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作者：Miyamoto, Wataru; Nguyen, Thuy Lan
作者单位：University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We quantify the effects of changes in international input-output linkages on the nature of business cycles. We build a multi-country international business cycle model with manufacturing and non-manufacturing sectors that matches the input-output structure within and across countries. We find that, in our 23-country sample, changes in the international input-output linkages between 1970 and 2007 have led to a drop in output volatility in all countries, explaining up to a half of the drop in ou...
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作者：Messner, Teresa; Rumler, Fabio; Strasser, Georg
作者单位：Oesterreichische Nationalbank (OeNB); European Central Bank
摘要：Why do prices differ among regions without significant trade frictions, such as the euro area? This study examines the impact of a national border on grocery prices in the economically and culturally integrated German-Austrian border region. Based on retail transactions from a large household panel, we analyse price differences of identical products sold within a narrow band along the border. We show that even retailers operating in both countries charge different prices for identical products...
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作者：Ducruet, Cesar; Juhasz, Reka; Nagy, David Krisztian; Steinwender, Claudia
作者单位：Centre National de la Recherche Scientifique (CNRS); University of British Columbia; National Bureau of Economic Research; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; University of Munich
摘要：Seaports facilitate the fast flow of goods across space, but ports also entail local costs borne by host cities. We use the introduction of containerized shipping to explore the effects of port development. At the local level, we find that seaport development increases city population by making a city more attractive, but this market access effect is offset by costs which make the city less attractive. At the aggregate level, we find that the local costs associated with port development are he...
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作者：Head, Keith; Mayer, Thierry; Melitz, Marc
作者单位：University of British Columbia; Centre for Economic Policy Research - UK; Institut d'Etudes Politiques Paris (Sciences Po); Harvard University; National Bureau of Economic Research
摘要：Firms in regional trade areas choose whether to comply with rules of origin (RoO) or pay a tariff penalty. Stricter content requirements initially expand regional part sourcing, but contract it when set at levels above a threshold, analogously to the Laffer curve for taxes. We calibrate the model to fit part cost shares for autos sold in North America. The effects of the 75% RoO imposed in 2020 depend on the relevant tariff and the ability to relocate assembly. With fixed assembly locations, t...
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作者：Kim, Youngju; Lim, Hyunjoon; Yun, Youngjin
作者单位：Bank of Korea; Chonnam National University; Inha University
摘要：Access to foreign exchange (FX) liquidity is crucial to the growth and stability of emerging market economies. We examine the impact of U.S. dollar liquidity shocks on firm investments in Korea by constructing a dataset that merges four distinct micro-level data spanning ten years from 2006 to 2015. We trace the path of FX liquidity from the international financial market to Korean banks and subsequently to listed firms. During international liquidity shocks, banks borrow less FX but pay highe...
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作者：De Gregorio, Jose; Jara, Mauricio
作者单位：Universidad de Chile
摘要：The decline in international interest rates following the global financial crisis encouraged firms in emerging markets to increase their corporate bond issuance abroad. Evidence shows that issuing offshore debt increases cash holdings, suggesting firms may exploit interest rate arbitrage. We argue that increasing contemporaneous cash holdings may also be undertaken for a save to invest motive to finance future investment opportunities. Using a sample of nonfinancial listed firms from 15 emergi...
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作者：Burstein, Ariel; Lein, Sarah; Vogel, Jonathan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Basel
摘要：Consumers access foreign goods by purchasing them domestically or shopping abroad. We present new facts on cross-border shopping by Swiss households showing, for example, that prices of identical products are lower in neighboring countries, cross-border shopping shares fall with distance to the border, and price gaps and cross-border shopping shares rose following the 2015 Swiss Franc appreciation. We use a simple model of cross-border shopping to quantify how variation across space in cross-b...
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作者：Frankel, Jeffrey; Rey, Helene
作者单位：Harvard University; University of London; London Business School
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作者：Farrokhi, Farid; Lashkaripour, Ahmad; Pellegrina, Heitor S.
作者单位：Purdue University System; Purdue University; Indiana University System; Indiana University Bloomington; University of Notre Dame
摘要：This paper examines how labor market imperfections distort firm-level technology choices and alter the gains from trade in developing countries. Motivated by evidence that firms using modern technologies are disproportionately exposed to labor market distortions, we introduce firm-level technology choices and labor market distortions into an otherwise standard quantitative trade model. We then provide formulas for the welfare and labor productivity gains from trade liberalization, highlighting...
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作者：Chor, Davin; Li, Bingjing
作者单位：Dartmouth College; National Bureau of Economic Research; University of Hong Kong
摘要：This paper studies the impact of the US -China tariff war on China, using high -frequency night lights data and grid -level measures of tariff exposure. Exploiting within -grid variation over time and controlling extensively for grid -specific contemporaneous trends, we find that each onepercentage -point increase in exposure to the US tariffs was associated with a 0.59% reduction in night-time luminosity. This impact was highly skewed across locations: Grids with negligible direct exposure to...
