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作者：Krolikowski, Pawel M.; McCallum, Andrew H.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We add goods-market frictions to a general equilibrium dynamic model with heterogeneous exporting producers and identical importing retailers. Our tractable framework leads to endog-enously unmatched product varieties that reduce welfare, attenuate welfare responses, increase the responsiveness of trade to iceberg costs, and operate mainly through the extensive margin. Quantitative results based on U.S. and Chinese data suggest that reducing international search costs to their domestic levels ...
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作者：Barattieri, Alessandro; Cacciatore, Matteo; Ghironi, Fabio
作者单位：University of Quebec; University of Quebec Montreal; Bank of Canada; Universite de Montreal; HEC Montreal; University of Washington; University of Washington Seattle; National Bureau of Economic Research; Universite de Montreal; HEC Montreal; University of Washington; University of Washington Seattle
摘要：We study the macroeconomic effects of protectionism. First, using high-frequency trade policy data, we present fresh evidence on the dynamic effects of temporary trade barriers. Estimates from country-level and panel VARs show that protectionism acts as a supply shock, causing output to fall and inflation to rise in the short run. Moreover, protectionism has at best a small positive effect on the trade balance. Second, we build a small open economy model with firm heterogeneity, endogenous sel...
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作者：Chen, Cheng; Steinwender, Claudia
作者单位：Clemson University; University of Munich
摘要：When managers have objectives beyond maximizing monetary profits, inefficiencies may arise. An increase in competition may then force managers to improve the productivity of the firm in order to ensure survival. While this hypothesis has received ample theoretical attention, empirical evidence is scarce, mainly because preferences of managers are typically unobserved. In this paper, we exploit the fact that a large literature has documented specific non-monetary preferences of family managers....
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作者：Brandt, Loren; Li, Bingjing; Morrow, Peter M.
作者单位：University of Toronto; National University of Singapore
摘要：A major objective of policies promoting processing trade in developing countries is integration with global markets. A central feature of processing regimes is that firms do not have to pay tariffs on imported inputs as long as they are used exclusively in the production of goods for export. These firms are typically restricted from selling output using imported inputs on the domestic market. These restrictions can be viewed as a form of incomplete liberalization due to protectionist motives. ...
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作者：Kishi, Keiichi; Okada, Keisuke
作者单位：Kansai University
摘要：We develop an international trade model in which firms' productivity is affected by technology diffusion and innovation, and the model generates an endogenous Pareto productivity distribution. Each new entrant to the market randomly searches for and meets incumbents and then adopts their existing technology, which is considered technology diffusion. The incumbents adopt the newly developed frontier technology, which is considered innovation. The endogenous response of the productivity distribu...
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作者：Fons-Rosen, Christian; Kalemli-Ozcan, Sebnem; Sorensen, Bent E.; Villegas-Sanchez, Carolina; Volosovych, Vadym
作者单位：University of California System; University of California Merced; Center for Economic & Policy Research (CEPR); University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Houston System; University of Houston; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We revisit the relationship between foreign investment and productivity of acquired firms. First, we construct a panel firm-level dataset for eight advanced European countries covering domestic and foreign acquisitions together with detailed balance sheet information for the years 1999-2012. Second, we address the challenge of identifying a causal relation. To that end, we compare foreign to domestic acquisitions in addition to accounting for the impact of majority versus minority acquisitions...
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作者：Schulte, Patrick
摘要：This paper studies whether innovations underlying skill-biased technical change diffuse internationally and thereby contribute to the increasing skill demand and inequality in other countries. Using a new empirical framework and sectoral data for a panel of 40 emerging and developed countries, 25 industries and the period from 1995 to 2007, the analysis shows that technology diffusion is statistically and economically important in explaining skill-biased technical change. The results hold for ...
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作者：Ongena, Steven; Schindele, Ibolya; Vonnak, Dzsamila
作者单位：Swiss Finance Institute (SFI); University of Zurich; Central European University; HUN-REN; HUN-REN Centre for Economic & Regional Studies
摘要：We study the impact of monetary policy on the supply of bank credit when bank lending is denominated in foreign currencies. Accessing a comprehensive supervisory dataset from Hungary, we find that the supply of bank credit in a foreign currency is less sensitive to changes in domestic monetary conditions than the equivalent supply in the domestic currency. Changes in foreign monetary conditions similarly affect bank lending more in the foreign than in the domestic currency. Hence when banks le...
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作者：Ornelas, Emanuel; Turner, John L.; Bickwit, Grant
作者单位：Getulio Vargas Foundation; University System of Georgia; University of Georgia; University System of Georgia; University of Georgia
摘要：We develop a new framework to study the welfare consequences of preferential trade agreements (PTAs) under global sourcing, incomplete contracts and endogenous matching. We uncover several new channels through which PTAs affect global welfare. Some effects stem from intensive margin changes-i.e., changes in investment and production in existing vertical chains-and from extensive margin relocations-i.e., due to the formation and destruction of vertical chains. In each case, there are potential ...
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作者：Georgiadis, Georgios; Schumann, Ben
作者单位：European Central Bank; Free University of Berlin
摘要：We test for the empirical relevance of partial and asymmetric dominant-currency pricing (DCP), the hypothesis that large but not necessarily identical shares of economies' export and import prices are sticky in US dollar. We first set up a structural three-country New Keynesian dynamic stochastic general equilibrium model which nests DCP, producer-currency pricing and local-currency pricing. Under partial and asymmetric DCP, the output spillovers from shocks that appreciate the US dollar decli...
