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作者：Hottman, Colin J.; Monarch, Ryan
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We estimate import price inflation for different income deciles of U.S. consumers over the years 1998 through 2014. After structurally estimating the parameters of a model capturing non-homotheticity across sectors, we use price data from the universe of foreign establishments exporting goods to the U.S. as well as consumer expenditure information to construct import price indexes. We find that lower income households experienced the most import price inflation, while higher income households ...
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作者：Cheng, Hua; Hu, Cui; Li, Ben G.
作者单位：Peking University; Central University of Finance & Economics; Boston College
摘要：The names of traders should not matter if information is symmetric across traders. By examining export data from Chinese customs, we find persistent lexicographic biases in firm-level export records. Firms whose names are lexicographically earlier in the Chinese-character rank export more to countries that have greater language proximities to Chinese, while firms whose names are lexicographically earlier in the English-romanization rank export more to countries that have greater language proxi...
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作者：Egger, Peter H.; Strecker, Nora M.; Zoller-Rydzek, Benedikt
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Swiss Federal Institutes of Technology Domain; ETH Zurich; Zurich University of Applied Sciences
摘要：The effective corporate profit tax rates (ETRs) of multinational enterprises (MNEs) are in general lower than those of national enterprises (NEs). In this paper, we argue that the bargaining power of MNEs is an important factor in explaining these differences beyond profit shifting. First, larger and more profitable firms are more valuable for tax authorities through, e.g., higher tax revenues and employment. In threatening to move their operations to other jurisdictions, larger firms, and spe...
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作者：Bombardini, Matilde; Li, Bingjing
作者单位：Canadian Institute for Advanced Research (CIFAR); University of British Columbia; National University of Singapore
摘要：Did the rapid expansion of Chinese exports between 1990 and 2010 contribute to the country'sworsening environmental quality? We exploit variation in local industrial composition to gauge the effect on pollution and health outcomes of export expansion due to the decline in tariffs faced by Chinese exporters. In theory, rising exports can increase pollution and mortality due to increased output, but theymay also raise local incomes, which can in turn promote better health and environmental quali...
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作者：Heerman, Kari E. R.
摘要：I develop a general equilibrium framework for agricultural trade policy analysis that allows agro-ecological characteristics to influence patterns of specialization within the agricultural sector and trade costs to be product-specific. This induces substantial variation in market share elasticities with respect to a given exporter's trade costs across its competitors, with the largest magnitude elasticities between countries most likely to compete head-to-head in the same products. The model i...
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作者：Hale, Galina B.; Jones, Peter C.; Spiegel, Mark M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Berkeley
摘要：We examine currency denomination in a large sample of private international bonds issued by small country firms. We find a substantive and persistent increase in the share of international bond placements denominated in issuers' home currencies, potentially mitigating currency mismatch. This trend appears to have accelerated since the global financial crisis. We find that global financial conditions as well as issuers' country inflation history determine the change in home currency issuance. W...
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作者：Kohn, David; Leibovici, Fernando; Szkup, Michal
作者单位：Pontificia Universidad Catolica de Chile; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of British Columbia
摘要：We study the role of financial frictions and balance-sheet effects in accounting for the dynamics of aggregate exports in large devaluations. We investigate a small open economy with heterogeneous firms and endogenous export decisions in which firms face financing constraints and debt can be denominated in foreign units. Despite the negative impact of these channels on capital accumulation and output at the firm-level, we find that they only explain a modest fraction of the gradual increase of...
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作者：Stangebye, Zachary R.
作者单位：University of Notre Dame
摘要：A novel form of strategic complementarities is explored in a standard quantitative model of long-maturity sovereign debt. Discrepancies in long-run beliefs dilute current prices differently. Negative long-run beliefs become self-fulfilling if the sovereign optimally borrows more and defaults more frequently in the face of worse prices. A strong curvature in the flow utility is an important ingredient in generating this response. The intuition bears out both through a multiplicity of Markov equ...
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作者：Defever, Fabrice; Imbruno, Michele; Kneller, Richard
作者单位：City St Georges, University of London; University of London; London School Economics & Political Science; Sapienza University Rome; University of Nottingham
摘要：We investigate theoretically and empirically the role of wholesalers in mediating the productivity effects of trade liberalization. Intermediaries provide indirect access to foreign produced inputs. The productivity effects of input tariff cuts on firms that do not directly import therefore depends on the extent that wholesalers are a feature of input supply within an industry. Using firm level data from China, we document that wholesalers play no such role for direct importers. However, other...
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作者：Caron, Justin; Fally, Thibault; Markusen, James
作者单位：Universite de Montreal; HEC Montreal; University of California System; University of California Berkeley; Shandong University; University of Colorado System; University of Colorado Boulder
摘要：Almost all of the literature about the growth of income inequality and the relationship between skilled and unskilled wages approaches the issue from the production side of general equilibrium (skill-biased technical change, international trade). We add a role for income-dependent demand interacted with factor intensities in production. We explore how income growth and trade liberalization influence the demand for skilled labor when preferences are non-homothetic and when income-elastic goods ...
