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作者：Facchini, Giovanni; Liu, Maggie Y.; Mayda, Anna Maria; Zhou, Minghai
作者单位：University of Nottingham; Centre for Economic Policy Research - UK; Smith College; Georgetown University; Center for Economic & Policy Research (CEPR); University of Nottingham Ningbo China
摘要：We analyze the effect of China's integration into the world economy on workers in the country and show that one important channel of impact has been internal migration. Specifically, we study the changes in internal migration rates triggered by the reduction in trade policy uncertainty faced by Chinese exporters in the U.S. This reduction is characterized by plausibly exogenous variation across products, which we use to construct a local measure of treatment, at the level of a Chinese prefectu...
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作者：Wu, Jing Cynthia; Zhang, Ji
作者单位：University of Notre Dame; National Bureau of Economic Research; Tsinghua University
摘要：In a standard open-economy New Keynesian model, the effective lower bound causes anomalies: output and terms of trade respond to a supply shock in the opposite direction compared to normal times. We introduce a tractable framework to accommodate for unconventional monetary policy. In our model, these anomalies disappear. We allow unconventional policy to be partially active and asymmetric between countries. Empirically, we find the US, Euro area, and UK have implemented a considerable amount o...
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作者：Koch, Michael; Smolka, Marcel
作者单位：University of Bayreuth; Aarhus University
摘要：We conduct an empirical investigation into the effects of foreign ownership on worker skills using firm-level data from Spain. To control for endogeneity bias due to selection into foreign ownership, we combine a difference-in-differences approach with a propensity score weighting estimator. Our results provide novel evidence that foreign-acquired firms actively raise the skills of their workforce in response to the acquisition by hiring high-skilled workers and providing worker training. To p...
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作者：Piveteau, Paul; Smagghue, Gabriel
作者单位：Johns Hopkins University; Universidad Carlos III de Madrid
摘要：We propose a new instrumental variable strategy to estimate product quality at the firm-level, using trade data. Interacting firm importing shares by country with real exchange rates (RER), we obtain a cost shifter that varies across firms and is arguably orthogonal to product quality. We use this import weighted RER as an instrument for export prices and we identify firm-level quality from residual export variations, after controlling for prices. Our quality estimates correlate to firm charac...
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作者：Colantone, Italo; Crino, Rosario; Ogliari, Laura
作者单位：Bocconi University; Catholic University of the Sacred Heart; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of Milan
摘要：We study the effects of import competition on workers' mental distress, using unique longitudinal data on mental health for British residents, coupled with measures of import competition in more than 100 industries over 1995-2007. We find that import competition has a large negative impact on individual mental health. Compared to a worker employed in the industry at the 25th percentile of the import competition distribution, a worker employed in the industry at the 75th percentile would need a...
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作者：Stumpner, Sebastian
作者单位：Universite de Montreal; European Central Bank; Bank of France
摘要：I study the role of trade between U.S. states in the regional propagation of local consumer demand shocks during the Great Recession. To identify the trade channel empirically, I make use of heterogeneity in the direction of trade flows across industries in the same state: Industries that depended relatively more on final demand from states with housing boom-bust cycles grew by more before the crisis and declined faster from 2007 to 09. A one standard deviation difference in the exposure to de...
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作者：Inoue, Atsushi; Rossi, Barbara
作者单位：Vanderbilt University; Pompeu Fabra University; Barcelona School of Economics; ICREA; Centre de Recerca en Economia Internacional (CREI)
摘要：What are the effects of monetary policy on exchange rates? And have unconventional monetary policies changed the way monetary policy is transmitted to international financial markets? According to conventional wisdom, expansionary monetary policy shocks in a country lead to that country's currency depreciation. We revisit the conventional wisdom during both conventional and unconventional monetary policy periods in the US by using a novel identification procedure that defines monetary policy s...
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作者：Chen, Yao; Ward, Felix
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Current account reversals under the Gold Standard (1880-1913) - a fixed exchange rate regime - were accompanied by few, if any, output losses. To understand why, we build and estimate an open economy model of the Gold Standard, which allows us to quantitatively assess the importance of three channels of external adjustment: flexible prices, international migration, and monetary policy. Our first finding is that flexible prices were the most influential channel through which output was stabiliz...
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作者：Carluccio, Juan; Cunat, Alejandro; Fadinger, Harald; Fons-Rosen, Christian
作者单位：European Central Bank; Bank of France; University of Surrey; University of Vienna; Leibniz Association; Ifo Institut; University of Mannheim; Centre for Economic Policy Research - UK; University of California System; University of California Merced
摘要：Using French manufacturing firm-level data for the years 1996-2007, we uncover a novel set of stylized facts about offshoring behavior: (i) Low-productivity firms (non-importers) obtain most of their inputs domestically. (ii) Medium-productivity firms offshore skill-intensive inputs to skill-abundant countries and are more labor intensive in their domestic production than non-importers. (iii) Higher-productivity firms additionally offshore labor-intensive inputs to labor-abundant countries and...
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作者：Dmitriev, Mikhail; Hoddenbagh, Jonathan
作者单位：State University System of Florida; Florida State University; Johns Hopkins University
摘要：We derive the optimal fiscal transfer scheme for countries in a monetary union to offset the welfare losses resulting from asymmetric shocks and nominal rigidities. Optimal transfers involve a tradeoff between reducing national output gaps and the provision of consumption insurance across countries, where the weight of the former increases relative to the latter as consumption home bias rises. The welfare gains from optimal transfers increase in wage rigidity and trade elasticities and are par...
