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作者：Crucini, Mario J.; Davis, J. Scott
作者单位：Vanderbilt University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：The elasticity of substitution between home and foreign goods is one of the most important parameters in international economics. The international macro literature, which is primarily concerned with short-run business cycle fluctuations, assigns a low value to this parameter. The international trade literature, which is more concerned with long-run changes in trade flows following a change in relative prices, assigns a high value to this parameter. This paper constructs a model where this dis...
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作者：Lopresti, John
作者单位：William & Mary
摘要：A recent theoretical literature has emphasized the importance of multiproduct firms in trade. However, models within this literature have reached contradictory conclusions regarding the product-level response of firms to changes in trade costs. This paper attempts to resolve these contradictions by employing Bayesian techniques to estimate the product portfolio response throughout the distribution of US firms following the Canada-US Free Trade Agreement of 1989. I find evidence of a differenti...
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作者：Alquist, Ron; Mukherjee, Rahul; Tesar, Linda
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：Motivated by a set of stylized facts, we develop a model of cross-border mergers and acquisitions (M&As) to study foreign direct investment (FDI) in emerging markets. We compare acquisitions undertaken during financial crises so called fire-sale FDI with acquisitions made during non-crisis periods to examine whether the outcomes differ in the ways predicted by the model. Foreign acquisitions are driven by two sources of value creation. First, acquisitions by a foreign firm relax the target's c...
