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作者：Mion, Giordano; Opromolla, Luca David
作者单位：University of Surrey; Banco de Portugal; Universidade de Lisboa
摘要：Knowledge is key to the competitiveness and success of an organization and in particular of a firm. Firms and their managers acquire knowledge via a variety of different channels which are often difficult to track down and quantify. By matching employer-employee data with trade data at the firm level we show that the export experience acquired by managers in previous firms leads their current firm toward higher export performance, and commands a sizeable wage premium for the manager. Moreover,...
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作者：Diez, Federico J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：This paper studies the effects of tariffs on intra-firm trade. Building on the Antras and Helpman (2004) North-South theoretical framework, I show that higher Northern tariffs reduce the incentives for outsourcing and offshoring, while higher Southern tariffs have the opposite effects. I also show that increased offshoring and outsourcing imply a decrease in the ratio of Northern intra-firm imports to total imports, an empirically testable prediction. Using a highly disaggregated dataset of U....
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作者：Basco, Sergi
作者单位：Universidad Carlos III de Madrid
摘要：In the last decade the United States experienced the burst of the Dot-Corn and the Housing Bubbles. I develop a model to study the relationship between globalization and the emergence of rational bubbles. I also analyze how the effect of globalization on house prices depends on the type of bubble. I show that bubbles cannot arise in a financially developed country in autarky. In contrast, as globalization progresses, bubbles are more likely to appear in the financially developed country. I als...
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作者：Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Northwestern University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in U.S. house prices and household debt that preceded the financial crisis. The key to these findings is that the model generates the sustained low level of interest rates observed over that period. (C) 2...
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作者：Miles, David; Schanz, Jochen
作者单位：Bank of England; Bank of England
摘要：This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which risk-averse households hold money and bonds to insure against risk. Central bank asset purchases have the potential to affect households' choices by changing the composition and return of their asset portfolios....
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作者：Galiani, Sebastian; Torrens, Gustavo
作者单位：University System of Maryland; University of Maryland College Park; Indiana University System; Indiana University Bloomington
摘要：This paper develops a politico-economic model for use in studying the role of intra-elite conflict in the simultaneous determination of a country's political regime, trade policy and income-tax-based redistribution scheme. Three socioeconomic groups are involved: two elite groups and workers, whose preferences regarding trade policy and income taxation are derived from a simple open-economy model. The critical point is that income taxation induces a rich-poor/elite-workers political cleavage, ...
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作者：Lombardo, Giovanni; Ravenna, Federico
作者单位：European Central Bank; Universite de Montreal; HEC Montreal
摘要：We show that the composition of international trade has important implications for the optimal volatility of the exchange rate, above and beyond the size of trade flows. Using an analytically tractable small open economy model, we characterize the impact of the trade composition on the policy trade-off and on the role played by the exchange rate in correcting for price misalignments. Contrary to models where openness can be summarized by the degree of home bias, we find that openness can be a ...
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作者：Nicita, Alessandro; Olarreaga, Marcelo; Porto, Guido
作者单位：University of Geneva; Center for Economic & Policy Research (CEPR); National University of La Plata
摘要：This paper examines the presence of a pro-poor bias in the existing structure of protection of six Sub-Saharan African (SSA) countries, Burkina Faso, Cameroon, Cote d'Ivoire, Ethiopia. Gambia, and Madagascar. We build on a simple agricultural household production model and we propose an extension to include adjustments in labor income. Our approach, which can be implemented without repeated cross-sections of household level data, suits well the data constraints in SSA It also allows us to capt...
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作者：Vannoorenberghe, G.
作者单位：Tilburg University
摘要：This paper shows that the gains from opening up to international trade are smaller when firms do not fully internalize downward risk I develop a general equilibrium model with two key assumptions. First, when faced with adverse productivity shocks, employers can lay off workers without fully paying the social costs of their layoff decisions, a common feature of many institutions. Second, when opening to international trade, the elasticity of demand perceived by an industry increases. In this s...
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作者：Alessandria, George; Choi, Horag
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Rochester; Monash University
摘要：We study the effects of tariffs and iceberg trade costs in a two-sector dynamic variation of the Melitz (2003) model extended to include a sunk cost of exporting, establishment-level uncertainty in productivity, capital accumulation, and material usage. We calibrate the model to match both cross-sectional and dynamic aspects of US producers related to export participation and the establishment lifecycle. We find a tariff equivalent of fixed export costs of 30 percentage points. We also find th...
