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作者：Nam, Deokwoo; Wang, Jian
作者单位：Hanyang University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：This paper argues that it is important to distinguish surprise and anticipated components of total factor productivity (TFP) when we study the international transmission of TFP shocks. We document that surprise and anticipated shocks to US TFP induce distinct dynamics for international relative prices (the real exchange rate and the terms of trade) and international trade (real exports, real imports, and the trade balance). Our empirical findings can reconcile some conflicting empirical result...
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作者：Martin, Julien; Mayneris, Florian
作者单位：University of Quebec; University of Quebec Montreal; Universite Catholique Louvain
摘要：We develop a new methodology to identify high-end variety exporters in French firm-level data. We find that they do not export to more countries, but they export to more distant destinations than low-end ones. We also show that in contrast to low-end exporters, distance has almost no effect on high-end variety export(er)s. Because of this lower sensitivity to distance at the micro-level, specializing in the production of high-end varieties has implications for the geography of aggregate export...
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作者：Yu, Changhua
作者单位：University of International Business & Economics
摘要：Does opening up capital markets facilitate risk diversification across borders? Are all countries gradually better off in the process of international financial integration? This paper explores welfare implications for various countries in a center-periphery framework with endogenous portfolio choice. Financial integration is divided into four stages: financial autarky, two-country integration, center-periphery integration and global integration. Two effects from financial integration emerge: ...
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作者：Havranek, Tomas; Horvath, Roman; Irsova, Zuzana; Rusnak, Marek
作者单位：Czech National Bank; Charles University Prague; Leibniz Institut fur Ost und Sudosteuropaforschung
摘要：We collect 2735 estimates of the elasticity of intertemporal substitution in consumption from 169 published studies that cover 104 countries during different time periods. The estimates vary substantially from country to country, even after controlling for 30 aspects of study design. Our results suggest that income and asset market participation are the most effective factors in explaining the heterogeneity: households in rich countries and countries with high stock market participation substi...
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作者：Liu, Dan; Meissner, Christopher M.
作者单位：Shanghai University of Finance & Economics; University of California System; University of California Davis; National Bureau of Economic Research
摘要：Today's globalization, driven by lower barriers to trade, has increased market potential for many nations and led to gains in GDP per capita. We test whether this was true in the first wave of globalization by constructing market potential measures for a sample of 27 countries in 1900 and 1910 based on a general equilibrium model of production and trade. Cross-sectional estimates suggest that market potential was an economically significant determinant of GDP per capita at this time. To assess...
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作者：Zymek, Robert
作者单位：University of Edinburgh
摘要：Most of the expansion of global trade since 1980 has been of the North-South kind between capital-abundant developed and labour-abundant developing countries. Based on this observation, I argue that the recent growth of world trade is best understood from a factor-proportions perspective. Using data on trade barriers and estimates of capital-labour ratios for a group of 45 economies between 1980 and 2008, I find that a calibrated factor-proportions model can generate significant trade growth d...
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作者：Defever, Fabrice; Heid, Benedikt; Larch, Mario
作者单位：University of Nottingham; University of Bayreuth; University of Bayreuth; Leibniz Association; Ifo Institut
摘要：In this paper, we provide causal evidence that firms serve new markets which are geographically close to their prior export destinations with a higher probability than standard gravity models predict. We quantify the impact of this spatial pattern using a data set of Chinese firms which had never exported to the EU, the United States, and Canada before 2005. These countries imposed import quotas on textile and apparel products until 2005 and experienced a subsequent increase in imports of prev...
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作者：Eberhardt, Markus; Presbitero, Andrea F.
作者单位：University of Nottingham; University of Oxford; International Monetary Fund
摘要：We study the long-run relationship between public debt and growth in a large panel of countries. Our analysis builds on theoretical arguments and data considerations in modelling the debt-growth relationship as heterogeneous across countries. We investigate the debt-growth nexus adopting linear and non-linear specifications, employing novel methods and diagnostics from the time-series literature adapted for use in the panel We find some support for a negative relationship between public debt a...
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作者：Carluccio, Juan; Bas, Maria
作者单位：University of Surrey
摘要：Do variations in labor market institutions affect the cross-border organization of the firm? Using firm-level data on multinationals located in France, we show that firms are more likely to outsource the production of intermediate inputs to external suppliers when importing from countries with high worker bargaining power. This effect is stronger for firms operating in capital-intensive and differentiated industries. We propose a theoretical mechanism that rationalizes these findings. The frag...
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作者：Hamano, Masashige
作者单位：Sophia University; University of Luxembourg
摘要：This paper analyzes equity and bond positions in a two-country Dynamic Stochastic General Equilibrium model where the number of varieties, i.e., the extensive margins of products available to consumers, is endogenously determined. Fluctuations in the welfare-based real exchange rate, including those in the number of varieties, matter to international consumption risk sharing. We investigate the implication of such variety risk for the optimal portfolio choice and show that the variety risk gen...
