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作者：Enders, Almira; Enders, Zeno; Hoffmann, Mathias
作者单位：Deutsche Bundesbank; Ruprecht Karls University Heidelberg
摘要：This paper provides an explanation for the observed decline of the exchange rate pass-through into import prices by modeling the effects of financial market integration on the optimal choice of the pricing currency in the context of rigid nominal goods prices. Contrary to previous literature, we explicitly take into account the interdependence of this decision with the optimal portfolio choice of internationally traded financial assets. Following financial integration, agents use equity, addit...
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作者：Fontagne, Lionel; Martin, Philippe; Orefice, Gianluca
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：We instrument export prices with firm level electricity cost shocks and estimate three international price elasticities using firm-level export data: the elasticity of firm exports to export price, tariff and real exchange rate shocks. In standard models these three elasticities should be equal. We find that this is far from being the case. The export price elasticity is the highest, around 5, much larger than the exchange rate elasticity. The international elasticity puzzle is therefore worse...
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作者：Vandenbussche, Hylke; Viegelahn, Christian
作者单位：KU Leuven; Centre for Economic Policy Research - UK; Universite Catholique Louvain
摘要：This paper studies within-firm input reallocation, resulting from trade protection on imported raw material inputs used in firm-level production. Indian antidumping cases show that firms significantly lower their use of protected inputs from abroad, relative to other inputs in response to import protection. We develop a firm-level input-output correspondence, to identify outputs produced with protected inputs and find significant output losses relative to sales of other outputs. For India this...
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作者：Auer, Raphael A.; Chaney, Thomas; Saure, Philip
作者单位：Bank for International Settlements (BIS); Centre for Economic Policy Research - UK; Johannes Gutenberg University of Mainz
摘要：This paper analyzes firm's pricing-to-market decisions in vertically differentiated industries. We first present a model featuring firms that sell goods of heterogeneous quality levels to consumers who are heterogeneous in their income and thus their marginal willingness to pay for quality increments. We derive closed-form solutions for the unique pricing game under costly international trade. The comparative statics highlight how firms' pricing-to-market decisions are shaped by the interactio...
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作者：Bacchetta, Philippe; Perazzi, Elena; van Wincoop, Eric
作者单位：University of Lausanne; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK; University of Virginia; National Bureau of Economic Research
摘要：This paper examines the potential for monetary policy to avoid self-fulfilling sovereign debt crises. We combine a version of the slow-moving debt crisis model proposed by Lorenzoni and Werning (2014) with a standard New Keynesian model. Monetary policy could preclude a debt crisis through raising inflation and output and lowering the real interest rate. These reduce the real value of outstanding debt and the cost of new borrowing, and increase tax revenues and seigniorage. We determine the op...
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作者：Parenti, Mathieu
作者单位：Universite Libre de Bruxelles; Centre for Economic Policy Research - UK; HSE University (National Research University Higher School of Economics)
摘要：This paper studies the impact of trade liberalization when large and small firms coexist in the same market. I develop a model of imperfect competition where a few oligopolistic firms coexist with a monopolistically competitive fringe. The former have a direct impact on the industry average price level, which depends on the breadth of their product scope. Oligopolists produce higher output per worker, charge higher markups, but also sell at higher prices than monopolistic single-product firms....
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作者：Aichele, Rahel; Heiland, Inga
作者单位：Leibniz Association; Ifo Institut; University of Munich; University of Oslo
摘要：To what extent has trade liberalization contributed to global and regional production fragmentation and the formation of production networks? We derive structural equations for value added trade flows, the domestic value added content of exports (DVA) and the value added to exports (VAX) ratio, as well as model-based measures for production networks from a multi-sector gravity model with inter-sectoral linkages. We calibrate the model and perform a counterfactual analysis of China's WTO access...
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作者：Baggs, Jen; Fung, Loretta; Lapham, Beverly
作者单位：University of Victoria; National Tsing Hua University; Queens University - Canada
摘要：This paper provides a theoretical and empirical analysis of the effects of nominal exchange rate movements on retail firms' sales, emphasizing the role of cross-border travel by consumers. We develop a search-theoretic model of price-setting heterogeneous retailers and traveling consumers who face nominal exchange rate shocks. These shocks affect retailers on the supply side, through imported input prices, and on the demand side, via their effect on the propensity for consumers to cross the bo...
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作者：Bisztray, Marta; Koren, Miklos; Szeidl, Adam
作者单位：Central European University; HUN-REN; HUN-REN Centre for Economic & Regional Studies; Centre for Economic Policy Research - UK
摘要：We use firm-level data from Hungary to estimate knowledge spillovers in importing through fine spatial and managerial networks. By identifying from variation in peers' import experience across source countries, by comparing the spillover from neighboring buildings with a cross-street placebo, and by exploiting plausibly exogenous firm moves, we obtain credible estimates and establish three results. (1) There are significant knowledge spillovers in both spatial and managerial networks. Having a...
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作者：Pasricha, Gurnain Kaur; Falagiarda, Matteo; Bijsterbosch, Martin; Aizenman, Joshua
作者单位：Bank of Canada; European Central Bank; University of Southern California; National Bureau of Economic Research
摘要：Using a novel, high frequency dataset on capital control actions in 16 emerging market economies (EMEs) from 2001 to 2012, we provide new evidence on the domestic and multilateral effects of capital controls. Increases in capital account openness reduce monetary policy autonomy and increase exchange rate stability, confirming the constraints of the monetary policy trilemma. Both gross in- and outflows rise, while the effect on net capital flows is ambiguous. Tighter capital inflow restrictions...
