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作者：Bruelhart, Marius; Carrere, Celine; Trionfetti, Federico
作者单位：University of Lausanne; Centre for Economic Policy Research - UK; University of Geneva; Aix-Marseille Universite
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作者：Ait-Sahalia, Yacine; Andritzky, Jochen; Jobst, Andreas; Nowak, Sylwia; Tamirisa, Natalia
作者单位：International Monetary Fund; Princeton University
摘要：This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan on interbank credit and liquidity risk premia during the recent crisis. Overall, policy interventions were associated with a reduction in interbank risk premia, most significantly for recapitalization programs. By contrast, decisions to bail out individual banks in an ad hoc manner or let them fail were accompanied by a significant rise in...
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作者：Bridgman, Benjamin
摘要：Manufacturing and vertical specialization (VS) trade, trade in goods that incorporate imported inputs, have grown rapidly since the 1960s. I argue that declining trade costs are an important explanation for these facts. I present a three stage vertical specialization trade model, with raw materials, manufactured parts and final goods sectors. In the simulated model, falling trade costs explain much of the observed growth in overall and VS trade. Manufacturing trade grows twice as fast as overa...
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作者：Vannoorenberghe, G.
作者单位：Tilburg University
摘要：This paper shows that the share of exports in the total sales of a firm has a positive and substantial impact on the volatility of its sales. Decomposing the volatility of sales of exporters between their domestic and export markets, I show using an identification strategy based on a firm-specific geographical instrument that firms with a larger export share have more volatile domestic sales and less volatile exports. These empirical patterns can be explained using a model in which firms face ...
