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作者：Naito, Takumi
作者单位：Vanderbilt University; Waseda University
摘要：How do reallocations across heterogeneous firms induced by unilateral trade liberalization affect long-run growth and welfare? To answer this question, we formulate a two-country model of endogenous growth, heterogeneous firms, and asymmetric countries. The relative wage and number of domestic varieties are endogenously determined. We show that even unilateral trade liberalization can raise the balanced growth rate. Although growth-enhancing trade liberalization is always welfare-enhancing in ...
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作者：Curuk, Malik; Vannoorenberghe, Gonzague
作者单位：Bogazici University; Universite Catholique Louvain; Tilburg University
摘要：This paper shows that inter-sectoral labor reallocation is affected by the similarity of the occupational mix of industries within a local labor market. We develop a theory-based measure of occupational similarity between industries and show how geographic proximity to industries using similar occupations raises the ability of an industry to respond to aggregate shocks. Using data on the employment growth of region-industry pairs in the U.S., we confirm empirically that an industry's employmen...
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作者：Ca'Zorzi, Michele; Kolasa, Marcin; Rubaszek, Michal
作者单位：Narodowy Bank Polski; Warsaw School of Economics; European Central Bank
摘要：We run an exchange rate forecasting horse race, which highlights that three principles hold. First, forecasts should not replicate the high volatility of exchange rates observed in sample. Second, models should exploit the mean reversion of the real exchange rate over long horizons. Third, they should account for the international price co-movement seen in the data. Abiding by the first two principles an open-economy dynamic stochastic general equilibrium (DSGE) model performs well in forecast...
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作者：Geng, Difei; Saggi, Kamal
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Vanderbilt University
摘要：Under external reference pricing (ERP) the price that a government permits a firm to charge in its market depends upon the firm's prices in other countries. In a two-country (home and foreign) model where demand is asymmetric across countries, we show that home's unilaterally optimal ERP policy permits the home firm to engage in a threshold level of international price discrimination above which it is (just) willing to export. If the firm faces a price control abroad or bargains over price wit...
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作者：Demidova, Svetlana
作者单位：McMaster University
摘要：We study unilateral trade liberalization in a model of monopolistic competition with heterogeneous firms, endogenous wages, and non-separable and non-homothetic quadratic preferences that generate variable markups. We show that the optimal level of the revenue-generating import tariff is strictly positive so that protection is always desirable, whether the liberalizing economy is large or small. Yet, reductions in cost shifting trade barriers are welfare-improving, making free trade optimal. F...
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作者：Baskaya, Yusuf Soner; di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Peydro, Jose-Luis; Ulu, Mehmet Fatih
作者单位：Central Bank of the Republic of Turkey; ICREA; University System of Maryland; University of Maryland College Park; Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; National Bureau of Economic Research
摘要：We examine the role of the international credit channel in Turkey over 2005-2013. We show that larger, more capitalized banks with higher non-core liabilities increase credit supply when capital inflows are higher. This result is stronger for domestic banks relative to foreign banks and survives during the crisis period of post-2008, when foreign banks in general stop lending in emerging markets and retreat to their home countries. By decomposing capital inflows into bank and non-bank flows, w...
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作者：Dalton, John T.; Leung, Tin Cheuk
作者单位：Wake Forest University
摘要：Hollywood blockbusters are usually released in the U.S. before other foreign markets. The release gaps have declined significantly over time and varied greatly across countries. While movie piracy has been suggested as an important determinant for the release gap decision of distributors, theory and evidence suggest that there are other important determinants. In this paper, we use a discrete choice release gap decision game model to disentangle the impacts of the i) release gap effect, which ...
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作者：Bas, Maria; Mayer, Thierry; Thoenig, Mathias
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); European Central Bank; Bank of France; University of Lausanne
摘要：Models of heterogeneous firms with selection into export market participation generically exhibit aggregate trade elasticities that vary across country-pairs. Only when heterogeneity is assumed Pareto-distributed do all elasticities collapse into a unique elasticity, estimable with a gravity equation. This paper provides a theory-consistent methodology for quantifying country-pair specific aggregate elagticities when moving away from Pareto, i.e. when gravity does not hold. Combining two firm-...
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作者：Jakel, Ina C.; Smolka, Marcel
作者单位：Aarhus University
摘要：This paper provides a theoretical and empirical analysis of public opinion towards free trade, investigating cleavages both between and within countries. We study the distributional effects of trade policy in a neoclassical Heckscher-Ohlin economy with not just two, but many input factors in production. We demonstrate that the factor price changes induced by trade policy are negatively associated with the factor content of free trade (and therefore factor abundance). Using large-scale internat...
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作者：Lewis, Karen K.; Liu, Edith X.
作者单位：University of Pennsylvania; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Recent studies have shown that disaster risk can generate asset return moments similar to those observed in the U.S. data. However, these studies have ignored the cross-country asset pricing implications of the disaster risk model. This paper shows that standard U.S.-based disaster risk model assumptions found in the literature lead to counterfactual international asset pricing implications. Given consumption pricing moments, disaster risk from this literature cannot explain the range of equit...
