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作者：Bianchi, Javier; Liu, Chenxin; Mendoza, Enrique G.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison; University of Pennsylvania
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作者：Dyrda, Sebastian; Hong, Guangbin; Steinberg, Joseph B.
作者单位：University of Toronto; University of Chicago
摘要：We develop a general-equilibrium model to study the macroeconomic consequences of international profit shifting by multinational enterprises (MNEs). In our model, MNEs shift profits by exploiting intangible capital transfer pricing rules, which makes intangible investment more attractive and leads to higher output at home and abroad. We use the model to quantify the effects of two reforms proposed by the OECD: (i) reallocating MNEs' profit tax bases to the countries where they sell their produ...
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作者：Lee, Jieun
作者单位：Bank of Korea; Bank for International Settlements (BIS)
摘要：Using unique tick-by-tick data from an exchange, this paper examines the relationship between the US dollar and liquidity in the Korean government (Treasury) bond market. We find that a strong US dollar deteriorates the Treasury market's liquidity by increasing the bid-ask spread and the price impact and lowering market depth. The effects of fluctuations in the broad US dollar index on Treasury market liquidity become more pronounced when funding liquidity conditions are tighter, when banks' t...
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作者：Baskaya, Yusuf Soner; Hardy, Bryan; Kalemli-Ozcan, Sebnem; Yue, Vivian
作者单位：University of Glasgow; Bank for International Settlements (BIS); University System of Maryland; University of Maryland College Park; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Emory University
摘要：We use an exogenous fiscal shock to identify the transmission of government risk to bank lending due to banks holding government bonds. We illustrate with a theoretical model that for banks with higher exposure to government bonds, a higher sovereign default risk implies lower bank net worth and less lending. Our empirical estimates confirm the model's predictions. The exogenous change in sovereign default risk of Turkish government debt as a result of the 1999 Earthquake impacted banks whose ...
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作者：Carvalho, Alexandre; Valle e Azevedo, Joao; Ribeiro, Pedro Pires
作者单位：Banco de Portugal; Universidade Nova de Lisboa
摘要：We show the distinction between permanent and temporary monetary policy shocks is helpful to understand the impacts of monetary policy on exchange rates in the short as well as over the long run. Drawing on monthly data for several advanced economies from 1971 to 2019 and resorting to a simple structural vector error correction (SVEC) model, we find that a shock leading to a temporary increase in U.S. nominal interest rates leads to a temporary appreciation of the USD against the other currenc...
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作者：Labanca, Claudio; Molina, Danielken; Muendler, Marc-Andreas
作者单位：Monash University; IZA Institute Labor Economics; Microsoft; University of California System; University of California San Diego; Leibniz Association; Ifo Institut; National Bureau of Economic Research
摘要：This paper investigates how firms prepare their workforce to export. We employ a novel identification strategy to isolate how a firm's hiring decision at home responds to export opportunities that arise from exogenous changes to product demand abroad. Combining Brazilian exporter and linked employer-employee data, we show that firms act on better chances to export by hiring workers with prior experience at exporting firms. We find that firms concentrate this preparatory hiring of experts in sk...
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作者：Elliott, David; Meisenzahl, Ralf R.; Peydro, Jose-Luis
作者单位：Bank of England; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Imperial College London; Centre for Economic Policy Research - UK
摘要：We show that nonbank lenders act as global shock absorbers from US monetary policy spillovers. For identification, we exploit monetary policy surprises and the global syndicated lending market, where detailed loan -level data allow us to compare the participation of banks and nonbanks in the same loan. When US policy tightens, dollar credit to non -US firms falls, but nonbanks increase credit supply (relative to banks), thereby mitigating the total credit reduction. This relative increase is s...
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作者：D'Erasmo, Pablo; Livshits, Igor; Schoors, Koen
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Ghent University
摘要：Banking regulation routinely designates domestic government debt as safe, even when this debt is risky. We show, in a parsimonious model, that this failure to recognize the riskiness of government debt induces domestic banks to gamblewith depositors' funds by purchasing risky government bonds and assets correlated with them. Sovereign defaults then result in banking crises; however, by permitting banks to gamble, the regulator lowers the government's borrowing costs ex -ante. Thus, the governm...
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作者：Brandt, Loren; Lim, Kevin
作者单位：University of Toronto
摘要：China's rapid export growth has spurred extensive research investigating its effects on other economies. The exact causes of the boom as well as the slowdown in Chinese exporting after 2007 are less well -understood. We quantify the drivers of Chinese export growth using a general equilibrium model estimated with detailed trade and production data that capture rich heterogeneity across destinations, firm ownership types, production locations, and sectors. We find that the three key drivers of ...
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作者：Bailey, Warren B.; Cao, Xiaping; Yang, Zhenyi; Zhou, Sili
作者单位：Cornell University; Fudan University; Hang Seng University of Hong Kong; Guangxi University; University of Macau; University of Macau
摘要：We document a cross-border peer effect in corporate investment across two key economies, China and the US. Results show that investment by individual Chinese firms lags US peers without feedback in the other direction. This association is stronger for Chinese firms in manufacturing, with innovative US peers, once China joined WTO, or targeted by anti-dumping investigations or measures as reported to the WTO. These findings are robust to diagnostic tests and alternative specifications. Furtherm...
