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作者：Feng, Ling; Li, Zhiyuan; Swenson, Deborah L.
作者单位：Shanghai University of Finance & Economics; Fudan University; Fudan University; University of California System; University of California Davis
摘要：This paper studies how reduction in trade policy uncertainty affects firm export decisions. Using a firm-product level dataset on Chinese exports to the United States and the European Union in the years surrounding China's WTO accession, we provide strong evidence that reduction in trade policy uncertainty simultaneously induced firm entries to and firm exits from export activity within fine product-level markets. In addition, we uncover accompanying changes in export product prices and qualit...
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作者：Holston, Kathryn; Laubach, Thomas; Williams, John C.
作者单位：Federal Reserve System - USA; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：U.S. estimates of the natural rate of interest-the real short-term interest rate that would prevail absent transitory disturbances- have declined dramatically since the start of the global financial crisis. For example, estimates using the Laubach-Williams (2003) model indicate the natural rate in the United States fell to close to zero during the crisis and has remained there into 2016. Explanations for this decline include shifts in demographics, a slowdown in trend productivity growth, and ...
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作者：Crino, Rosario; Ogliari, Laura
作者单位：Catholic University of the Sacred Heart; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Bocconi University
摘要：We study how financial imperfections affect product quality across countries and industries, and analyze the implications for trade flows and prices. To this purpose we assemble a unique data set, which contains estimates of export quality, financial development, and financial vulnerability, for all countries and manufacturing industries over the last three decades. We find the interplay between cross-country differences in financial frictions and cross-industry differences in financial vulner...
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作者：Ramanarayanan, Ananth
作者单位：Western University (University of Western Ontario)
摘要：In aggregate data, international trade volumes adjust slowly in response to relative price changes, an observation at odds with static models. This paper develops a model of trade in intermediate inputs in which heterogeneous producers face irreversibilities in adjusting their importing status. Changes in aggregate imports are accounted for by adjustment within importing plants, through reallocation between non importers and importers, and through changes in the importing decisions of new and ...
