidity jointly shape the impact of the commodity cycle on the skill premium, real wages, unemployment, and spatial disparities.

Trade models, trade elasticities, and the gains from trade

贸易模型、贸易弹性与贸易利得

Journal of International Economics · 2026, 162 · Ina Simonovska、Michael E. Waugh ·

未归类F 国际经济学

我们考察五个国际贸易模型, 它们属于这样一类模型: 其中贸易弹性与国内贸易份额构成自给自足福利成本的充分统计量。其中三个为固定品种模型, 其特征是微观层面调整边际递增: 分别为阿明顿 (Armington) 模型、李嘉图 (Ricardian) 模型及其可变加成对应版本。另两个为具有垄断竞争特征的内生品种模型: 克鲁格曼 (Krugman) 模型与梅里茨 (Melitz) 模型的版本。对于这三个固定品种模型, 我们从理论上证明: 尽管三者蕴含相同的从贸易弹性到福利的映射, 但它们所蕴含的从贸易弹性到同一商品跨国价格缺口之可观测次序统计量的映射却各不相同。这一结果意味着, 若选取控制贸易弹性的参数以匹配数据中相同的次序统计量, 将对各模型测算的自给自足福利成本产生不同程度的影响。我们对全部五个模型量化了这些差异。

英文原文

We consider five models of international trade that belong to the class of models in which the trade elasticity and domestic trade share are sufficient statistics for the welfare cost of autarky. Three are fixed-variety models featuring increasing micro-level margins of adjustment: versions of the Armington model, the Ricardian model, and its variable-markup counterpart. Two are endogenous-variety models featuring monopolistic competition: versions of the Krugman model and the Melitz model. For the three fixed-variety models, we show theoretically that, although they imply the same mapping from the trade elasticity to welfare, they imply different mappings from the trade elasticity to observed order statistics of price gaps of identical goods across countries. This result implies that choosing the parameter that governs the elasticity of trade to match the same order statistics in the data differentially impacts each model’s measured welfare cost of autarky. We quantify these differences for all five models.

Labor market polarization and the great urban divergence

劳动力市场极化与城市大分化

Journal of International Economics · 2026, 160 · Donald R. Davis、Eric Mengus、Tomasz K. Michalski ·

劳动经济学区域·城市·交通就业与劳动力市场区域发展城市化

劳动力市场极化是近几十年来发达国家劳动力市场最重要的特征之一。然而,这一现象的关键空间维度仍未得到充分研究。我们提炼出四项关键事实,用以记录极化在各城市间的普遍性、冲击强度上的城市规模差异、所流失中等薪资岗位类型的偏斜分布,以及极化在技能的城市大分化中所发挥的作用。现有理论无法解释这些事实。因此,我们通过整合劳动力市场极化文献与空间均衡下具有异质性劳动力的城市体系文献中的要素,构建了一个能够解释这些事实的简洁理论框架。

英文原文

Labor market polarization is among the most important features in recent decades of advanced country labor markets. Yet key spatial aspects of this phenomenon remain under-explored. We develop four key facts that document the universality of polarization across cities, a city-size difference in the shock magnitudes, a skew in the types of middle-paid jobs lost, and the role of polarization in the great urban divergence of skills. Existing theories cannot account for these facts. Hence we develop a parsimonious theoretical account that does so by integrating elements from the literatures on labor market polarization and systems of cities with heterogeneous labor in spatial equilibrium.

A swing-state theorem, with evidence

摇摆州定理及其证据

Journal of International Economics · 2026, 159 · Xiangjun Ma、John McLaren、Karim Chalak ·

贸易·开放公共治理贸易政策政治经济学与选举

我们在一个选举竞争模型中研究地方党派倾向的影响。选民关心政策,但也关心执政党的身份归属,大多数州偏向两党中的一方(即“红州”或“蓝州”)。我们证明,选举竞争能实现福利最大化,但其中对“摇摆州”(即不偏向任何一党的州)的公民赋予了额外权重。我们以经验证据表明,美国关税结构偏向摇摆州产业,以至于生活在非摇摆州的选民被视为仅相当于摇摆州选民价值的82%。这一政策偏倚比“保护待售”(protection for sale)研究中所发现的偏倚高出多个数量级。

英文原文

We study the effects of local partisanship in a model of electoral competition. Voters care about policy, but they also care about the identity of the party in power, with most states biassed toward one party or the other (i.e., ‘red’ or ‘blue’). We show that electoral competition leads to maximization of welfare with an extra weight on citizens of the ‘swing state:’ the one that is not biassed toward either party. We show empirically that the US tariff structure is biassed toward swing-state industries, such that a voter living in a non-swing state is treated as being worth 82% as much as a voter in a swing state. This represents a policy bias orders of magnitude greater than the bias found in studies of protection for sale.

Unilateral environmental policy and offshoring

单边环境政策与离岸外包

Journal of International Economics · 2026, 159 · Simon Johannes Bolz、Fabrice Naumann、P Richter ·

贸易·开放环境·资源贸易政策气候环境税费与补贴

本文考察在单边环境政策下,离岸外包如何影响排放泄漏与全球排放。我们采用一个基于标准建模假设、包含异质性企业的一般均衡离岸外包模型,其中企业在生产任务与减排之间配置劳动。我们发现,全球排放对单边排放税上调的反应是非单调的:当跨国税差较小时,排放下降;但随着税差扩大,泄漏超过100%,并因全球技术效应而推高全球排放。随着外国有效税率下降,国内最清洁的企业开始离岸外包,而已在进行离岸外包的企业则变得更脏。我们分离出离岸外包这一尚未被充分研究的泄漏渠道,并将我们的发现与可比的最终品贸易模型进行对比:全球化的模式至关重要。以边境碳调节(BCA)补充单边改革可以防止排放泄漏,但可能加剧国家间的不平等。

英文原文

This paper examines how offshoring shapes emissions leakage and global emissions in response to unilateral environmental policy. We use a general equilibrium offshoring model with heterogeneous firms, based on standard modeling assumptions, where firms allocate labor between production tasks and emissions abatement. We find that global emissions respond non-monotonically to a unilateral emissions tax increase: for small cross-country tax differentials, emissions fall; but as the difference widens, leakage exceeds 100%, raising global emissions due to a global technique effect. The cleanest domestic firms start offshoring and incumbent offshoring firms become dirtier under declining effective foreign taxes. We isolate the offshoring margin – one underexplored channel of leakage – and contrast our findings with comparable models of trade in final goods: the mode of globalization matters. Complementing the unilateral reform with a border carbon adjustment (BCA) prevents emissions leakage but may raise inequality between countries.