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作者：Impullitti, Giammario; Irarrazabal, Alfonso A.; Opromolla, Luca David
作者单位：University of Cambridge; Norges Bank; Banco de Portugal; Universidade de Lisboa
摘要：This paper introduces idiosyncratic firm efficiency shocks into a continuous-time general equilibrium model of trade with heterogeneous firms. The presence of sunk export entry costs and efficiency uncertainty gives rise to hysteresis in export market participation. A firm will enter into the export market once it achieves a given size, reflecting its efficiency, but may keep exporting even after its efficiency has fallen below its initial entry level. Some exporters will not be selling as muc...
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作者：Jacob, Punnoose; Peersman, Gert
作者单位：Reserve Bank of New Zealand; Ghent University
摘要：In an estimated two-country DSGE model, we find that shocks to the marginal efficiency of investment account for more than half of the forecast variance of cyclical fluctuations in the US trade balance. Both domestic and foreign marginal efficiency shocks generate a strong effect on the variability of the imbalance, through shifts in international relative absorption. On the other hand, shocks to uncovered interest parity and foreign export prices, which transmit mainly via the terms of trade ...
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作者：Cavallari, Lilia
作者单位：Roma Tre University
摘要：This paper proposes a two-country monetary model with firm entry as a means for alleviating the comovement puzzles in international business cycle models. It shows that business formation can generate fluctuations in output, employment, investment and trade flows close to those in the data while at the same time providing positive international comovements. Simulations show that the presence of imported investment goods is essential for replicating these facts. (C) 2013 Elsevier B.V. All right...
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作者：Olney, William W.
作者单位：Williams College
摘要：A common critique of globalization is that it leads to a race to the bottom. Specifically, it is assumed that multinationals invest in countries with lower regulatory standards and that countries competitively undercut each other's standards in order to attract foreign capital. This paper tests this hypothesis and finds robust empirical support for both predictions. First, a reduction in employment protection rules leads to an increase in foreign direct investment (FDI). Furthermore, changes i...
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作者：Fabling, Richard; Sanderson, Lynda
作者单位：University of Waikato
摘要：This paper examines input and productivity dynamics of manufacturing firms in the period leading to and following export market entry. We examine 3 possible explanations for the observed productivity gap between exporting and non-exporting firms: self-selection of high-performing firms into exporting; post-entry learning effects; and joint export-investment decisions. We consider both initial entry into exporting and subsequent expansion into new destination markets, showing that capital deepe...
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作者：Bergstrand, Jeffrey H.; Egger, Peter; Larch, Mario
作者单位：University of Notre Dame; University of Notre Dame; Leibniz Association; Ifo Institut; University of Nottingham; University of Bayreuth
摘要：A large class of models with CES utility and iceberg trade costs are now known to generate isomorphic gravity equations. Economic interpretations of these gravity equations vary in terms of two basic elements: the exporter's mass variable and the elasticity of trade with respect to true ad valorem trade costs. In this paper, we offer three potential contributions. First, we formulate and estimate a structural gravity equation based on the standard Krugman model of monopolistic competition and ...
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作者：Elsner, Benjamin
摘要：The enlargement of the European Union provides a unique opportunity to study the impact of the lifting of migration restrictions on the migrant sending countries. With EU enlargement in 2004, 1.2 million workers from Eastern Europe emigrated to the UK and Ireland. I use this emigration wave to show that emigration significantly changed the wage distribution in the sending country, in particular between young and old workers. Using a novel dataset from Lithuania, the UK and Ireland for the cali...
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作者：Kano, Kazuko; Kano, Takashi; Takechi, Kazutaka
作者单位：University of Tokyo; Hitotsubashi University; Hosei University
摘要：This paper empirically establishes the significant roles of transport costs in price dispersions across regions. We identify and estimate the iceberg-type distance-elastic transport costs as a parameter of a structural model of cross-regional price differentials featuring product delivery decisions. Utilizing a data set of wholesale prices and product delivery patterns of agricultural products in Japan, our structural estimation approach finds large distance elasticities of the transport costs...
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作者：Facchini, Giovanni; Silva, Peri; Willmann, Gerald
作者单位：University of Nottingham; University of Milan; Kansas State University; University of Bielefeld; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：The number of preferential trade agreements has greatly increased over the past two decades, yet most existing arrangements take the form of free trade areas, and less than 10% can be considered to be fully fledged customs unions. This paper develops a political economy model of trade policy under imperfect competition to provide a positive explanation for the prevalence of free trade areas. In a three-country setting, a representative from each prospective member is elected to determine the t...
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作者：Keuschnigg, Christian; Devereux, Michael P.
作者单位：University of St Gallen; University of Oxford
摘要：To prevent profit shifting by manipulation of transfer prices, tax authorities typically apply the arm's length principle in corporate taxation and use comparable market prices to 'correctly' assess the value of intracompany trade and royalty income of multinationals. We develop a model of firms subject to financing frictions and offshoring of intermediate inputs. We find that arm's length prices systematically differ from prices set by independent agents. Application of the principle distorts...
