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作者：Kasahara, Hiroyuki; Lapham, Beverly
作者单位：University of British Columbia; Queens University - Canada
摘要：This paper develops an open economy model with heterogeneous final goods producers who simultaneously choose whether to export their output and whether to use imported intermediates. Using the theoretical model, we develop and estimate a structural empirical model that incorporates heterogeneity in productivity, transport costs, and other costs using Chilean plant-level data for a set of manufacturing industries. The estimated model is consistent with many key features of the data regarding pr...
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作者：Schmidt-Eisenlohr, Tim
作者单位：University of Oxford
摘要：Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts and their implications for trade. The equilibrium contract is determined by financial market characteristics and contracting environments in both the source and the destination country. Trade increases in enforcement probabilities and decreases in financing costs pro...
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作者：Bauer, Christian J.; Langenmayr, Dominika
作者单位：University of Munich
摘要：This article analyzes profit taxation according to the arm's length principle in a model where heterogeneous firms sort into foreign outsourcing. We show that multinational firms are able to shift profits abroad even if they fully comply with the tax code. This is because, in equilibrium, intra-firm transactions occur in firms that are better than the market at input production. Moreover, market input prices include a mark-up that arises from the bargaining between the firm and the independent...
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作者：Becker, Sascha O.; Ekholm, Karolina; Muendler, Marc-Andreas
作者单位：University of Warwick; Sveriges Riksbank; University of California System; University of California San Diego; University of Warwick; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; National Bureau of Economic Research; Stockholm University
摘要：We analyze the relationship between offshoring and the onshore workforce composition in German multinational enterprises (MNEs), using plant data that allow us to discern tasks, occupations, and workforce skills. Offshoring is associated with a statistically significant shift towards more non-routine and more interactive tasks, and with a shift towards highly educated workers. The shift towards highly educated workers is in excess of what is implied by changes in either the task or the occupat...
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作者：Ferguson, Shon; Formai, Sara
作者单位：Research Institute of Industrial Economics (IFN); European Central Bank; Bank of Italy
摘要：The theory of the firm suggests that firms can respond to poor contract enforcement by vertically integrating their production process. The purpose of this paper is to examine whether firms' integration opportunities affect the way contract enforcement institutions determine international trade patterns. We find that the benefits of judicial quality for the exports of contract-intense goods are more muted in industries that have a greater propensity towards vertical integration arrangements wi...
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作者：Martin, Alberto; Taddei, Filippo
作者单位：Barcelona School of Economics; Collegio Carlo Alberto
摘要：The financial crisis of 2007-08 has underscored the importance of adverse selection in financial markets. This friction has been mostly neglected by macroeconomic models of financial imperfections, which have focused almost exclusively on the effects of limited pledgeability. In this paper, we fill this gap by developing a standard growth model with adverse selection. Our main results are that, by fostering unproductive investment, adverse selection: (i) leads to an increase in the economy's e...
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作者：Crozet, Matthieu; Trionfetti, Federico
作者单位：Universite Paris Saclay; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：We study the consequences of heterogeneity in factor intensity on firm performance. We present a standard Heckscher-Ohlin model augmented with factor intensity differences across firms within a country-industry pair. We show that for any two firms, each of whose capital intensity is, for instance, one percent above (below) its respective country-industry average, the relative marginal cost of the firm in the capital-intensive industry of the capital-abundant country is lower (higher) than that...
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作者：Bacchetta, Philippe; van Wincoop, Eric
作者单位：University of Lausanne; University of Virginia; National Bureau of Economic Research
摘要：Survey evidence shows that the relationship between the exchange rate and macro fundamentals is perceived to be highly unstable. We argue that this unstable relationship naturally develops when structural parameters in the economy are unknown. We show that the reduced form relationship between exchange rates and fundamentals is then driven not by the structural parameters themselves, but rather by expectations of these parameters. These expectations can vary significantly over time as a result...
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作者：Chevassus-Lozza, Emmanuelle; Gaigne, Carl; Le Mener, Leo
作者单位：Institut Agro; Agrocampus Ouest; INRAE; INRAE; Universite de Rennes; Laval University; Universite d'Angers
摘要：We analyze the impact of input tariffs on the export status and export performance of heterogeneous processing firms. Using a theoretical model with downstream firms exhibiting different levels of productivity, we show that lower input tariffs may increase the export sales of high-productivity firms at the expense of low-productivity firms and may decrease the probability of firms entering foreign markets. We compare the predictions of the theoretical model with firm-level data from the French...
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作者：Liu, Runjuan; Rosell, Carlos
作者单位：University of Alberta
摘要：How does firm strategy to produce basic innovation respond to international trade? Given the importance of basic innovation for economic growth and welfare, better understanding of this question is essential. In this vein we combine patent, firm, product, and trade data to show that when confronted with higher import penetration, the nature of firm innovation becomes less basic. We propose that underlying this result is the interplay between multi-product firms that narrow their product scope ...
