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作者：Avila-Montealegre, Oscar; Mix, Carter
作者单位：Banco de la Republica Colombia; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Bilateral trade is considered a key driver of business-cycle transmission, as countries with higher bilateral trade have more correlated business cycles. We show, however, that when we account for the common trade exposure of a country pair to similar foreign cycles, the effect of bilateral trade on comovement falls sharply. Furthermore, common trade exposure is also a robust predictor of comovement. We conclude that trade is indeed a driver of business-cycle transmission, but often through co...
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作者：Yang, Han
作者单位：Academia Sinica - Taiwan
摘要：I present a dynamic trade model spanning many countries to explore the transitional paths of trade-induced inequality. By incorporating capital-skill complementarity, human capital accumulation, and capital accumulation, this paper examines the exact transitional path following a shift from autarky to trade. It reveals that trade increases the skill premium, skill share, and real wages for both skilled and unskilled workers in the majority of countries at the steady state. However, the short-t...
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作者：Chaumont, Gaston; Gordon, Grey; Sultanum, Bruno; Tobin, Elliot
作者单位：University of Rochester; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Harvard University
摘要：How do credit default swaps (CDS) affect sovereign debt markets? We analyze how liquidity, exposure to default risk, and regulation affect the answer to this question using a sovereign debt model where investors trade bonds and CDS over the counter via directed search. Restricting portfolios can improve bond prices and bond -market activity, but the net effect depends on relative frictions in bond and CDS markets, the exposure of investors, and how the sovereign responds to the policy. Our nov...
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作者：Acharya, Viral V.; Rajan, Raghuram G.; Shim, Jack B.
作者单位：New York University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Chicago
摘要：We examine how a sovereign's ability to borrow abroad affects the country's growth and steady-state consumption when the government is both myopic and self -interested. Surprisingly, government myopia can increase a country's access to external borrowing and extend the government's effective horizon, giving it a stake in incentivizing private production and savings despite its self-interest. In a high -saving country, the lengthening of the government's effective horizon can incentivize it to ...
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作者：Diewert, W. Erwin
作者单位：University of British Columbia
摘要：Feenstra and Weinstein introduced a special case of the translog cost function, the Symmetric Translog (ST) Cost Function, which replaced all of the second order parameters which are present in the Translog functional form by a single positive parameter. The ST functional form is useful in the context of estimating consumer preferences over related products and provides an alternative to the use of Constant Elasticity of Substitution (CES) preferences in this context. The ST functional form ha...
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作者：Gu, Grace; Malik, Samreen; Pozzoli, Dario; Rocha, Vera
作者单位：University of California System; University of California Santa Cruz; Copenhagen Business School
摘要：While recent work has documented a nexus between international trade and firm innovation, the underlying mechanisms explaining firms' innovation in response to import competition are, thus far, poorly understood. To identify the mechanism of labor adjustments and its economic relevance, we use longitudinal linked employer-employee data from Denmark (1995-2012). We first show that import competition triggers a significant increase in the share of R&D workers at the firm level. The majority of t...
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作者：Galle, Simon; Lorentzen, Linnea
作者单位：BI Norwegian Business School; University of Oslo
摘要：We quantify the joint impact of the China shock and automation of labor, across US commuting zones (CZs) in the period 2000-2007. To this end, we employ a multi -sector gravity model of trade with Roy-Frechet worker heterogeneity across sectors, where labor input can be automated. Automation and increased import competition from China are both sector -specific; they lead to contractions in a sector's labor demand and a decline in relative income for CZs more specialized in that sector, amplifi...
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作者：Albuquerque, Bruno; Iyer, Roshan
作者单位：International Monetary Fund; Universidade de Coimbra; American University
摘要：We build a comprehensive new dataset spanning listed and private nonfinancial zombie firms across Advanced Economies and Emerging Markets over the past two decades. Our findings reveal a global rise in the prevalence of these unproductive and unviable firms, particularly since the Global Financial Crisis and the Covid-19 pandemic. We show that private firms exhibit lower zombification rates due to their lower average survival rates. Our paper also offers a new perspective on zombie lending dri...
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作者：Dominguez, Kathryn M. E.; Foschi, Andrea
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：Central banks across the globe introduced large-scale asset purchase programs to address the unprecedented circumstances experienced during the pandemic. Many of these programs were announced as open-ended to shock-and-awe market participants and restore confidence in financial markets. This paper examines whether these whatever-it-takes announcements had larger effects than announcements with explicit limits on scale. We use a narrative approach to categorize announcements made by twenty-two ...
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作者：Liang, Yousha; Shi, Kang; Tao, Hanyi; Xu, Juanyi
作者单位：Zhejiang University; Zhejiang University; Zhejiang University; Chinese University of Hong Kong; ShanghaiTech University; Hong Kong University of Science & Technology
摘要：Using matched firm -level data on operations, trade, and patents in China, we empirically investigate the impact of exporting on firms' innovation and learning from destinations. We first show that access to export markets improves both the quantity and quality of innovation. We then construct a measure of knowledge flows based on Chinese patent citation data and demonstrate that there are actual knowledge transfers from destination markets to exporting firms, which help firms improve their in...
