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作者：Albornoz, Facundo; Pardo, Hector F. Calvo; Corcos, Gregory; Ornelas, Emanuel
作者单位：Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of Birmingham; University of Southampton
摘要：Many new exporters give up exporting very shortly, despite substantial entry costs; others shoot up foreign sales and expand to new destinations. We develop a model based on experimentation to rationalize these and other dynamic patterns of exporting firms. We posit that individual export profitability, while initially uncertain, is positively correlated over time and across destinations. This leads to sequential exporting, where the possibility of profitable expansion at the intensive and ext...
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作者：Karkinsky, Tom; Riedel, Nadine
作者单位：University Hohenheim; University of Oxford; Leibniz Association; Ifo Institut
摘要：Corporate patents are important assets in the modern economy, where knowledge is highly valued. In many multinational enterprises (MNEs), they constitute a major portion of the business's value. The intra-firm transfer pricing process for patent-related royalty payments is moreover often highly intransparent and patents thus represent a major source of profit shifting opportunities between multinational entities. For both reasons, MNEs have an incentive to locate their patents at low-tax affil...
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作者：Bekes, Gabor; Murakoezy, Balazs
作者单位：HUN-REN; HUN-REN Centre for Economic & Regional Studies
摘要：Using Hungarian firm-transaction level export data, we show that about one third of firm-destination and about one half of firm-product-destination export spells are short-lived, or temporary, each year. This is in odds with theories where comparative advantage is stable and market entry costs are sunk. We show how endogenous choice between variable and sunk cost trade technologies can explain the empirical importance and some characteristics of temporary trade. We build a model in which the l...
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作者：Bergin, Paul R.; Lin, Ching-Yi
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; National Tsing Hua University
摘要：The response of trade to a monetary union is a dynamic process. An empirical study of the European monetary union finds that the extensive margin of trade in new goods responded several years ahead of EMU implementation and ahead of overall trade volume. A dynamic rational expectations trade model shows that early entry of new firms in anticipation is explainable as a rational forward-looking response to news. The model helps identify which types of trading frictions are reduced by a currency ...
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作者：Bacchetta, Philippe
作者单位：University of Lausanne
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作者：Boivin, Jean; Clark, Robert; Vincent, Nicolas
作者单位：Universite de Montreal; HEC Montreal
摘要：Numerous studies have documented substantial deviations from the law of one price for consumer goods. However, in most cases small transaction costs can explain these violations. In our study, we purposely focus on a market where such frictions are minimal, namely online bookselling in the US and Canada. We exploit the high frequency nature of the data to disentangle nominal rigidities from market segmentation and show that while firms seem to respond to domestic competitive pressure, there is...
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作者：Kiyota, Kozo
作者单位：Yokohama National University
摘要：The breakdown of global factor price equalization, or a single-cone world, is a central concern in various fields of economics. This paper examines the empirical validities of the following two claims: 1) the multiple-cone Heckscher-Ohlin (HO) model fits better than does the single-cone HO model: and 2) increases in the number of cones improve the fit of the model. One of the contributions of this paper is that it focuses simultaneously on factor endowments, production patterns, and wage dispa...
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作者：Giannetti, Mariassunta; Ongena, Steven
作者单位：Stockholm School of Economics; Tilburg University
摘要：Using a novel dataset that allows us to trace the bank relationships of a sample of mostly unlisted firms, we explore which borrowers are able to benefit from foreign bank presence in emerging markets. Our results suggest that the limits to financial integration are less tight than the static picture of firm-bank relationships implies. Even though foreign banks are more likely to engage large and foreign-owned firms, after an acquisition, a bank is 20% less likely to terminate a relationship w...
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作者：Neary, J. Peter; Tharakan, Joe
作者单位：University of Oxford; University of Liege
摘要：This paper endogenizes the extent of intra-sectoral competition in a multi-sectoral general-equilibrium model of oligopoly and trade. Firms choose capacity followed by prices. If the benefits of capacity investment in a given sector are below a threshold level, the sector exhibits Bertrand behavior, otherwise it exhibits Cournot behavior. By endogenizing the threshold parameter in general equilibrium, we show how exogenous shocks such as globalization and technological change alter the mix of ...
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作者：Hale, Galina B.; Spiegel, Mark M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We analyze the impact that the launch of the EMU had on the currency denomination of private international bond issues in 1990-2006 using micro-level data. Our stylized model predicts that the introduction of the euro would lead to an increase in the share of euro-denominated debt and a decline in the share of dollar-denominated debt issued by firms located in countries outside both the United States and the euro area. Moreover, our model predicts that the euro effect would be particularly pro...
