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作者：Kondo, Illenin O.; Li, Yao Amber; Qian, Wei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Hong Kong University of Science & Technology; Haverford College
摘要：We document that larger input tariff reductions were associated with lower labor markdowns in China, especially for skill-intensive firms. Guided by a stylized model of equilibrium market power, we leverage differences in the aggregate labor supply dynamics across markets - such as regional variations in China's contemporaneous college expansion reforms - to that show trade-induced labor markdown decreased more in labor markets with labor supply growth. Our estimates suggest that lower labor m...
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作者：Amiti, Mary; Duprez, Cedric; Konings, Jozef; Van Reenen, John
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; European Central Bank; National Bank of Belgium; University of Mons; Nazarbayev University; KU Leuven; University of London; London School Economics & Political Science
摘要：Using firm-to-firm transactions, we show that starting to supply a 'superstar' firm (large domestic firms, exporters and multinationals) boosts productivity by 8% after three years. Placebos on starting relationships with smaller firms and novel identification strategies support a causal interpretation of superstar spillovers. Consistent with a model of technology transfer, we find bigger treatment effects from technology-intensive superstars and also falls in markups (in order to win supersta...
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作者：Redding, Stephen J.; Weinstein, David E.
作者单位：Princeton University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Columbia University
摘要：We develop a quantitative framework for decomposing trade patterns. We derive price indexes that determine comparative advantage and the aggregate cost of living. If firms and products are imperfect substitutes, we show that these price indexes depend on variety, average appeal (including quality), and the dispersion of appeal -adjusted prices. We show that they are only weakly related to standard empirical measures of average prices. We find that 40 percent of the cross-section variation in c...
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作者：Arvai, Kai
作者单位：European Central Bank; Bank of France
摘要：How can monetary and fiscal policy sustain a currency union when member states have an exit option? This paper derives an interest rate rule that features state-dependent country weights with which the central bank can prevent a break-up. A simulation reveals that this policy rule lacks firepower and can only extend the lifetime of the union for a while. While monetary policy is more potent in unions with more member states or setups with local currency pricing, it is still true that even a si...
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作者：Becko, John Sturm
作者单位：Massachusetts Institute of Technology (MIT)
摘要：How can a country design economic sanctions to maximize their economic cost to the sanctioned country at the lowest cost to the sanctioner? I consider this problem from the perspective of international trade and draw a close connection between trade restrictions as economic sanctions and trade restrictions as terms -of -trade manipulation. This connection has useful implications for the design of trade taxes as sanctions: Small sanctions increase welfare in the sanctioning country. Sanctions t...
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作者：Bartelme, Dominick; Ziv, Oren
作者单位：Michigan State University
摘要：We document that plants belonging to small and mid -sized firms are geographically concentrated, while large firms are much more dispersed. These differences are sizable; firms with 2 plants have a dispersion that is 5 log points lower than predicted by industry location patterns, while the corresponding figure is less than 2 log points for firms with 40 plants and less than a half log point for firms with 100 or more plants. These patterns are qualitatively robust across industries, time peri...
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作者：Branstetter, Lee G.; Laverde-Cubillos, N. Ricardo
作者单位：Carnegie Mellon University; Insper
摘要：The natural resource boom of the 2000s spurred growth in income and consumption in many commodity-exporting nations. However, this paper brings together a previously unused combination of data sets from Colombia to document evidence of a downside - the currency appreciation associated with this boom led to a significant and persistent decline in R&D spending and in investment in technological upgrading by Colombian manufacturing firms. Our empirical strategy exploits differences in firms' sale...
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作者：Deng, Minjie; Liu, Chang
作者单位：Simon Fraser University; State University of New York (SUNY) System; Stony Brook University
摘要：This paper measures the output and TFP losses from sovereign risk, considering firm-level intangible investment. Using Italian firm-level data, we show that firms reallocated from intangible assets to tangible assets during the 2011-2012 Italian sovereign debt crisis. This asset reallocation is more pronounced among small firms and high-leverage firms. This reallocation affects aggregate output and TFP. To explain the reallocation pattern and quantify the output and TFP losses, we build a sove...
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作者：Akerman, Anders; Forslid, Rikard; Prane, Ossian
作者单位：Universitetet i Stavanger; Stockholm University
摘要：We explore how importing of intermediate goods affects the carbon intensity of firms in the Swedish manufacturing sector. By exploiting exogenous shocks to foreign export supply of intermediate goods, we estimate that a 10 percent increase in imports causes a 5.6 percent reduction in carbon intensity. Average carbon intensity among the firms in our sample between 2004 and 2016 decreased by around 50 percent, and our results suggest that import growth accounted for about a third of this decline...
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作者：Singh, Anurag
作者单位：Instituto Tecnologico Autonomo de Mexico
摘要：Clustered sovereign default is a recurring phenomenon, but there is a lack of quantitative models to study it. This paper introduces a quantitative framework aimed at untangling latent shocks and examining the mechanisms that precipitate clustered defaults. The model incorporates financial frictions into a sovereign default framework and accommodates global shocks that impact both borrowing countries and lenders. By jointly estimating structural parameters governing the output process of multi...
