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作者：Lin, Jenny X.; Lincoln, William F.
作者单位：Oregon State University; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要：Do countries that improve their protection of intellectual property rights gain access to new product varieties from technologically advanced countries? We build the first comprehensive matched firm level data set on exports and patents using confidential microdata from the US Census to address this question. Across several different estimation approaches, we find evidence that these protections affect where US firms export. (C) 2017 Elsevier B.V. All rights reserved.
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作者：Felipe Cespedes, Luis; Chang, Roberto; Velasco, Andres
作者单位：Universidad Adolfo Ibanez; Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research; Columbia University
摘要：We discuss unconventional policies in an open economy where financial intermediaries face occasionally binding collateral constraints. The model highlights interactions among the real exchange rate, interest rates, and financial frictions. The real exchange rate can affect international credit constraints via a net worth effect and a novel leverage ratio effect. Unconventional policies are non-neutral if financial constraints bind. Credit programs are most effective when targeted towards finan...
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作者：Miyamoto, Wataru; Thuy Lan Nguyen
作者单位：Bank of Canada; Santa Clara University
摘要：Business cycles are substantially correlated across countries. Yet, most existing models are not able to generate substantial transmission through international trade. We show that the nature of such transmission depends fundamentally on the features determining the responsiveness of labor supply and labor demand to international relative prices. We augment a standard international macroeconomic model to incorporate three key features: a weak short-run wealth effect on labor supply, variable c...
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作者：Cherniwchan, Jevan
作者单位：University of Alberta
摘要：The unobserved responses of individual polluters are often used to rationalize the aggregate effects of international trade on the environment. In this paper, I provide the first evidence of these responses. I estimate the effects of NAFTA on the emissions of particulate matter (PK10) and sulfur dioxide (SO2) from manufacturing plants in the United States. My findings suggest that trade liberalization led to significant reductions of these pollutants at affected plants. On average, nearly two-...
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作者：Head, Keith; Jing, Ran; Ries, John
作者单位：University of British Columbia; University of International Business & Economics; Centre for Economic Policy Research - UK
摘要：Capitalizing on the geographic detail of Chinese customs data, we show that buyer heterogeneity plays a major role in import sourcing. Hierarchy compliance, a core prediction of supply-focused models, is tested by measuring the frequency with which cities import a narrowly defined good from the country observed to be the preferred source in the province. Hierarchy violation is widespread: 92% of province goods have at least one non-compliant city. We show that introducing granular importers in...
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作者：Mumtaz, Haroon; Theodoridis, Konstantinos
作者单位：University of London; Queen Mary University London
摘要：We use a factor model with stochastic volatility to decompose the time-varying variance of macroeconomic and financial variables into contributions from country-specific uncertainty and uncertainty common to all countries. We find that the common component plays an important role in driving the time-varying volatility of nominal and financial variables. The cross-country co-movement in volatility of real and financial variables has increased over time with the common component becoming more im...
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作者：Ben Zeev, Nadav; Pappa, Evi; Vicondoa, Alejandro
作者单位：Ben-Gurion University of the Negev; European University Institute; Pontificia Universidad Catolica de Chile
摘要：Recent empirical work has challenged the hypothesis that terms-of-trade shocks are an important source of cyclical fluctuations in emerging economies. We show that ignoring the news component in the terms of-trade movements results in misleading conclusions about their importance as a source of cyclical fluctuations. Using a sample of Latin American countries, we identify news-augmented Commodity-terms of-trade (CTOT) shocks by maximizing the forecast error variance share of the CTOT series at...
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作者：Brandt, Loren; Morrow, Peter M.
作者单位：University of Toronto
摘要：This paper examines the impact of China's falling import tariffs on the organization of its exports between ordinary and processing trade. These trade forms differ in terms of tariff treatment and the ability of firms to sell on the domestic market. At the industry level, we find that falling input tariffs-cause the share of ordinary trade in gross exports to increase, with both the intensive and extensive margins playing roles. The choice of trade form is tied to a lesser degree to the size o...
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作者：Lu, Yi; Tao, Zhigang; Zhu, Lianming
作者单位：Tsinghua University; National University of Singapore; University of Hong Kong; Waseda University
摘要：This paper improves on the strategy used in the literature to identify the spillover effect of horizontal foreign direct investment (FDI) by taking advantage of the plausibly exogenous relaxation of FDI regulations on China's World Trade Organization accession at the end of 2001. In addition, to understand the (aggregate) FDI spillover effect, the paper evaluates two underlying explanations (the agglomeration effect versus the competition effect, the former of which is further moderated by the...
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作者：Fujiwara, Ippei; Teranishi, Yuki
作者单位：Keio University; Australian National University; Keio University
摘要：Do financial frictions call for cross-border policy cooperation? This paper investigates the implications of financial frictions in the form of staggered loan contracts supplied by monopolistic banks, for monetary policy. Using the linear quadratic (LQ) framework, we show that policy cooperation yields long-run gains in addition to gains from stabilizing inefficient fluctuations over the business cycle, as usually found in models with price rigidities. The Ramsey optimal steady states differ b...
