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作者：Gu, Grace; Malik, Samreen; Pozzoli, Dario; Rocha, Vera
作者单位：University of California System; University of California Santa Cruz; Copenhagen Business School
摘要：While recent work has documented a nexus between international trade and firm innovation, the underlying mechanisms explaining firms' innovation in response to import competition are, thus far, poorly understood. To identify the mechanism of labor adjustments and its economic relevance, we use longitudinal linked employer-employee data from Denmark (1995-2012). We first show that import competition triggers a significant increase in the share of R&D workers at the firm level. The majority of t...
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作者：Galle, Simon; Lorentzen, Linnea
作者单位：BI Norwegian Business School; University of Oslo
摘要：We quantify the joint impact of the China shock and automation of labor, across US commuting zones (CZs) in the period 2000-2007. To this end, we employ a multi -sector gravity model of trade with Roy-Frechet worker heterogeneity across sectors, where labor input can be automated. Automation and increased import competition from China are both sector -specific; they lead to contractions in a sector's labor demand and a decline in relative income for CZs more specialized in that sector, amplifi...
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作者：Albuquerque, Bruno; Iyer, Roshan
作者单位：International Monetary Fund; Universidade de Coimbra; American University
摘要：We build a comprehensive new dataset spanning listed and private nonfinancial zombie firms across Advanced Economies and Emerging Markets over the past two decades. Our findings reveal a global rise in the prevalence of these unproductive and unviable firms, particularly since the Global Financial Crisis and the Covid-19 pandemic. We show that private firms exhibit lower zombification rates due to their lower average survival rates. Our paper also offers a new perspective on zombie lending dri...
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作者：Dominguez, Kathryn M. E.; Foschi, Andrea
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：Central banks across the globe introduced large-scale asset purchase programs to address the unprecedented circumstances experienced during the pandemic. Many of these programs were announced as open-ended to shock-and-awe market participants and restore confidence in financial markets. This paper examines whether these whatever-it-takes announcements had larger effects than announcements with explicit limits on scale. We use a narrative approach to categorize announcements made by twenty-two ...
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作者：Liang, Yousha; Shi, Kang; Tao, Hanyi; Xu, Juanyi
作者单位：Zhejiang University; Zhejiang University; Zhejiang University; Chinese University of Hong Kong; ShanghaiTech University; Hong Kong University of Science & Technology
摘要：Using matched firm -level data on operations, trade, and patents in China, we empirically investigate the impact of exporting on firms' innovation and learning from destinations. We first show that access to export markets improves both the quantity and quality of innovation. We then construct a measure of knowledge flows based on Chinese patent citation data and demonstrate that there are actual knowledge transfers from destination markets to exporting firms, which help firms improve their in...
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作者：Greenland, Andrew; Ion, Mihai; Lopresti, John; Schott, Peter K.
作者单位：North Carolina State University; Arizona State University; Arizona State University-Tempe; Yale University; National Bureau of Economic Research
摘要：We propose a method for identifying exposure to changes in trade policy based on asset prices that has several advantages over standard measures: it encompasses all avenues of exposure, it is natively firm-level, it yields estimates for both goods and service producers, and it can be used to study reductions in difficult-to-quantify non-tariff-barriers in a way that controls naturally for broader macroeconomic shocks. Applying our method to two well-studied US trade liberalizations provides ne...
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作者：Costa, Rui; Dhingra, Swati; Machin, Stephen
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science
摘要：This paper studies consequences of the large exchange rate depreciation occurring when the UK electorate unexpectedly voted to leave the European Union. Sterling plummeted, recording the biggest one-day depreciation of any of the world's four major currencies since Bretton Woods. The prospect of Brexit happening generated sizable differences in how much sterling depreciated against different currencies. Coupled with pre-referendum cross-country trade patterns, this generated variations in exch...
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作者：Grant, Matthew; Soderbery, Anson
作者单位：Dartmouth College; Purdue University System; Purdue University
摘要：The Feenstra (1994) method is widely used in the international trade literature to estimate supply and demand elasticities. The method is mechanically an IV strategy, and we demonstrate that this has important implications for its application and reliability. The assumptions needed for it to yield unbiased estimates are stronger than previously understood, and in practice, estimates are subject to bias due to both weak instruments and violations of the exclusion restriction. We illustrate how ...
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作者：Albagli, Elias; Ceballos, Luis; Claro, Sebastian; Romero, Damian
作者单位：Central Bank of Chile; University of San Diego; Universidad de los Andes - Chile
摘要：We evaluate the behavior of the UIP relationship around monetary policy and global uncertainty shocks using event studies. We find that the covariance between exchange rate movements and changes in long-term yield differentials is conditional on the nature of shocks. A model of partial arbitrage between domestic and US bond markets predicts that tighter US monetary policy appreciates the dollar while increasing US yields relative to domestic bonds, a response that is consistent with UIP forces...
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作者：Tyazhelnikov, Vladimir; Romalis, John
作者单位：University of Sydney; Macquarie University
摘要：Trade and other economic sanctions are a common foreign policy instrument, but their imposition may induce smuggling. We develop and implement procedures to study smuggling after the food embargo imposed by Russia on Western countries after the annexation of Crimea in 2014. We construct predicted trade flows for the post-sanctions period using an estimated structural general equilibrium gravity model with many industry sectors and compare those predictions with actual trade flows. We identify ...
