-
作者：Carriere-Swallow, Yan; Felipe Cespedes, Luis
作者单位：International Monetary Fund; Universidad Adolfo Ibanez
摘要：A recent strand of research proposes that sudden jumps in uncertainty generate rapid drops and recoveries in real macroeconomic variables that drive the business cycle. Using an empirical model, we find substantial heterogeneity in reactions to these shocks across countries. In comparison to the U.S. and other developed countries, emerging economies suffer much more severe falls in investment and private consumption following an exogenous uncertainty shock, take significantly longer to recover...
-
作者：Prusa, Thomas J.
作者单位：Rutgers University System; Rutgers University New Brunswick
-
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...
-
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...
-
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...
-
作者：Crozet, Matthieu; Trionfetti, Federico
作者单位：Universite Paris Saclay; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：We study the consequences of heterogeneity in factor intensity on firm performance. We present a standard Heckscher-Ohlin model augmented with factor intensity differences across firms within a country-industry pair. We show that for any two firms, each of whose capital intensity is, for instance, one percent above (below) its respective country-industry average, the relative marginal cost of the firm in the capital-intensive industry of the capital-abundant country is lower (higher) than that...
-
作者：Chevassus-Lozza, Emmanuelle; Gaigne, Carl; Le Mener, Leo
作者单位：Institut Agro; Agrocampus Ouest; INRAE; INRAE; Universite de Rennes; Laval University; Universite d'Angers
摘要：We analyze the impact of input tariffs on the export status and export performance of heterogeneous processing firms. Using a theoretical model with downstream firms exhibiting different levels of productivity, we show that lower input tariffs may increase the export sales of high-productivity firms at the expense of low-productivity firms and may decrease the probability of firms entering foreign markets. We compare the predictions of the theoretical model with firm-level data from the French...
-
作者：Liu, Runjuan; Rosell, Carlos
作者单位：University of Alberta
摘要：How does firm strategy to produce basic innovation respond to international trade? Given the importance of basic innovation for economic growth and welfare, better understanding of this question is essential. In this vein we combine patent, firm, product, and trade data to show that when confronted with higher import penetration, the nature of firm innovation becomes less basic. We propose that underlying this result is the interplay between multi-product firms that narrow their product scope ...
-
作者：Lu, Yi; Tao, Zhigang; Zhang, Yan
作者单位：National University of Singapore; University of Hong Kong; Shanghai University of Finance & Economics
摘要：Using monthly transaction data covering all Chinese exporters over the 2000-2006 period, we investigate how Chinese exporters respond to U.S. antidumping investigations. We find that antidumping investigations cause a substantial decrease in the total export volume at the HS-6 digit product level, and that this trade-dampening effect is due to a significant decrease in the number of exporters, yet a modest decrease in the export volume per surviving exporter. We also find that the bulk of the ...
-
作者：Branstetter, Lee
作者单位：Carnegie Mellon University
