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作者：Lu, Yi; Shao, Xiang; Tao, Zhigang
作者单位：Tsinghua University; Fudan University; University of Hong Kong
摘要：Does the recent surge in Chinese imports affect the media slant against China in the United States? Using a data set of 147 U.S. local newspapers over 1998-2012, this paper shows that newspapers whose circulation counties face greater exposure to Chinese imports report more negative news about China, and are more likely to endorse Democrats. The results hold with two identification strategies and three measures of media slant. The paper further shows that, in U.S. House and Senate elections be...
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作者：Arellano, Cristina; Bai, Yan; Mihalache, Gabriel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; University of Rochester; State University of New York (SUNY) System; Stony Brook University; National Bureau of Economic Research
摘要：Sovereign debt crises are associated with large and persistent declines in economic activity, disproportionately so for nontradable sectors. This paper documents this pattern using Spanish data and builds a two-sector, dynamic quantitative model of sovereign default with capital accumulation. Recessions are very persistent in the model and more pronounced for nontraded sectors because of default risk. An adverse domestic shock increases the likelihood of default, limits capital inflows, and th...
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作者：Cesa-Bianchi, Ambrogio; Ferrero, Andrea; Rebucci, Alessandro
作者单位：Bank of England; University of Oxford; Johns Hopkins University; National Bureau of Economic Research
摘要：House prices and exchange rates can potentially amplify the expansionary effect of capital inflows. We first set up a model of collateralized borrowing in domestic and foreign currency with international financial intermediation in which a change in leverage of global intermediaries leads to an international credit supply increase. In this environment, we illustrate how house price increases and exchange rates appreciations contribute to fueling the boom by inflating the value of collateral. W...
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作者：Kondo, Illenin O.
作者单位：University of Notre Dame
摘要：Administrative data from the U.S. Trade Adjustment Assistance (TAA) program reveal that, across locations, one extra TAA trade-displaced worker is associated with the overall employment falling by about two workers amidst muted geographic mobility. This correlation is robust to local import penetration proxies and is corroborated using differences in the exposure of commuting zones to the plausibly exogenous normalization of U.S. trade relations with China in 2000. A Ricardian trade model with...
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作者：Eijffinger, Sylvester C. W.; Kobielarz, Michal L.; Uras, Burak R.
作者单位：Tilburg University; Tilburg University; Centre for Economic Policy Research - UK
摘要：The euro area sovereign debt crisis is characterized by a simultaneous surge in the cost of borrowing for peripheral EMU countries following the Greek debt-trouble in 2008. We develop a model with optimal default and monetary-union exit decisions of a small open economy. Our model can account for the behavior of sovereign bond spreads in the eurozone with the arrival of the news of Greece potentially exiting the euro in the near future. In our theoretical framework, belonging to the monetary-u...
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作者：Feenstra, Robert C.
作者单位：University of California System; University of California Davis; National Bureau of Economic Research
摘要：The monopolistic competition model in international trade offers three sources of gains from trade beyond that of traditional comparative advantage: an endogenous expansion in product variety; a pro-competitive reduction in the markups charged by firms; and the self-selection of more efficient firms into exporting. Recent literature on trade with heterogeneous firms has emphasized the third of these effects, while the first two effects are ruled out when using a Pareto distribution for product...
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作者：Bastos, Paulo; Monteiro, Natalia P.; Straume, Odd Rune
作者单位：The World Bank; Universidade do Minho; University of Bergen
摘要：We study the effect of foreign takeovers on firm organization. Using a comprehensive data set of Portuguese firms and workers spanning two decades, we find that foreign acquisitions lead to: (1) an expansion in the scale of operations; (2) a higher number of hierarchical layers; and (3) higher wage inequality between the top and bottom layers. These results accord with a theory of knowledge-based hierarchies in which foreign takeovers lead to improved productivity, higher demand, or reduced in...
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作者：Burger, John D.; Warnock, Francis E.; Warnock, Veronica Cacdac
作者单位：Loyola University Maryland; University of Virginia; National Bureau of Economic Research
摘要：Bonds denominated in the investor's currency are special. We show this indirectly in a global dataset of bilateral bond holdings-indirectly because the global holdings dataset does not differentiate by currency denomination- and then more directly in datasets of US holdings of foreign bonds that do differentiate by currency. We find that the share of a country's bonds denominated in investors' currencies is an important determinant of the amount of cross-border investment it receives; factors ...
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作者：Haufler, Andreas; Mardan, Mohammed; Schindler, Dirk
作者单位：University of Munich; Leibniz Association; Ifo Institut; Swiss Federal Institutes of Technology Domain; ETH Zurich; Norwegian School of Economics (NHH); Norwegian School of Economics (NHH)
摘要：Governments worldwide use targeted tax policies to trade off the gains from increased FDI against the cost of excessive profit shifting by multinational firms. We show that nationally optimal tax systems generally incorporate both thin-capitalization rules, which tax discriminate between purely national and multinational firms, and controlled-foreign-company (CFC) rules, which discriminate between home-based and foreign-based multinationals. In the non-cooperative policy equilibrium both thin-...
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作者：Montecino, Juan Antonio
作者单位：Columbia University
摘要：The consensus view is that capital controls can effectively lengthen the maturity composition of capital inflows and increase the independence of monetary policy but are not generally effective at reducing net inflows and influencing the real exchange rate. This paper studies the adjustment dynamics of the real exchange rate towards its long-run equilibrium and presents empirical evidence that capital controls increase the persistence of misalignments. Allowing the speed of adjustment to vary ...
