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作者：Bergstrand, Jeffrey H.; Cray, Stephen R.; Gervais, Antoine
作者单位：University of Notre Dame; University of Notre Dame; University of Sherbrooke; Leibniz Association; Ifo Institut
摘要：Two parameters are central to modern quantitative models of trade flows: the elasticity of substitution in consumption (a) and the inverse index of heterogeneity of firms' productivities (0). However, structural parameter estimation using the seminal Feenstra econometric methodology focuses on estimates of only a and a bilateral export-supply elasticity (labeled y). Separately, modern trade agreements are increasingly deep, meaning they reduce fixed trade costs alongside variable trade costs. ...
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作者：Huo, Zhen; Levchenko, Andrei A.; Pandalai-Nayar, Nitya
作者单位：Yale University; University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Texas System; University of Texas Austin
摘要：This paper develops estimates of TFP growth adjusted for movements in unobserved factor uti-lization for a panel of 29 countries and up to 37 years. When factor utilization changes are un-observed, the commonly used Solow residual mismeasures actual changes in TFP. We use general equilibrium dynamic multi-country multi-sector model to derive a production function estimating equation that corrects for unobserved factor usage. We compare the properties of utilization-adjusted TFP series to the s...
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作者：Albornoz, Facundo; Pardo, Hector F. Calvo; Corcos, Gregory; Ornelas, Emanuel
作者单位：University of Nottingham; Centre for Economic Policy Research - UK; University of Nottingham; Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; ENSAE Paris; Ecole Polytechnique
摘要：Exploiting disaggregated data on French exporters, we show that firms expand their product scope and geographical presence sequentially. This process of internationalization is uneven over time, exhibiting more volatility early than later in the life cycle of exporters. Specifically, young exporters are particularly likely to exit, and if they keep exporting, to expand at the inten-sive and sub-extensive margins, doing so by widening product scope within a destination before entering new desti...
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作者：Abbassi, Puriya; Brauning, Falk
作者单位：Deutsche Bundesbank; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：We exploit the post-Brexit depreciation of the British pound as an exogenous shock to show how exchange rate shocks transmit to the German real economy through the banking sector. German banks with GBP currency mismatches (between assets and liabilities, including off -balance sheet items) suffer losses when the currency of assets depreciates relative to that of liabilities, which they internalize by cutting back credit supply. For a one percentage-point loss in equity, a bank cuts credit supp...
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作者：Heresi, Rodrigo
作者单位：Inter-American Development Bank
摘要：I study the firm-level dynamic response of a commodity-exporting economy to global cycles in commodity prices. I propose a heterogeneous-firms model endogenizing manufacturing productivity slowdowns through reallocation towards less productive firms. Within a given sector, commodity booms reallocate market share away from exporters because of exchange rate appreciation and away from capital-intensive firms because of the increase in the required rate of return to capital. Using microdata for C...
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作者：Arslanalp, Serkan; Eichengreen, Barry; Simpson-Bell, Chima
作者单位：International Monetary Fund; University of California System; University of California Berkeley
摘要：After falling for decades, central bank gold holdings have risen since the Global Financial Crisis. We identify 14 active diversifiers, countries that purchased gold and raised its share in total reserves by 5 or more percentage points over the last two decades. In contrast to the diversification of foreign currency reserves, which has been undertaken by advanced and developing country central banks alike, diversifiers into gold are exclusively emerging markets. We document two sets of factors...
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作者：Kim, Duhyeong
作者单位：University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; University System of Ohio; Kent State University; Kent State University Kent; Kent State University Salem
摘要：A two-country general equilibrium model is developed to study the global consequences of quantitative easing and foreign exchange intervention. The model incorporates financial frictions such as limited commitment, differential pledgeability of assets as collateral, and a low supply of collateralizable assets. Due to differential asset pledgeability, financial intermediaries acquire different asset portfolios particular to their home country. Quantitative easing can reduce longterm nominal int...
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作者：Sosa-Padilla, Cesar; Sturzenegger, Federico
作者单位：National Bureau of Economic Research; University of Notre Dame; Universidad de San Andres Argentina
摘要：There has been substantial research on the benefits of accumulating foreign reserves, but less on the relative merits of how these reserves are accumulated. In this paper we explore whether the form of accumulation affects country risk. We first present a model of endogenous sovereign debt defaults, where we show that reserve accumulation through the issuance of debt contingent on local output reduces spreads in a way that reserve accumulation with for-eign borrowing does not. We confirm this ...
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作者：Hanson, Gordon; Liu, Chen
作者单位：Harvard University; National University of Singapore; National Bureau of Economic Research
摘要：Job selection by high-skilled foreign-born workers in the US correlates strongly with country of origin. We use a Frechet-Roy model of occupational choice to evaluate the causes of immigrant sorting. We find that revealed comparative advantage in the US is stronger for workers from countries with higher education quality in occupations that are more intensive in cognitive reasoning, and for workers from countries that are more linguistically similar to the US in occupations that are more inten...
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作者：Aparicio, Diego; Rigobon, Roberto
作者单位：University of Navarra; IESE Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Many retailers practice an extreme form of discrete pricing defined as quantum prices: differentiated products are priced using few and sparse price buckets. To show this, online data was collected for 350,000 products from over 65 fashion retailers in the U.S. and the U.K. This pricing strategy is observed within categories and across categories (i.e., similar or even disparately distinct products like jeans and bags have an identical price), as well as in product introductions, where new pro...
