-
作者：Schwarz, Christian; Suedekum, Jens
作者单位：University of Duisburg Essen; Heinrich Heine University Dusseldorf; Leibniz Association; Ifo Institut; IZA Institute Labor Economics
摘要：We develop a theory of a firm in an incomplete contracts environment which decides on the complexity, the organization, and the global scale of its production process. Specifically, the firm decides i) how many intermediate inputs are simultaneously combined to a final product, ii) if the supplier of each input is an external contractor or an integrated affiliate, and iii) if that input is offshored to a foreign country. Our model leads to a rich set of predictions on the internal structure of...
-
作者：Holmes, Thomas J.; Hsu, Wen-Tai; Lee, Sanghoon
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Singapore Management University; University of British Columbia; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：This paper develops an index of allocative efficiency that depends upon the distribution of mark-ups across goods and is separable from an index of standard Ricardian gains from trade. It determines how changes in trade frictions affect allocative efficiency in an oligopoly model of international trade, decomposing the effect into the cost-change channel and the price-change channel. Formulas are derived shedding light on the signs and magnitudes of the two channels. In symmetric country model...
-
作者：Catao, Luis A. V.; Milesi-Ferretti, Gian Maria
作者单位：International Monetary Fund
摘要：We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that the ratio of net foreign liabilities to GDP is a significant crisis predictor. This is primarily due to the net position in debt instruments the effect of net equity liabilities is weaker and net FDI liabilities seem, if anything, an offset factor. We also find that: i) breaking down net e...
-
作者：Keen, Michael; Kotsogiannis, Christos
作者单位：International Monetary Fund; University of Exeter; Leibniz Association; Ifo Institut
摘要：This paper explores the role of trade instruments in globally efficient climate policies, focusing on whether or not some form of border tax adjustment (BTA) is warranted when carbon prices differ internationally. The analysis shows that, while there is no case for BTA when all instruments can be freely deployed, Pareto-efficiency does require a form of BTA when carbon taxes in some countries are constrained: its purpose then is to partly counteract the impact on emissions of inappropriate car...
-
作者：Krishna, Pravin; Poole, Jennifer P.; Senses, Mine Zeynep
作者单位：Johns Hopkins University; University of California System; University of California Santa Cruz; National Bureau of Economic Research
摘要：In this paper, we use a linked employer-employee database from Brazil to evaluate the wage effects of trade reform. With an aggregate (firm-level) analysis of this question, we find that a decline in trade protection is associated with an increase in average wages in exporting firms relative to domestic firms, consistent with earlier studies. However, using disaggregated, employer-employee level data, and allowing for the endogenous assignment of workers to firms due to match-specific producti...
-
作者：Backus, David; Cooley, Thomas; Henriksen, Espen
作者单位：New York University; National Bureau of Economic Research; University of California System; University of California Davis
摘要：We consider the role of demographic trends in driving international capital flows in a multicountry overlapping generations model in which saving decisions are tied to agents' life expectancy. Capital flows reflect differences between saving and investment across countries. Demographic changes affect the aggregate accumulation of assets in two ways: by changing life expectancy which changes individual household saving behavior, and by changing the age distribution of the population by which in...
-
作者：Alfaro, Laura; Chen, Maggie Xiaoyang
作者单位：Harvard University; National Bureau of Economic Research; George Washington University
摘要：The explosion of multinational activities in recent decades is rapidly transforming the global landscape of industrial production. But are the emerging clusters of multinational production the rule or the exception? What drives the offshore agglomeration of multinational firms in comparison to the agglomeration of domestic firms? Using a unique worldwide plant-level dataset that reports detailed location, ownership, and operation information for plants in over 100 countries, we construct a spa...
-
作者：Ma, Yue; Tang, Heiwai; Zhang, Yifan
作者单位：City University of Hong Kong; Johns Hopkins University; Lingnan University
摘要：This paper analyzes how a firm's specialization in its core products after exporting affects its factor intensity and productivity. Using Chinese manufacturing firm data for the 1998-2007 period, we find that firms become less capital-intensive but more productive after exporting, compared to non-exporters that share similar ex ante characteristics. To rationalize these findings that contrast with existing studies, we develop a variant of the model by Bernard, Redding, and Schott (2010, 2011) ...
-
作者：Ortega, Francesc; Peri, Giovanni
作者单位：City University of New York (CUNY) System; Queens College NY (CUNY); University of California System; University of California Davis; National Bureau of Economic Research
摘要：This paper explores the relationship between openness to trade, immigration, and income per person across countries. To address endogeneity concerns we extend the instrumental-variables strategy introduced by Frankel and Romer (1999). We build predictors of openness to immigration and to trade for each country by using information on bilateral geographical and cultural distance (while controlling for country size). Since geography may affect income through other channels, we also control for c...
-
作者：Kropf, Andreas; Saure, Philip
作者单位：Northwestern University; Swiss National Bank (SNB)
摘要：Exporting firms do not only decide how much of their products they ship abroad but also at which frequency. Doing so, they face a trade-off between saving on fixed costs per shipments (by shipping large amounts infrequently) and saving on storage costs (by delivering just in time with small and frequent shipments). The firm's optimal choice defines a mapping from size and frequency of shipments to fixed costs per shipment. We use a unique dataset of Swiss cross-border trade on the transaction ...
