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作者:JEONG, KJ
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作者:LEROY, SF; WAUD, RN
作者单位:Federal Reserve System - USA; Federal Reserve System Board of Governors; University of North Carolina; University of North Carolina Chapel Hill
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作者:SZIDAROVSZKY, F; YAKOWITZ, S
作者单位:University of Arizona
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作者:KUGA, K
作者单位:University of Osaka
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作者:MILLER, P
作者单位:Federal Reserve System - USA
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作者:MEHTA, G
作者单位:University of Queensland
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作者:BENNETT, RJ
作者单位:University of London; University College London
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作者:REITER, S; SHERMAN, GR
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作者:Huang, Hanwei; Ju, Jiandong; Yue, Vivian Z.
作者单位:City University of Hong Kong; Tsinghua University; National Bureau of Economic Research; Emory University
摘要:We study the evolution of China's production and trade patterns during its integration into the global economy. Using firm-level microdata, we document how production and exports shifted across industries and within industries across firms. We quantify a Ricardian-Heckscher-Ohlin model with heterogeneous firms to account for these changes. Counterfactuals show capital deepening pushed China's production and exports toward greater capital intensity, while labor-biased productivity growth provid...
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作者:Livshits, Igor; Park, Youngmin
作者单位:Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Bank of Canada
摘要:We establish that inefficiently lax financial regulation can arise democratically. Lax regulation leads to banks issuing risky mortgages at less than actuarially fair interest rates. This creates additional demand for houses and increases house prices, generating nontrivial distribution of winners and losers. Renters and individuals with large nonhousing wealth suffer from the induced banking fragility, while young middle-wealth households benefit from mispriced mortgages and old homeowners be...