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作者：Martin, Julien; Mejean, Isabelle
作者单位：University of Quebec; University of Quebec Montreal; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：We study how competition from low-wage countries in international markets affects the quality content of high-wage country exports. We focus on aggregate quality changes driven by a reallocation of sales from low- to high-quality exporters, within industries. Two alternative indicators are used on firm-level data to measure quality changes. Both lead to similar conclusions. Namely, we show that the mean quality of French exports increased by 10-15% between 1995 and 2005. Quality improvement is...
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作者：Aw, Bee Yan; Lee, Yi
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Tsing Hua University
摘要：We develop a theoretical framework to examine the relative importance of firm demand and productivity in firm decisions to export and where to locate foreign direct investments. The model shows that the equilibrium firm decision depends on product technology, consumer preference for product quality, fixed investment costs of establishing a foreign subsidiary, transportation costs and relative wages. Our empirical results confirm the predictions of the theoretical model. Firm-level demand and p...
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作者：Bems, Rudolfs
作者单位：International Monetary Fund
摘要：The traditional multi-sector macro model without production inputs is a value-added trade model. This paper shows that calibrating such a misspecified value-added trade model to available gross-flow trade data a common practice in the literature can lead to mismeasured (i) preference weights and (ii) price elasticities. Further, the calibrated model can give substantially different predictions regarding the relative price response to external rebalancing, when compared to a preferred alternati...
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作者：Djajic, Slobodan; Vinogradova, Alexandra
摘要：Liquidity constraints represent a major obstacle for potential migrants trying to meet the high cost of undocumented international migration. Some cover it by borrowing from a smuggling organization with a commitment to repay the loan by working in the destination country as bonded laborers. This paper compares alternative ways of financing migration and shows that debt bondage is optimal only if the international wage differential is sufficiently large in relation to migration costs. Tougher ...
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作者：Klasing, Mariko J.; Milionis, Petros
作者单位：University of Groningen; University of Groningen
摘要：The typical narrative regarding the evolution of world trade prior to World War II refers to a secular rise starting around 1870 and a subsequent collapse beginning in 1914. This narrative, however, is based on measures of trade openness that do not fully take into account purchasing power differences across countries. Due to lack of alternative data, the measures employed in the existing literature are typically based on non-PPP-adjusted trade data denominated by PPP-adjusted GDP data. The pr...
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作者：Lewis, Logan T.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper examines how nominal uncertainty affects the choice that firms face to serve a foreign market through exports or to produce abroad as a multinational. I develop a two-country, stochastic general equilibrium model in which firms make production and pricing decisions in advance, and I consider its implications for the relative attractiveness of exporting and multinational production. I find that when multinational sales are priced in the local currency while exports are priced in the ...
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作者：Conconi, Paola; Facchini, Giovanni; Zanardi, Maurizio
作者单位：Universite Libre de Bruxelles; University of Nottingham; University of Milan; Leibniz Association; Ifo Institut; Lancaster University
摘要：This paper shows that electoral incentives deter politicians from supporting trade liberalization. We focus on all major trade liberalization bills introduced since the early 1970s in the U.S. Congress, in which House and Senate members serve respectively two- and six-year terms and one third of senators face elections every two years. We show that senators are more likely to support trade liberalization than House representatives. However, this result does not hold for the last generation of ...
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作者：Melitz, Jacques; Toubal, Farid
作者单位：Heriot Watt University; Paris School of Economics; Universite Paris Saclay; Centre for Economic Policy Research - UK; Institut Polytechnique de Paris; ENSAE Paris
摘要：We construct new series for common native language and common spoken language for 195 countries, which we use together with series for common official language and linguistic proximity in order to draw inferences about (1) the aggregate impact of all linguistic factors on bilateral trade, (2) the separate role of ease of communication as distinct from ethnicity and trust, and (3) the contribution of translation and interpreters to ease of communication. The results show that the impact of ling...
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作者：Benigno, Pierpaolo; Romei, Federica
作者单位：Luiss Guido Carli University
摘要：Deleveraging from high debt can provoke deep recession with significant international side effects. Swings in the nominal exchange rate and large variations in consumption, output, and terms of trade can happen during the adjustment. All these movements are inefficient and interesting trade-offs emerge from the perspective of global welfare. The optimal adjustment to global imbalances should not necessarily require large movements in the nominal exchange rate. A global liquidity trap can be de...
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作者：Cho, Dooyeon; Doblas-Madrid, Antonio
作者单位：Kookmin University; Michigan State University
摘要：In this paper, we seek to contribute to the PPP literature by presenting evidence of a link between trade intensity and exchange rate dynamics. We first establish a negative effect of trade intensity on exchange rate volatility using panel regressions, with distance as an instrument to correct for endogeneity. We also estimate a nonlinear model of mean reversion to compute half-lives of deviations of bilateral exchange rates from the levels dictated by relative PPP, and find these half-lives t...
