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作者：Freund, Caroline; Mulabdic, Alen; Ruta, Michele
作者单位：University of California System; University of California San Diego; The World Bank
摘要：In the mid-2000s, the production of hearing aids shifted almost entirely to 3D printing. Using difference-in-differences and synthetic control methods, this paper examines the effects of this shift on trade flows. Exploiting variation in the timing of adoption of the new technology by different producers to identify the causal effects of 3D printing, the analysis finds that ex-ports of hearing aids increased by roughly 80% following the introduction of the new technol-ogy. There is no evidence...
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作者：Schmidt, Julia; Steingress, Walter
作者单位：European Central Bank; Bank of France; Bank of Canada
摘要：This paper quantifies a novel channel that contributes to greater trade integration: the release of harmonized, voluntary product standards. Standards define product characteristics that ensure compatibility, quality and consistency. Harmonized standards unify these characteristics across countries and reduce country-specific adaption costs. We create a novel database on cross-country standards and show that harmonized standards have contributed up to 13% of the growth in global trade. We buil...
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作者：Choi, Woo Jin; Taylor, Alan M.
作者单位：Korea Development Institute (KDI); University of California System; University of California Davis; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We document a new international stylized fact on the relationship between external wealth, capital controls, and the real exchange rate. We first re-confirm that the real exchange rate ap-preciates when external asset holdings increase, all else equal, a central mechanism in interna-tional economics. However, we find that increases in publicly held external assets (reserves) are associated with depreciation, especially if combined with high capital controls. Reserve ac-cumulation is also assoc...
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作者：Panon, Ludovic
作者单位：European Central Bank; Bank of Italy
摘要：This paper proposes a new determinant of labor share changes. Using micro-data on the universe of French manufacturing exporters over 1995-2007, I show that a measure of export demand growth exogenous to firm-level outcomes drives down the manufacturing labor share through two effects. First, foreign demand shocks allow low-labor share, highly internationalized super-star exporters to grow disproportionately more. Second, foreign demand growth decreases the labor share of exporters and this ef...
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作者：Li, Xiang; Su, Dan
作者单位：Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Martin Luther University Halle Wittenberg
摘要：This study provides firm-level evidence on the effect of capital account liberalization on total factor productivity (TFP) growth. We find that a one standard deviation increase in the capital account openness indicator constructed by Fernandez et al. (2016) is significantly associated with a 0.18 standard deviation increase in firms' TFP growth rates. The productivity-enhancing effects are stronger for sectors with higher external finance dependence and capital-skill complementarity, and are ...
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作者：Matsumura, Misaki
作者单位：Deloitte Touche Tohmatsu Limited
摘要：What price index should central banks target when economies are open and exposed to international price shocks? This paper derives the optimal price index by solving the Ramsey problem in a New Keynesian small open economy model with an arbitrary number of sectors. This approach improves on the existing theoretical benchmarks by (1) making an explicit distinction between the consumer price index (CPI) and the producer price index (PPI), (2) incorporating exogenous international price shocks, a...
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作者：Buse, Rebekka; Schienle, Melanie; Urban, Jorg
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; University of Basel
摘要：We study the impact of changes in regulations and policy interventions on systemic risk among European sovereign entities measured as volatility spillovers in credit risk markets. With our unique intraday CDS dataset, the effectiveness of closely subsequent events can be assessed, and interventions with significant changes in network cross-effects can be discerned by appro-priate bootstrap confidence intervals. We show that it was mainly regulatory changes such as the ban of trading naked sove...
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作者：Aldasoro, Inaki; Balke, Florian; Barth, Andreas; Eren, Egemen
作者单位：Bank for International Settlements (BIS); Goethe University Frankfurt
摘要：We uncover a new channel for spillovers of funding dry-ups. The US money market fund (MMF) reform led to an exogenous reduction in unsecured MMF funding for some banks. We use novel data to trace those banks to a corporate deposit funding platform. As they sought to replace the lost dollar funding, the funding squeeze spilled over to other banks with no MMF exposure. The latter paid more for corporate dollar deposits, and their pool of funding providers deteriorated. Their dollar lending volum...
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作者：Fontagne, Lionel; Guimbard, Houssein; Orefice, Gianluca
作者单位：European Central Bank; Bank of France; European Central Bank; Bank of France
摘要：Trade elasticity which varies widely across products is a crucial parameter in evaluating the welfare impacts of changes in trade frictions. We estimate trade elasticities at the product level by exploiting the variation in bilateral tariffs for each product category for the universe of country pairs over the 2001 to 2016 period. The predicted trade flows using the product-specific trade elasticities estimated here match the observed post-EPA import between the US and Chile, confirming the acc...
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作者：Anzoategui, Diego
作者单位：Rutgers University System; Rutgers University New Brunswick
摘要：I analyze the impact of austerity on sovereign spreads. To do so I propose a model with stra-tegic sovereign default and nominal rigidities, where the government follows fiscal rules, which are estimated from data. I first study theoretical implications and find that austerity can increase sovereign spreads, or be self-defeating, only when the decrease in government spending is persistent and the economy is expected to be in a recession with high fiscal mul-tipliers. I then calibrate the model...
