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作者：Arkolakis, Costas; Ganapati, Sharat; Muendler, Marc-Andreas
作者单位：Yale University; Leibniz Association; Ifo Institut; National Bureau of Economic Research; Georgetown University; University of California System; University of California San Diego
摘要：To quantify trade frictions, we examine -multiproduct exporters. We build a flexible general-equilibrium model and estimate market entry costs using Brazilian firm-product-destination data under rich demand and market access cost shocks. Our estimates show that additional products farther from a firm's core competency come at higher production costs, but there are substantive economies of scope in market access costs. Market access costs differ across destinations, falling more rapidly in scop...
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作者：Blackwood, G. Jacob; Foster, Lucia S.; Grim, Cheryl A.; Haltiwanger, John; Wolf, Zoltan
作者单位：Amherst College; University System of Maryland; University of Maryland College Park
摘要：Firm-level, revenue-based productivity measures are ubiquitous in studies of firm dynamics and aggregate outcomes. One common measure is increasingly interpreted as reflecting distortions since in distortions' absence, equalization of marginal revenue products should yield no dispersion in this measure. Another common but distinct measure is the residual of the -firm-level revenue function, which reflects fundamentals. Using-micro-level US manufacturing data, we find these alternative measures...
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作者：Pinkovskiy, Maxim; Sala-i-Martin, Xavier
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University
摘要：We use satellite-recorded nighttime lights as an independent benchmark of economic activity in order to generate three findings in the study of PPP-adjusted estimates of GDP. First, PPP-adjusted estimates better describe poor economies than do market exchange rate-based estimates today, although this was not the case in the late 1990s. Second, estimates of PPPs have been steadily improving from one price survey round to the next. Third, it has tended to be optimal to only use the latest price ...
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作者：Tong, Hui; Wei, Shang-Jin
作者单位：International Monetary Fund; Columbia University; Australian National University; National Bureau of Economic Research
摘要：This paper investigates whether and how unconventional interventions in 2008-2010 unfroze the credit market. We construct a dataset of 198 interventions for 16 countries during 2008-2010 and examine heterogeneous responses in stock prices to the interventions across 7,873 nonfinancial firms in those countries. Stock prices increase when the interventions are announced, particularly for firms with greater intrinsic need for external capital. This pattern is corroborated by subsequent expansions...
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作者：Karadi, Peter; Reiff, Adam
作者单位：European Central Bank; Center for Economic & Policy Research (CEPR)
摘要：We document that the aggregate price level responds flexibly and asymmetrically to large positive and negative value-added tax changes. We present a price-setting model with menu costs, trend inflation, and fat-tailed product-level shocks that is consistent with these observations. The model predicts a flexible price-level response to standard monetary policy shocks because it anticipates a large number of firms on the verge of price adjustment and far from their optimal prices when the shock ...
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作者：Monge-Naranjo, Alexander; Sanchez, Juan M.; Santaeulalia-Llopis, Raul
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Washington University (WUSTL); Barcelona School of Economics
摘要：Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we provide a new methodology to estimate output shares of natural resources based solely on current rent flows data. With this methodology, we construct a new dataset of estimates for the output shares of natural resources for a large panel of countries. In sharp contrast with Caselli and Feyrer (2007), we find a significant and persistent degree of misallocation of ...
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作者：Nuno, Galo; Thomas, Carlos
作者单位：Banco de Espana
摘要：We propose a general equilibrium framework with financial intermediaries subject to endogenous leverage constraints, and assess its ability to explain the observed fluctuations in intermediary leverage and real economic activity. In the model, intermediaries (banks) borrow in the form of short-term risky debt. The presence of risk-shifting moral hazard gives rise to a leverage constraint, and creates a link between the volatility in bank asset returns and leverage. Unlike TFP or capital qualit...
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作者：Acemoglu, Daron; Gancia, Gino; Zilibotti, Fabrizio
作者单位：Massachusetts Institute of Technology (MIT); Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; University of Zurich
摘要：We study the implications of offshoring on innovation, technology, and wage inequality in a Ricardian model with directed technical change. Profit maximization determines both the extent of offshoring and the direction of technological progress. A fall in the offshoring cost induces technical change with an ambiguous factor bias. When the initial cost of offshoring is high, an increase in offshoring opportunities causes a fall in the real wages of unskilled workers in industrial countries, ski...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We evaluate explanations for the absence of disinflation during the Great Recession and find popular explanations to be insufficient. We propose a new explanation for this puzzle within the context of a standard Phillips curve. If firms' inflation expectations track those of households, then the missing disinflation can be explained by the rise in their inflation expectations between 2009 and 2011. We present new econometric and survey evidence consistent with firms having similar expectations...
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作者：Barattieri, Alessandro; Basu, Susanto; Gottschalk, Peter
作者单位：University of Quebec; University of Quebec Montreal; Boston College
摘要：We present evidence on the frequency of nominal wage adjustment using SIPP data adjusted for measurement error. The SIPP is a representative sample of the US population. Our main results are: (i) The average quarterly probability of a nominal wage change is between 21.1 and 26.6 percent, depending on the assumptions used. (ii) Wage changes are much more likely when workers change jobs. (iii) The frequency of wage adjustment does not display significant seasonal patterns. (iv) The hazard of a n...
