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作者：Song, Ilhwan; Mihalache, Gabriel
作者单位：University of Seoul; University System of Ohio; Ohio State University
摘要：Private agents do not internalize the impact of their investment decisions on the sovereign's bond prices and default risk. Therefore, a standard externality argument implies that investment is insufficient and that a subsidy can improve welfare, if financed by non-distortionary means. We contrast this logic with a countervailing force. When the sovereign is impatient relative to households, plausibly due to political economy factors, it finds laissez-faire capital accumulation excessive and m...
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作者：Mei, Ziwei; Sheng, Liugang; Shi, Zhentao
作者单位：University of Macau; University of Macau; Chinese University of Hong Kong
摘要：Panel local projection (LP) with fixed-effects (FE) is widely adopted for evaluating the economic consequences of financial crises across countries. This paper highlights a fundamental methodological issue: the presence of the Nickell bias in the panel FE estimator due to inherent dynamic structures of predictive specifications, even if the regressors have no lagged dependent variables. The Nickell bias invalidates the standard inferential procedure based on the t-statistic. We propose a split...
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作者：Anderson, James E.
作者单位：Boston College; National Bureau of Economic Research
摘要：Intense US-China commercial rivalry is quantified in this paper with novel non-parametric relative resistance sufficient statistics. China's manufacturing seller incidence falls (seller price rises) 8.2% yearly as China's sales share quadruples over 2000-14. US seller incidence rises 6.3% yearly as US sales share halves. A 10% rise in US (China) 2014 sales share reduces seller incidence 10.05% (9.74%) and raises average seller incidence of others. Trade elasticities very close to one fit trade...
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作者：Kim, Junhyong; Lee, Annie Soyean
作者单位：Korea Development Institute (KDI); Johns Hopkins University
摘要：We explore the negative balance sheet effect of foreign currency borrowing on the exchange rate pass-through to domestic prices. Exploiting a large, unexpected depreciation episode in Korea in 1997, we show that firms with higher foreign currency debt experience balance sheet deterioration and face lower growth rates of net worth, sales, and markups. We then empirically document that sectors populated by firms with higher foreign currency debt exposure prior to the depreciation exhibit larger ...
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作者：Boehm, Christoph E.; Flaaen, Aaron; Pandalai-Nayar, Nitya; Schlupp, Jan
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; Amazon.com
摘要：We develop a new algorithm to map confidential firm-level export transactions to their underlying establishments that can be implemented on U.S. microdata. Using this procedure, we construct a novel micro-dataset of U.S. exports at the plant level. Aggregation of these data permits more accurate measurement of exporting at the subnational level (e.g., county, MSA, etc.) than was previously possible. The data reveal exports to be much more geographically concentrated than both employment and ma...
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作者：Lee, Sang Min
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：This paper studies how globalization impacts structural transformation from goods to services. I construct a multi-country, multi-sector model in which the transformation occurs through changes in income, prices, comparative advantage, or input-output linkages. I parameterize it with data from 1995 to 2018 for 66 countries covering diverse stages of economic development. Decomposition exercises show that globalization outweighs productivity growth in shaping structural transformation and that ...
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作者：Kim, Gueyon
作者单位：University of California System; University of California Santa Cruz
摘要：This paper examines trade-induced restructuring at the extensive margin, using a novel measure of new work-jobs employing new knowledge, skills, and technologies-based on the emergence of new job titles over time. I find that import competition significantly increases the adoption of new work in US manufacturing industries. I further show that offshoring is central to this restructuring process and is accompanied by compositional shifts toward non-production activities. Finally, evidence from ...
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作者：Pyun, Sungjune; Sulaeman, Johan
作者单位：Yonsei University; National University of Singapore; National University of Singapore
摘要：Stock markets of countries that actively engage in international trade may move together more or less depending on their international trade linkages. This paper demonstrates that the stock markets of two countries are less likely to move together if these countries compete intensely in their export product markets. This is in contrast to the higher stock co-movement of countries that share similar exposures to common demand shocks. The empirical patterns imply that stronger cross-border trade...
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作者：Errico, Marco
作者单位：European Central Bank; Bank of Italy
摘要：Earlier literature highlights domestic wedges - distribution costs, variable markups, and nominal rigidities - in limiting exchange rate pass-through to consumer prices. Using granular Chilean data, I quantify their impact, considering input-output linkages and sectoral heterogeneity. Domestic wedges reduce CPI sensitivity to exchange rate fluctuations by 57%. Distribution costs account for 48% of the overall reduction in sensitivity, variable markups for 29%, and nominal rigidities for 23%. T...
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作者：Bolz, Simon J.; Naumann, Fabrice; Richter, Philipp M.
作者单位：University of Munich; University of Mannheim; University of Wurzburg; Leibniz Association; Ifo Institut; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：This paper examines how offshoring shapes emissions leakage and global emissions in response to unilateral environmental policy. We use a general equilibrium offshoring model with heterogeneous firms, based on standard modeling assumptions, where firms allocate labor between production tasks and emissions abatement. We find that global emissions respond non-monotonically to a unilateral emissions tax increase: for small cross-country tax differentials, emissions fall; but as the difference wid...
