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作者：Karabay, Bilgehan
作者单位：Royal Melbourne Institute of Technology (RMIT)
摘要：We study the optimal organizational structure of a firm in a sequential supply chain when investments are relationship specific and contracts are incomplete. The market structure for the final product is monopolistic competition. Production follows a preordered sequence and exhibits high complementarity between stages. There are three types of actors: upstream suppliers, downstream suppliers and final-good producers (firms). In designing their organizational structure, firms in each stage choo...
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作者：Martinez, Joseba; Philippon, Thomas; Sihvonen, Markus
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Bank of Finland
摘要：We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a money market union; a capital market union; and complete fi- nancial markets. We show that a money market union is efficient at sharing domestic demand shocks (deleveraging, fiscal consolidation), while a capital market union is necessary to share supply shocks (productivity and quality shocks). In a numerical exercise, we find that the wel-fare gain of moving from segmented m...
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作者：Zhao, Hong
作者单位：Nankai University
摘要：The implications of trend inflation in an open economy are investigated in a two-country DSGE model. The results show that increasing trend inflation from 2 to 4 percent in the domestic country generates a consumption-equivalent welfare loss of about 0.36 percent and 0.04 per-cent in the domestic and foreign countries, respectively. The cooperative optimal monetary pol-icy under commitment with positive trend inflation faces a policy trade-off in response to technology shocks. Incorporating tr...
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作者：Chen, Natalie; Juvenal, Luciana
作者单位：University of Warwick; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; International Monetary Fund
摘要：This paper examines how trade costs induced by geographic distance or bilateral tariffs impact the markups of exports differentiated by quality. It relies on a data set that combines Argentinean firm-level wine exports with experts' wine ratings as a measure of quality. Exporters price discriminate across destinations by raising markups in more distant markets, and by lowering them in high-tariff countries. However, the response of markups to changes in trade costs is heterogeneous and weaker ...
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作者：Hillrichs, Dorothee; Vannoorenberghe, Gonzague
作者单位：Universite Catholique Louvain
摘要：International trade affects consumption prices, with potentially different impacts on poor and rich consumers. We study these unequal impacts building on the Almost Ideal Demand System (AIDS) gravity model of Fajgelbaum and Khandelwal (2016). We augment the original model with a home bias in tastes and allow for trade costs to differ for domestic and foreign trade. In this setup, we show that the structural parameters governing the welfare gains are highly sensitive to the determinants of spen...
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作者：Bacchetta, Philippe; Davenport, Margaret; van Wincoop, Eric
作者单位：Swiss Finance Institute (SFI); University of Lausanne; University of Lausanne; University of Virginia; National Bureau of Economic Research
摘要：Recently portfolio choice has become an important element of many DSGE open economy models. Yet, a substantial body of evidence is inconsistent with standard frictionless portfolio choice models. In this paper we introduce a quadratic cost of changes in portfolio allocation into a two -country DSGE model. We investigate the level of portfolio frictions most consistent with the data and the impact of portfolio frictions on asset prices and net capital flows. We find the portfolio fric-tion acco...
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作者：Carballo, Jeronimo; Chatruc, Marisol Rodriguez; Santa, Catalina Salas; Martincus, Christian Volpe
作者单位：University of Colorado System; University of Colorado Boulder; Inter-American Development Bank
摘要：International trade is subject to information incompleteness. Firms must therefore engage in a costly search process to find business partners. Online platforms can reduce these search costs and thereby favor firms' overall exports. We examine whether this is actually the case and the underlying mechanisms thereof. In so doing, we combine detailed information on firms' participation in a free, purely informational online platform and customs data covering the entire universe of a developing co...
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作者：Ottonello, Pablo; Perez, Diego J.; Varraso, Paolo
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; New York University; National Bureau of Economic Research
摘要：We study the design of macroprudential policies based on quantitative collateral-constraint models. We show that the desirability of macroprudential policies critically depends on the specific form of collateral used in debt contracts: While inefficiencies arise when current prices affect collateral-a frequent benchmark used to guide policies-they do not when only future prices affect collateral. Since the microfoundations and quantitative predictions of models with future-price collateral con...
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作者：de Ferra, Sergio; Mallucci, Enrico
作者单位：University of Oxford; Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Khalil, Makram
作者单位：Deutsche Bundesbank
摘要：This paper studies the ability of manufacturing-specific shocks to explain oil prices. In an estimated three-region model (US, OPEC, rest of world) incorporating two sectors (manufacturing and services) in the oil-importing economies and featuring cross-border supply chains, such shocks rationalize the observed pattern of a positive comovement between oil prices and the global cyclical gap between manufacturing output and services provision. In the event of manufacturing technology shocks, oil...
