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作者：Ramanarayanan, Ananth
作者单位：Western University (University of Western Ontario)
摘要：This paper characterizes how plant-level heterogeneity in imported input use affects the aggregate welfare gains from trade. Heterogeneous plants choose a fraction of inputs to source from the lowest cost source country, with the rest purchased domestically. Sourcing more inputs requires higher up-front fixed costs, but reduces variable input costs, so import shares are increasing in plant size. Welfare gains are inversely proportional to the general equilibrium elasticity of the aggregate imp...
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作者：Dvorkin, Maximiliano; Sanchez, Juan M.; Sapriza, Horacio; Yurdagul, Emircan
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Universidad Carlos III de Madrid
摘要：Leading into a debt crisis, interest rate spreads on sovereign debt rise before the economy experiences a decline in productivity, suggesting that news about future economic developments may play an important role in these episodes. An empirical VAR estimation shows that a news shock has a larger contemporaneous impact on sovereign credit spreads than a comparable shock to labor productivity. A quantitative model of news and sovereign debt default with endogenous maturity choice generates impu...
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作者：Bagwell, Kyle; Lee, Seung Hoon
作者单位：Stanford University; National Bureau of Economic Research; University System of Georgia; Georgia Institute of Technology
摘要：We analyze unilateral, efficient and Nash trade policies in a symmetric, two-country version of the Melitz-Ottaviano (2008) model. Starting at global free trade, we show that a country gains from the introduction of (1) a small import tariff; (2) a small export subsidy, if trade costs are low and the dispersion of productivities is high; and (3) an appropriately combined small increase in its import and export tariffs. The welfare of its trading partner, however, falls in each of these three c...
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作者：Wang, Zi
作者单位：Shanghai University of Finance & Economics
摘要：I study the welfare implications of corporate taxation in the presence of multinational production (MP) to understand the consequences of international tax competition and cooperation. I build a quantifiable general equilibrium model with trade. MP, and salient features of international corporate tax system. The model delivers structural equations that can be used to estimate the key parameters governing the response of firms' production locations to changes in corporate tax rates. Calibrating...
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作者：Frankel, Jeffrey; Rey, Helene
作者单位：Harvard University; University of London; London Business School
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作者：Picard, Pierre M.; Worrall, Tim
作者单位：University of Luxembourg; University of Edinburgh; Universite Catholique Louvain
摘要：Fiscal integration is recognized as an important issue in determining whether countries establish a common currency area. Fiscal integration between sovereign states is, however, limited by the ability of countries to commit to fiscal transfers. This paper supposes that fiscal transfers between countries must be voluntary and asks how this influences the choice between a currency area and a flexible exchange rate regime. It presents a model with wage rigidity in which, absent transfers, the fl...
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作者：Avdjiev, Stefan; Gambacorta, Leonardo; Goldberg, Linda S.; Schiaffi, Stefano
作者单位：Bank for International Settlements (BIS); Federal Reserve System - USA; Federal Reserve Bank - New York; European Central Bank; Bank of Italy
摘要：The sensitivities of themain global liquidity components, international loan and bond flows, to global factors varied considerably over the past decade. The estimated sensitivity to US monetary policy rose substantially in the immediate aftermath of the Global Financial Crisis, peaked around the time of the 2013 Fed taper tantrum, and then reverted towards pre-crisis levels. Conversely, the responsiveness of international bank lending to global risk conditions declined steadily throughout the ...
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作者：Blouri, Yashar; Ehrlich, Maximilian, V
作者单位：University of Bern
摘要：Wequantify general equilibriumeffects of place-based policies in amulti-region frameworkwith populationmobility, trade and agglomeration economies. Using detailed data on EU transfers, we estimate the local effects of different transfer types on productivity, income and transportation costs. Integrating these estimates into the model, we derive the spatial distribution of economic activity and corresponding welfare that would have materialized without transfers. We show that EU transfers have ...
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作者：Bagwell, Kyle; Staiger, Robert W.; Yurukoglu, Ali
作者单位：Stanford University; Dartmouth College; Stanford University; National Bureau of Economic Research
摘要：We provide an equilibrium analysis of the efficiency properties of simultaneous bilateral tariff negotiations in a three-country model of international trade. We consider the setting in which discriminatory tariffs are allowed, and we utilize the Nash-in-Nash solution concept of Horn and Wolinsky (1988). We allow for a general family of political-economic country welfare functions and assess efficiency relative to these welfare functions. We establish a sense in which the resulting tariffs are...
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作者：Fan, Haichao; Liu, Yu; Qiu, Larry D.; Zhao, Xiaoxue
作者单位：Fudan University; Shanghai Institute of International Finance & Economics; Fudan University; Lingnan University; Wesleyan University
摘要：How does domestic value-added tax (VAT) reform affect firms' export? We address this question via a model in which firms choose their sales for the domestic and foreign markets optimally. The model predicts that strengthening domestic tax enforcement has a negative effect on domestic sales but a positive effect on exports when firms face a convex production cost function. We test the model predictions using detailed firm- and product-level data from Chinese industrial surveys and customs recor...
