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作者：Seoane, Hernan D.
作者单位：Universidad Carlos III de Madrid
摘要：This paper reviews the baseline framework for the analysis of emerging economies. Using Argentinean data, I estimate a small open economy model with stochastic trend, working capital constraint and augmented with time-varying parameters. I find that structural technological and financial parameters of one-sector model are time-varying during 1936-2006. Time-varying parameters correlate with the real exchange rate, suggesting potential misspecification of the one-sector model. Therefore, I prop...
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作者：Defever, Fabrice; Fischer, Christian; Suedekum, Jens
作者单位：City St Georges, University of London; Leibniz Association; Ifo Institut; University of London; London School Economics & Political Science; Heinrich Heine University Dusseldorf; Centre for Economic Policy Research - UK
摘要：Headquarters and their specialized component suppliers have a vital interest in establishing long-term collaborations. When formal contracts are not enforceable, such efficiency-enhancing cooperations can be established via informal agreements, but relational contracts have been largely ignored in the literature on the international organization of value chains. In this paper, we develop a dynamic property rights model of global sourcing. A domestic headquarter collaborates with a foreign inpu...
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作者：Liu, Qing; Qiu, Larry D.
作者单位：University of International Business & Economics; University of Hong Kong
摘要：Innovation plays a key role in economic growth. In this paper, we investigate the effects of intermediate input tariff reduction on the innovation activities of domestic firms. Input tariff reduction has two opposite effects on the innovation decision of a firm: it may promote innovation because the cost of innovation activities decreases, but it may also result in a decrease in innovation because foreign technologies become cheaper. We use Chinese firm-level data from 1998 to 2007, which feat...
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作者：Hassan, Fadi
作者单位：Trinity College Dublin
摘要：The Penn-Balassa-Samuelson effect is the stylized fact about the positive correlation between cross-country price level and per-capita income. This paper provides evidence that the price-income relation is actually non-linear and turns negative among low income countries. The result is robust along both cross-section and panel dimensions. Additional robustness checks show that biases in PPP estimation and measurement error in low-income countries do not drive the result. Rather, the different ...
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作者：Kurokawa, Yoshinori; Pang, Jiaren; Tang, Yao
作者单位：University of Tsukuba; Tsinghua University; Bowdoin College
摘要：We construct a Ricardian model of trade with money and trade costs. The model predicts that the nominal wages of the trading countries exhibit stronger positive comovements when the countries fix their bilateral exchange rates, while comovements of real wages are not affected by exchange rate regimes. Our numerical experiments suggest that a reduction in trade costs increases both nominal and real wage comovements, regardless of regimes. When downward nominal wage rigidity is introduced, nomin...
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作者：Antweiler, Werner
作者单位：University of British Columbia
摘要：This paper develops a novel economic theory of two-way trade in a homogenous good, electricity. In this model of 'reciprocal load smoothing,' international trade provides insurance. As electricity demand is stochastic and correlated across jurisdictions, electric utilities can reduce their cost during peak periods by importing cheaper off-peak electricity from neighbouring jurisdictions. Two-way trade emerges in the presence of strongly convex marginal costs. Observed trade between Canadian pr...
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作者：Stiebale, Joel
作者单位：Heinrich Heine University Dusseldorf
摘要：This paper analyzes the effects of cross-border mergers and acquisitions (M&As) on the innovation of European firms. The results indicate a considerable increase in post-acquisition innovation in the merged entity. This is mainly driven by inventors based in the acquirer's country, while innovation in the target's country tends to decline. The asymmetry of effects between acquiring and target firms increases with pre-acquisition differences in knowledge stocks, indicating a relocation of innov...
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作者：Auer, Raphael A.; Schoenle, Raphael S.
作者单位：Swiss National Bank (SNB); Brandeis University
摘要：We study firm-level pricing behavior through the lens of exchange rate pass-through and provide new evidence on how firm-level market shares and price complementarities affect pass-through decisions. Using U.S. import price micro data, we identify two facts: First, exactly the firms that react the most with their prices to changes in their own costs are also the ones that react the least to changing prices of competing importers. Second, the response of import prices to exchange rate changes i...
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作者：Chen, Natalie; Juvenal, Luciana
作者单位：University of Warwick; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; International Monetary Fund
摘要：We investigate theoretically and empirically the effects of real exchange rate changes on the behavior of firms exporting multiple products with heterogeneous levels of quality. Our model, which features a demand elasticity that falls with quality, predicts more pricing-to-market and a smaller response of export volumes to a real depreciation for higher quality goods. We provide strong support for the model predictions using a unique data set of Argentinean firm-level wine export values and vo...
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作者：Duval, Romain; Li, Nan; Saraf, Richa; Seneviratne, Dulani
作者单位：International Monetary Fund; State University of New York (SUNY) System; University at Albany, SUNY
摘要：Ever since Frankel and Rose's (1998) seminal paper, the literature on trade and business cycle synchronization has relied on gross trade data, with weak results in recent papers that carefully address omitted variable bias. This paper re-examines this relationship using new value-added trade data for 63 advanced and emerging economies during 1995-2013. In a panel framework, we identify a significantly positive impact of bilateral (value-added) trade intensity on business cycle synchronization ...
