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作者：Wu, Tommy T.
作者单位：Hong Kong Monetary Authority (HKMA)
摘要：In this paper I study and quantify the long-run effects of openness to trade and multinational production in a model of endogenous innovation with firm heterogeneity. When trade is liberalized, some multinationals find it more profitable to export and forgo the costs of maintaining capacities in foreign markets. I examine how this trade-off can have long-run effects on growth and welfare. The model emphasizes the importance of firms' ability to access multiple markets in providing incentives t...
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作者：Rabanal, Pau; Rubio-Ramirez, Juan F.
作者单位：International Monetary Fund; Duke University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Centre for Economic Policy Research - UK
摘要：Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exercise than the typical business cycle one, which compares actual and simulated data after the Hodrick-Prescott filter is applied to both. A simple two-country, two-good, international real business cycle model can explain the volatility of the real exchange rate when all frequencies are studied. The puzzle is that the model generates too much persi...
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作者：Cage, Julia; Rouzet, Dorothee
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); Organisation for Economic Co-operation & Development (OECD)
摘要：This paper studies the effect of firm and country reputation on exports when buyers cannot observe quality prior to purchase. Firm-level demand is determined by expected quality, which is driven by the dynamics of consumer learning through experience and the country of origin's reputation for quality. We show that asymmetric information can result in multiple steady-state equilibria with endogenous reputation. We identify two types of steady states: a high-quality equilibrium (HQE) and a low-q...
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作者：Beshkar, Mostafa; Bond, Eric W.; Rho, Youngwoo
作者单位：Indiana University System; Indiana University Bloomington; Vanderbilt University
摘要：Most market access commitments under the WTO are in the form of bindings on applied tariff rates. We observe two important regularities in the data. First, applied tariffs are often lower than the bound tariffs, providing governments with substantial policy flexibility. Second, the extent of flexibility varies substantially across sectors and countries. In a sharp contrast to the prediction of standard trade agreement models, we observe a strong negative correlation between tariff commitments ...
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作者：Egger, Hartmut; Kreickemeier, Udo; Wrona, Jens
作者单位：University of Bayreuth; Technische Universitat Dresden
摘要：We develop a two-country general equilibrium model, in which heterogeneous firms offshore routine tasks to a low-wage host country. In the presence of fixed costs for offshoring the most productive firms self-select into offshoring, which leads to a reallocation of domestic labor towards less productive uses if offshoring costs are high. As a consequence domestic welfare may fall. The reallocation effect is reversed and domestic welfare rises if offshoring costs are low. The aggregate income d...
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作者：Frankel, Jeffrey; Giavazzi, Francesco
作者单位：Harvard University; Bocconi University
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作者：Girma, Sourafel; Gong, Yundan; Goerg, Holger; Lancheros, Sandra
作者单位：University of Nottingham; Aston University; Aarhus University; IZA Institute Labor Economics; University of Nottingham Ningbo China
摘要：We implement a method to estimate the direct effects of foreign-ownership on foreign firms' productivity and the indirect effects (or spillovers) from the presence of foreign-owned firms on other foreign and domestic firms' productivity in a unifying framework, taking interactions between firms into account. To do so, we relax a fundamental assumption made in empirical studies examining a direct causal effect of foreign ownership on firm productivity, namely that of no interactions between fir...
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作者：Guren, Adam; Hemous, David; Olsen, Morten
作者单位：Boston University; INSEAD Business School; University of Navarra; IESE Business School
摘要：This paper develops a dynamic Heckscher Ohlin Samuelson model with sector-specific human capital and overlapping generations to characterize the dynamics and welfare implications of gradual labor market adjustment to trade. Our model is tractable enough to yield sharp analytic results, that complement and clarify an emerging empirical literature on labor market adjustment to trade. Existing generations that have accumulated specific human capital in one sector can switch sectors when the econo...
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作者：Li, Hongbin; Ma, Hong; Xu, Yuan
作者单位：Tsinghua University
摘要：This paper provides first-hand firm-level evidence on Chinese exporters' reaction to RMB exchange rate movements. We find that the RMB price response to exchange rate changes is very small, indicating relatively high exchange rate pass-through into foreign currency denominated prices, while the volume response is moderate and significant. Furthermore, exporters with higher productivity price more to market, though the pass-through is still very high. Other sources of heterogeneity, such as imp...
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作者：Mukherjee, Rahul
摘要：Countries with weaker domestic investor protection hold less diversified international portfolios. An equilibrium business cycle model of North-South capital flow with corporate governance frictions between outside investors and corporate insiders explains this phenomenon through two channels. First, weak governance leads to concentrated ownership in the South because international diversification by insiders is penalized by lower stock market valuation. This reduces the float portfolio, or th...
