作者：Cole, Matthew T.; Eckel, Carsten
作者单位：California State University System; California Polytechnic State University San Luis Obispo; University of Munich; Leibniz Association; Ifo Institut
摘要：Tariffs on imported products are typically expected to raise the relative price of foreign goods and, as a result, increase the residual demands of domestic substitutes. In this paper we show, more generally, that these changes in wholesale/manufacturing prices can be offset and even dominated by adjustments in retail markups. Retailers have an incentive to charge the highest markups on the lowest-cost products and to adjust the markups on these products most actively. Thus, if the procurement...
作者：Du, Wenxin; Im, Joanne; Schreger, Jesse
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Columbia University; National Bureau of Economic Research
摘要：We quantify the difference in the convenience yield of U.S. Treasuries and government bonds of other developed countries by measuring the deviation from covered interest parity between government bond yields. We call this wedge the U.S. Treasury Premium. We document a secular decline in the U.S. Treasury Premium at medium to long maturities. The five-year U.S. Treasury Premium averages approximately 21 basis points prior to the Global Financial Crisis, increases up to 90 basis points during th...
