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作者：Todtenhaupt, Maximilian; Voget, Johannes
作者单位：Norwegian School of Economics (NHH); University of Munich; University of Mannheim
摘要：We investigate how changes in firm productivity after M&As are affected by differences in profit taxation between the target and the acquirer. We argue that tax differentials distort the efficient allocation of productive factors following an M&A and thus inhibit the realization of productivity improvements. Using firm-level data on inputs and outputs of production as well as on corporate M&As, we show that the absolute tax differential between the locations of two merging firms reduces the su...
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作者：Hobijn, Bart; Nechio, Fernanda; Shapiro, Adam Hale
作者单位：Arizona State University; Arizona State University-Tempe; Central Bank of Brazil
摘要：Using price quote data that underpin the official U.K. consumer price index (CPI), we analyze the effects of the unexpected passing of the Brexit referendum on the dynamics of price adjustments. The sizable depreciation of the British pound that immediately followed Brexit works as a quasi-experiment, enabling us to study the transmission of a large common marginal cost shock to inflation as well as the distribution of prices within granular product categories. The bulk of the aggregate inflat...
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作者：Giri, Rahul; Yi, Kei-Mu; Yilmazkuday, Hakan
作者单位：International Monetary Fund; University of Houston System; University of Houston; Federal Reserve System - USA; Federal Reserve Bank - Dallas; National Bureau of Economic Research; State University System of Florida; Florida International University
摘要：This paper assesses the quantitative importance of including sectoral heterogeneity in computing the gains from trade. Our framework draws from Caliendo and Parro (2015) and has sectoral heterogeneity along five dimensions, including the elasticity of trade to trade costs. We estimate the sectoral trade elasticity with the Simonovska and Waugh (2014) simulated method of moments estimator and micro price data. Our estimates range from 2.97 to 8.94 across sectors. Our benchmark model is calibrat...
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作者：Khan, Shafaat Yar; Khederlarian, Armen
作者单位：The World Bank; University of Connecticut
摘要：Firms anticipate upcoming tariff changes by shifting their purchases to periods with lower costs. This paper shows that such anticipatory dynamics overstate the trade elasticity. Standard identification of the trade response to trade cost changes uses tariff variation from Free Trade Agreements (FTA) and assumes that trade flows equal their consumption. However, FTAs eliminate tariffs gradually through announced phaseouts. This allows firms to delay their purchases until tariff cuts are effect...
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作者：Asis, Gonzalo; Chari, Anusha; Haas, Adam
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper employs a novel multi-country dataset of corporate defaults to develop a model of distress risk specific to emerging markets. The data suggest that global financial variables such as US interest rates and shifts in global liquidity and risk aversion have significant predictive power for forecasting corporate distress risk in emerging markets. We document a positive distress risk premium in emerging market equities and show that the impact of a global risk-off environment on default ...
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作者：Broner, Fernando; Martin, Alberto; Pandolfi, Lorenzo; Williams, Tomas
作者单位：Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; University of Naples Federico II; George Washington University
摘要：We study the effects of sovereign debt inflows on domestic firms. To do so, we exploit episodes of large sovereign debt inflows, which follow the announcements of the inclusion of six emerging countries into major sovereign debt indexes. We find that these events reduce government bond yields, appreciate the domestic currency, and have heterogeneous stock-market effects on domestic firms. Firms operating in tradable industries experience lower returns than firms in non-tradable industries. In ...
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作者：Pelzl, Paul; Poelhekke, Steven
作者单位：Norwegian School of Economics (NHH); University of Auckland; Leibniz Association; Ifo Institut; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：We analyze the local effect of exogenous shocks to the value of mineral deposits on a panel of manufacturing plants in Indonesia. We introduce heterogeneity in natural resource extraction methods, which helps to explain the mixed evidence found in the 'Dutch disease' literature. In districts where mineral extraction is relatively capital intensive, mining booms cause virtually no upward pressure on manufacturing wages, and both producers of more heavily traded and relatively less-traded manufa...
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作者：Chatruc, Marisol Rodriguez; Stein, Ernesto; Vlaicu, Razvan
作者单位：Inter-American Development Bank; Inter-American Development Bank
摘要：This paper examines general support for trade at the individual level, measures its sensitivity to pro-and anti-trade framing, and relates these effects to how framing affects specific beliefs about trade. The data come from a randomized experiment we included in the 2018 Latinobarometro survey covering 18 countries. We find that respondents' high support for trade is based primarily on perceived employment gains. General support for trade is unaf-fected by consumption benefits framing, but is...
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作者：Facchini, Giovanni; Testa, Cecilia
作者单位：University of Nottingham; Centre for Economic Policy Research - UK; University of Nottingham
摘要：Governments do not always enforce their laws, even when they have the means of doing so, and lax enforcement is common in the domain of immigration policy. To explain this paradox we develop a political agency model where gains from migration are unevenly distributed, and an elected government chooses both quotas and their enforcement. We show that distributional concerns can have perverse effects on migration policy since a utilitarian government may set a quota to appease the electorate, but...
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作者：Gulan, Adam; Haavio, Markus; Kilponen, Juha
作者单位：Bank of Finland
摘要：We study the macroeconomic consequences of a major trade disruption using the example of the Finnish-Soviet trade collapse in 1991. This is a rare case of a well-identified large trade shock in a developed economy. We find that the shock significantly affected Finnish output. Even so, the trade collapse was insufficient to generate an all-out crisis, and accounts for only a part of the Finnish Great Depression (1990-1993). We show that shocks originating domestically played a major role throug...
