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作者：Vannoorenberghe, G.
作者单位：Tilburg University
摘要：This paper shows that the gains from opening up to international trade are smaller when firms do not fully internalize downward risk I develop a general equilibrium model with two key assumptions. First, when faced with adverse productivity shocks, employers can lay off workers without fully paying the social costs of their layoff decisions, a common feature of many institutions. Second, when opening to international trade, the elasticity of demand perceived by an industry increases. In this s...
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作者：Alessandria, George; Choi, Horag
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Rochester; Monash University
摘要：We study the effects of tariffs and iceberg trade costs in a two-sector dynamic variation of the Melitz (2003) model extended to include a sunk cost of exporting, establishment-level uncertainty in productivity, capital accumulation, and material usage. We calibrate the model to match both cross-sectional and dynamic aspects of US producers related to export participation and the establishment lifecycle. We find a tariff equivalent of fixed export costs of 30 percentage points. We also find th...
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作者：Aw, Bee Yan; Lee, Yi
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Tsing Hua University
摘要：We develop a theoretical framework to examine the relative importance of firm demand and productivity in firm decisions to export and where to locate foreign direct investments. The model shows that the equilibrium firm decision depends on product technology, consumer preference for product quality, fixed investment costs of establishing a foreign subsidiary, transportation costs and relative wages. Our empirical results confirm the predictions of the theoretical model. Firm-level demand and p...
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作者：Bems, Rudolfs
作者单位：International Monetary Fund
摘要：The traditional multi-sector macro model without production inputs is a value-added trade model. This paper shows that calibrating such a misspecified value-added trade model to available gross-flow trade data a common practice in the literature can lead to mismeasured (i) preference weights and (ii) price elasticities. Further, the calibrated model can give substantially different predictions regarding the relative price response to external rebalancing, when compared to a preferred alternati...
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作者：Lewis, Logan T.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper examines how nominal uncertainty affects the choice that firms face to serve a foreign market through exports or to produce abroad as a multinational. I develop a two-country, stochastic general equilibrium model in which firms make production and pricing decisions in advance, and I consider its implications for the relative attractiveness of exporting and multinational production. I find that when multinational sales are priced in the local currency while exports are priced in the ...
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作者：Melitz, Jacques; Toubal, Farid
作者单位：Heriot Watt University; Paris School of Economics; Universite Paris Saclay; Centre for Economic Policy Research - UK; Institut Polytechnique de Paris; ENSAE Paris
摘要：We construct new series for common native language and common spoken language for 195 countries, which we use together with series for common official language and linguistic proximity in order to draw inferences about (1) the aggregate impact of all linguistic factors on bilateral trade, (2) the separate role of ease of communication as distinct from ethnicity and trust, and (3) the contribution of translation and interpreters to ease of communication. The results show that the impact of ling...
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作者：Holmes, Thomas J.; Hsu, Wen-Tai; Lee, Sanghoon
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Singapore Management University; University of British Columbia; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：This paper develops an index of allocative efficiency that depends upon the distribution of mark-ups across goods and is separable from an index of standard Ricardian gains from trade. It determines how changes in trade frictions affect allocative efficiency in an oligopoly model of international trade, decomposing the effect into the cost-change channel and the price-change channel. Formulas are derived shedding light on the signs and magnitudes of the two channels. In symmetric country model...
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作者：Krishna, Pravin; Poole, Jennifer P.; Senses, Mine Zeynep
作者单位：Johns Hopkins University; University of California System; University of California Santa Cruz; National Bureau of Economic Research
摘要：In this paper, we use a linked employer-employee database from Brazil to evaluate the wage effects of trade reform. With an aggregate (firm-level) analysis of this question, we find that a decline in trade protection is associated with an increase in average wages in exporting firms relative to domestic firms, consistent with earlier studies. However, using disaggregated, employer-employee level data, and allowing for the endogenous assignment of workers to firms due to match-specific producti...
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作者：Alfaro, Laura; Chen, Maggie Xiaoyang
作者单位：Harvard University; National Bureau of Economic Research; George Washington University
摘要：The explosion of multinational activities in recent decades is rapidly transforming the global landscape of industrial production. But are the emerging clusters of multinational production the rule or the exception? What drives the offshore agglomeration of multinational firms in comparison to the agglomeration of domestic firms? Using a unique worldwide plant-level dataset that reports detailed location, ownership, and operation information for plants in over 100 countries, we construct a spa...
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作者：Ma, Yue; Tang, Heiwai; Zhang, Yifan
作者单位：City University of Hong Kong; Johns Hopkins University; Lingnan University
摘要：This paper analyzes how a firm's specialization in its core products after exporting affects its factor intensity and productivity. Using Chinese manufacturing firm data for the 1998-2007 period, we find that firms become less capital-intensive but more productive after exporting, compared to non-exporters that share similar ex ante characteristics. To rationalize these findings that contrast with existing studies, we develop a variant of the model by Bernard, Redding, and Schott (2010, 2011) ...
