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作者：Kondo, Hiroki
作者单位：Sophia University
摘要：I construct a model with endogenous growth and new economic geography. Using this framework, I consider the outcomes of R&D subsidy competition among countries under different trade costs. When trade costs are higher, less industrialized countries are more eager to attract industries with vertical linkages. To prevent the industries from relocating, more industrialized countries choose much higher R&D subsidies. As a result, the industries never relocate and the growth rate is very high. When ...
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作者：Prusa, Thomas J.
作者单位：Rutgers University System; Rutgers University New Brunswick
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作者：Kumhof, Michael; Laxton, Douglas
作者单位：International Monetary Fund
摘要：This paper analyzes the scope for rules-based countercyclical fiscal policy in small open economies where a subset of households is liquidity-constrained. Relative to balanced budget rules, structural surplus rules significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. More aggressively countercyclical tax revenue gap rules (strong automatic stabilizers) increase welfare gains by around 50%, with only modest increases in fiscal inst...
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作者：McCalman, Phillip; Spearot, Alan
作者单位：University of Melbourne; University of California System; University of California Santa Cruz
摘要：In this paper, we study the role of vertical product differentiation in the decision to allocate production between domestic and foreign plants. To do so, we examine the first wave of light-truck offshoring to Mexico that occurred due to substantially lower post-NAFTA trade barriers and a coincident increase in US demand for light trucks. In contrast to the typical assumption, but similar to many other industries, the need for additional capacity was accommodated by investment in both the US a...
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作者：Kasahara, Hiroyuki; Lapham, Beverly
作者单位：University of British Columbia; Queens University - Canada
摘要：This paper develops an open economy model with heterogeneous final goods producers who simultaneously choose whether to export their output and whether to use imported intermediates. Using the theoretical model, we develop and estimate a structural empirical model that incorporates heterogeneity in productivity, transport costs, and other costs using Chilean plant-level data for a set of manufacturing industries. The estimated model is consistent with many key features of the data regarding pr...
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作者：Schmidt-Eisenlohr, Tim
作者单位：University of Oxford
摘要：Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts and their implications for trade. The equilibrium contract is determined by financial market characteristics and contracting environments in both the source and the destination country. Trade increases in enforcement probabilities and decreases in financing costs pro...
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作者：Bauer, Christian J.; Langenmayr, Dominika
作者单位：University of Munich
摘要：This article analyzes profit taxation according to the arm's length principle in a model where heterogeneous firms sort into foreign outsourcing. We show that multinational firms are able to shift profits abroad even if they fully comply with the tax code. This is because, in equilibrium, intra-firm transactions occur in firms that are better than the market at input production. Moreover, market input prices include a mark-up that arises from the bargaining between the firm and the independent...
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作者：Becker, Sascha O.; Ekholm, Karolina; Muendler, Marc-Andreas
作者单位：University of Warwick; Sveriges Riksbank; University of California System; University of California San Diego; University of Warwick; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; National Bureau of Economic Research; Stockholm University
摘要：We analyze the relationship between offshoring and the onshore workforce composition in German multinational enterprises (MNEs), using plant data that allow us to discern tasks, occupations, and workforce skills. Offshoring is associated with a statistically significant shift towards more non-routine and more interactive tasks, and with a shift towards highly educated workers. The shift towards highly educated workers is in excess of what is implied by changes in either the task or the occupat...
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作者：Ferguson, Shon; Formai, Sara
作者单位：Research Institute of Industrial Economics (IFN); European Central Bank; Bank of Italy
摘要：The theory of the firm suggests that firms can respond to poor contract enforcement by vertically integrating their production process. The purpose of this paper is to examine whether firms' integration opportunities affect the way contract enforcement institutions determine international trade patterns. We find that the benefits of judicial quality for the exports of contract-intense goods are more muted in industries that have a greater propensity towards vertical integration arrangements wi...
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作者：Martin, Alberto; Taddei, Filippo
作者单位：Barcelona School of Economics; Collegio Carlo Alberto
摘要：The financial crisis of 2007-08 has underscored the importance of adverse selection in financial markets. This friction has been mostly neglected by macroeconomic models of financial imperfections, which have focused almost exclusively on the effects of limited pledgeability. In this paper, we fill this gap by developing a standard growth model with adverse selection. Our main results are that, by fostering unproductive investment, adverse selection: (i) leads to an increase in the economy's e...
