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作者：Hoffmann, Mathias; Krause, Michael U.; Tillmann, Peter
作者单位：Deutsche Bundesbank; University of Cologne; Justus Liebig University Giessen
摘要：Cross-sectional evidence for 119 developing, emerging, and developed countries shows over the last three decades that countries with an on average higher volatility of output growth experience more procyclical capital outflows over the business cycle than those countries with the same growth rate but a more stable output path. This stylized pattern shows up in addition to the recently established fact that countries with higher macroeconomic uncertainty tend to accumulate higher external asset...
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作者：Jabbour, Liza; Tao, Zhigang; Vanino, Enrico; Zhang, Yan
作者单位：University of Birmingham; University of Hong Kong; University of London; London School Economics & Political Science
摘要：This paper analyses the effects of the European Union's anti-dumping tariffs against Chinese imports on all affected firms: the good European import-competing firms, the bad Chinese exporters and the ugly European importers of dumped products. The results show that temporary import tariffs are beneficial to the least productive good EU producers, but harms the most productive ugly EU importers. Overall, the net effects of anti-dumping policy on European employment and exports are largely negat...
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作者：Baccini, Leonardo; Impullitti, Giammario; Malesky, Edmund J.
作者单位：McGill University; University of Nottingham; Duke University
摘要：What do state-owned enterprises (SOEs) do? How do they respond to market incentives? Can we expect substantial efficiency gains from trade liberalization in economies with a strong presence of SOEs? Using a new dataset of Vietnamese firms we document a set of empirical regularities distinguishing SOEs from private firms. Then we empirically study the effect of the 2007 WTO accession on selection, competition, and productivity. Our results show that WTO entry is associated with higher probabili...
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作者：Alquist, Ron; Berman, Nicolas; Mukherjee, Rahul; Tesar, Linda L.
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We develop a model of cross-border acquisitions in which the foreign acquirer's ownership choice reflects a trade-off between easing the target's credit constraints and the costs of operating in an environment with weak institutions. Data on domestic and foreign acquisitions in emerging markets over the period 1990-2007 support the model predictions. The share of full foreign acquisitions is higher in sectors more reliant on external finance, in countries with lower financial development, and ...
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作者：Bombardini, Matilde; Orefice, Gianluca; Tito, Maria D.
作者单位：University of British Columbia; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; Canadian Institute for Advanced Research (CIFAR)
摘要：This paper documents a novel fact about the hiring decisions of exporting firms versus non-exporting firms in a French matched employer-employee dataset. We construct the type of each worker using both a traditional wage regression and a theory-based approach and compute measures of the average worker type and worker type dispersion at the firm level. We find that exporting firms feature a lower type dispersion in the pool of workers they hire. This effect is quantitatively larger than the com...
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作者：Patureau, Lise; Poilly, Celine
作者单位：Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Aix-Marseille Universite
摘要：The paper investigates how endogenous markups affect the extent to which policy reforms can influence international competitiveness. In a two-country model where trade costs allow for international market segmentation, we show that endogenous pricing-to-market behavior of firms acts as an important transmission channel of the policies. By strengthening the degree of competition between firms, product market deregulation at home leads to a reduction in domestic markups, which generally leads to...
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作者：Candian, Giacomo
作者单位：Universite de Montreal; HEC Montreal
摘要：Real exchange rates are highly volatile and persistent. I provide a novel structural explanation for these facts using a model with dispersed information among firms. When producers face strategic complementarities in price-setting, uncertainty about competitors' beliefs results in sluggish price adjustment that can generate large and long-lived real exchange rate movements. I estimate the model using data from the US and Euro Area. and show that it successfully explains the unconditional vola...
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作者：Cesa-Bianchi, Ambrogio; Imbs, Jean; Saleheen, Jumana
作者单位：Bank of England
摘要：In the workhorse model of international real business cycles, financial integration exacerbates the cycle asymmetry created by country-specific supply shocks. The prediction is identical in response to purely common shocks in the same model augmented with simple country heterogeneity (e.g., where depreciation rates or factor shares are different across countries). This happens because common shocks have heterogeneous consequences on the marginal products of capital across countries, which trig...
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作者：Corsetti, Giancarlo; Mavroeidi, Eleonora; Thwaites, Gregory; Wolf, Martin
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; Organisation for Economic Co-operation & Development (OECD); University of Vienna
摘要：We study how small open economies can escape from deflation and unemployment in a situation where the world economy is permanently depressed. Building on the framework of Eggertsson et al. (2016), we show that the transition to full employment and at-target inflation requires real and nominal depreciation of the exchange rate. However, because of adverse income and valuation effects from real depreciation, the escape has a beggar-thy-self effect, that may end up lowering welfare while eliminat...
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作者：Carre, Sylvain; Cohen, Daniel; Villemot, Sebastien
作者单位：Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Paris School of Economics
摘要：Governments choose to issue risky or riskless debt depending on the nature of the stochastic process of output. We use Brownian motion and Poisson shocks a modeling method in the literature on corporate default known as Levy processes to approximate a decomposition of the output process into a smooth and a jump component. Using an Eaton and Gersovitz (1981) model of debt repudiation, we show that the Brownian part explains the counter-cyclical behavior of the current account, and the Poisson p...
