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作者：Davis, J. Scott; Huang, Kevin X. D.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; Vanderbilt University
摘要：The aggregate impact of decisions made at the level of the individual firm has recently attracted a lot of attention in both the macro and trade literatures. We adapt the benchmark international real business cycle model to a game-theoretic environment to add a channel for the strategic interaction among domestic and foreign firms. We show how the sum of strategic pricing decisions made at the level of the individual firm can have significant effects on the volatility and cross country co-move...
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作者：Havranek, Tomas; Irsova, Zuzana
作者单位：Czech National Bank; Charles University Prague
摘要：In the last decade, more than 100 researchers have examined productivity spillovers from foreign affiliates to local firms in upstream or downstream sectors. Yet results vary broadly across methods and countries. To examine these vertical spillovers in a systematic way, we collected 3626 estimates of spillovers and reviewed the literature quantitatively. Our meta-analysis indicates that model misspecifications reduce the reported estimates and journals select relatively large estimates for pub...
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作者：Tovar, Patricia
作者单位：Brandeis University
摘要：We study how endogenous lobbying costs influence trade policies. Although in practice lobbying expenditures far exceed campaign contributions, the literature on the political economy of trade policy has focused on the latter. In this paper we develop a model in which informational lobbying costs play a role in determining the structure of protection. In the model, special interest groups can choose to send a signal to the policymaker regarding some information they possess, and the policymaker...
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作者：Buch, Claudia M.; Koch, Catherine T.; Koetter, Michael
作者单位：Eberhard Karls University of Tubingen; Eberhard Karls University of Tubingen; University of Zurich; University of Groningen; Sveriges Riksbank
摘要：Heterogeneity in size and productivity is central to models that explain which manufacturing firms expert. This study presents descriptive evidence on similar heterogeneity among international banks as financial services providers. A novel and detailed bank-level data set reveals the volume and mode of international activities for all German banks. Only a few, large banks have a commercial presence abroad, consistent with the size pecking order documented for manufacturing firms. However, the ...
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作者：Nataraj, Shanthi
作者单位：University of California System; University of California Berkeley
摘要：Despite a large literature investigating the impacts of trade on firm productivity, there is almost no evidence on how small firms react to trade liberalization. Using a unique dataset of firm-level surveys that are representative of the entire Indian manufacturing industry, I show that India's unilateral reduction in final goods tariffs increased the average productivity of small, informal firms, which account for 80% of Indian manufacturing employment but have been excluded from previous stu...
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作者：Antras, Pot; Padro i Miquel, Gerard
作者单位：Harvard University; University of London; London School Economics & Political Science
摘要：How do foreign interests influence policy? How are trade policies and the viability of trade agreements affected? What are the welfare implications of such foreign influence? In this paper we develop a model of foreign influence and apply it to the study of optimal tariffs. In a two-country voting model of electoral competition, we allow the incumbent party in each country to take costly actions that probabilistically affect the electoral outcome in the other country. We show that policies end...
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作者：Ha Nguyen
作者单位：The World Bank
摘要：Changes in asset prices of a country's foreign assets and liabilities (valuation effects) are commonly thought of as stabilizing: they counteract current account movements and mitigate the impact of the current account on the country's net foreign asset (NFA) position. This paper shows that whether valuation effects are stabilizing or not depends critically on the nature of the underlying productivity shocks. In response to transitory shocks, valuation effects are stabilizing; but in response ...
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作者：Clerc, Laurent; Dellas, Harris; Loisel, Olivier
作者单位：University of Bern
摘要：Monetary union can benefit countries suffering from policy credibility problems if it eliminates the inflation bias and also allows for more efficient management of certain shocks. But it also carries costs as some stabilization may be feasible even in the absence of credibility, and this may be more than what an individual country can hope for in a monetary union. In this paper, we combine the stabilization and credibility branches of the currency union literature and construct a simple welfa...
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作者：Minetti, Raoul; Zhu, Susan Chun
作者单位：Michigan State University
摘要：This paper estimates the impact of credit rationing on firms' export. We use detailed survey data from Italian manufacturing firms that provide a firm-specific measure of credit rationing based directly on firms' responses to the survey rather than indirectly on firms' financial statements. After controlling for productivity and other relevant firm attributes, and accounting for the endogeneity of credit rationing, we find that the probability of exporting is 39% lower for rationed firms and t...
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作者：Monte, Ferdinando
作者单位：University of Chicago
摘要：Wage ratios between different percentiles of the wage distribution have moved in parallel and then diverged in the U.S. in the last 50 years. In this paper, I study the theoretical response of wage ratios to skill-biased technical change and trade integration. I build a simple model of heterogeneous technology and heterogeneous workers that features complementarities between the quality of ideas and abilities. I show that changes to the skill bias of technology and to trade costs can both repr...
