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作者：de Ferra, Sergio; Mitman, Kurt; Romei, Federica
作者单位：Stockholm University; Stockholm University; Stockholm School of Economics
摘要：We study the role of heterogeneity in the transmission of foreign shocks. We build a Heterogeneous-Agent New-Keynesian Small Open Model Economy (HANKSOME) that experiences a current account reversal. Households' portfolio composition and the extent of foreign currency borrowing are key determinants of the magnitude of the contraction in consumption associated with a sudden stop in capital inflows. The contraction is more severe when households are leveraged and owe debt in foreign currency. In...
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作者：Sun, Chang
作者单位：University of Hong Kong
摘要：This paper develops a quantitative model of multinational production (MP) with non-neutral technologies incorporating two stylized facts observed in a global firm-level data: first, larger firms on average use more capital-intensive technologies; second, among firms producing in the same industry and country, those from more capital-abundant home countries use more capital-intensive technologies. I quantify the model using both firm-level and aggregate moments for 37 countries. I found that th...
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作者：Boehm, Christoph E.; Flaaen, Aaron; Pandalai-Nayar, Nitya
作者单位：University of Texas System; University of Texas Austin; Federal Reserve System - USA; Federal Reserve System Board of Governors; National Bureau of Economic Research
摘要：We provide new facts about the role of multinationals in the decline in U.S. manufacturing employment between 1993 and 2011, using a novel microdata panel with firm-level ownership and trade information. Multinational-owned establishments displayed lower employment growth than a narrow control group and accounted for 41% of the aggregate decline. Newly multinational establishments experienced job losses, while their parent firms increased foreign input imports. We develop a model that rational...
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作者：Amiti, Mary; Dai, Mi; Feenstra, Robert C.; Romalis, John
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Beijing Normal University; University of California System; University of California Davis; University of Sydney
摘要：We analyze the effects of China's rapid export expansion following its WTO entry on the US. prices of manufacturing goods between 2000 and 2006, exploiting cross-industry variation in trade liberalization. Lower input tariffs in China lowered costs and, in conjunction with reduced US. tariff uncertainty, expanded China's export participation. WTO entry therefore led to lower effective prices for Chinese exports, and we find a substantial reduction in the prices of other countries selling to th...
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作者：Hayakawa, Kazunobu; Ishikawa, Jota; Tarui, Nori
作者单位：Hitotsubashi University; University of Hawaii System; University of Hawaii Manoa; University of Hawaii System; University of Hawaii Manoa
摘要：In international trade, transportation requires a round trip for which a transport firm has to commit to shipping capacity that is sufficient to meet the maximum shipping volume. This may cause the backhaul problem. Trade theory suggests that, facing the problem, transport firms with market power adjust their freight rates strategically when import tariffs change. As a consequence, a country reducing its import tariffs may experience an increase in exports as well as imports. Using worldwide d...
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作者：Reyes-Heroles, Ricardo; Tenorio, Gabriel
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We document the relevance of external risks-shocks to the level and volatility of world interest rates-in shaping economic activity in emerging market economies (EMEs) and characterize optimal macroprudential policy in response to these risks in a small open economy subject to financial crises. Low and stable interest rates reinforce overborrowing arising from a pecuniary externality generated by collateral constraints that depend on asset prices. We show that this mechanism leads to greater e...
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作者：Mihalache, Gabriel
作者单位：State University of New York (SUNY) System; Stony Brook University
摘要：Sovereign default episodes are resolved by restructuring the debt through renegotiations and implemented by bond swaps and resumption of debt service payments. This process provides debt relief for the sovereign and partially compensates lenders for their losses. In the data, the bulk of such debt relief is implemented by extending thematurity of the debt rather than changing its face value. We augment a standardmaturity choicemodel with a post-default renegotiation phase and study whether it ...
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作者：Hsu, Wen-Tai; Lu, Yi; Wu, Guiying Laura
作者单位：Singapore Management University; Academia Sinica - Taiwan; Tsinghua University; Nanyang Technological University
摘要：This paper provides a quantitative analysis of gains from trade in a model with head-to-head competition using Chinese firm-level data from Economic Censuses in 1995 and 2004. We find a significant reduction in trade cost during this period, and total gains from such improved openness during this period is 7.1%. The gains are decomposed into a Ricardian component and two pro-competitive ones, The pro-competitive effects account for 20% of the total gains. Moreover, the total gains from trade a...
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作者：Olney, William W.
作者单位：University of Hawaii System
摘要：This paper examines the economic implications of the Jones Act, which restricts domestic waterborne shipments to American vessels. Since the passage of this cabotage law a century ago, a plausibly exogenous rise in foreign competition has contributed to the closure of most American shipyards and to a decline in American-built ships. Thus, the Jones Act requirements have become more onerous over time. The results show that domestic shipments are less likely to be transported via water than impo...
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作者：Hu, Chenyue
作者单位：University of California System; University of California Santa Cruz
摘要：This paper theoretically and empirically examines how industrial structure affects international portfolio diversification. I embed portfolio choice in a multi-country, multi-sector model in order to explore how sectoral productivity differences affect a country's risk exposure and hence influence home bias. The model predicts that investors from highly specialized economies who want to hedge their risk have a strong incentive to avoid domestic assets. I confirm the prediction with the data by...
