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作者：Andreasen, Eugenia; Bauducco, Sofia; Dardati, Evangelina
作者单位：Universidad de Chile; Central Bank of Chile; University Diego Portales
摘要：This paper studies the differential effects of capital controls (CCs) on firms' performance depending on the firm's production technology and export status. We empirically characterize the firm's responses to the introduction of a CC using the Chilean encaje implemented between 1991 and 1998. Motivated by the empirical insights, we build a general equilibrium model with heterogeneous firms, financial constraints and international trade and calibrate it to the Chilean economy. We find that CCs ...
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作者：Helpman, Elhanan
作者单位：Harvard University
摘要：Empirical studies have found that enhanced foreign competition can encourage or discourage innovation. To address this relationship, I examine a market structure in which a small number of large multi-product oligopolists compete with a large number of small single-product firms in the same industry. The single-product firms are short-lived while the multi-product firms live forever, and the large firms invest in innovation in order to enlarge their product spans. All firms export. I show that...
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作者：Ahmed, Rashad; Rebucci, Alessandro
作者单位：United States Department of the Treasury; Office of the Comptroller of the Currency; Johns Hopkins University; National Bureau of Economic Research
摘要：By exploiting changes in the volatility of U.S. Treasury yields and foreign official (FO) flows into U.S. Treasuries after the 2008 Global Financial Crisis, we identify a FO flow shock via heteroskedasticity in a structural VAR. We estimate that a $100B FO flow shock moves 5 and 10-year U.S. yields by about 100 basis points within a month. An event study of the intraday U.S. Treasury yield curve response to Japan's FX intervention in September 2022 validates our VAR estimates. Our findings imp...
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作者：von Peter, Goetz; von Dahlen, Sebastian; Saxena, Sweta
作者单位：Bank for International Settlements (BIS)
摘要：This paper examines the patterns of macroeconomic recovery following natural disasters. In a panel with global coverage from 1960 to 2011, we make use of insurer -assessed losses to estimate growth responses conditional on risk transfer. We find that major disasters reduce growth by 1 to 2 percentage points on impact, and over time produce an output cost of 2 % to 4 % of GDP, on top of the initial damage to property and infrastructure. Akin to wars and financial crises, natural disasters have ...
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作者：Seker, Murat; Ulu, Mehmet Fatih; Rodriguez-Delgado, Jose Daniel
作者单位：Turkish Airlines; Koc University; International Monetary Fund
摘要：We build a structural model of multi-product firms to illustrate how access to foreign intermediate goods contributes to product innovation. We establish a stochastic dynamic model of firm evolution and allow firms to be heterogeneous in their efficiency levels. The model's mechanism to capture the effects of importing intermediate goods is twofold: (i) importing these goods increases the revenue per each product introduced, and (ii) increases the likelihood of introducing new varieties using ...
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作者：Bianchi, Javier; Liu, Chenxin; Mendoza, Enrique G.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison; University of Pennsylvania
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作者：Dyrda, Sebastian; Hong, Guangbin; Steinberg, Joseph B.
作者单位：University of Toronto; University of Chicago
摘要：We develop a general-equilibrium model to study the macroeconomic consequences of international profit shifting by multinational enterprises (MNEs). In our model, MNEs shift profits by exploiting intangible capital transfer pricing rules, which makes intangible investment more attractive and leads to higher output at home and abroad. We use the model to quantify the effects of two reforms proposed by the OECD: (i) reallocating MNEs' profit tax bases to the countries where they sell their produ...
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作者：Lee, Jieun
作者单位：Bank of Korea; Bank for International Settlements (BIS)
摘要：Using unique tick-by-tick data from an exchange, this paper examines the relationship between the US dollar and liquidity in the Korean government (Treasury) bond market. We find that a strong US dollar deteriorates the Treasury market's liquidity by increasing the bid-ask spread and the price impact and lowering market depth. The effects of fluctuations in the broad US dollar index on Treasury market liquidity become more pronounced when funding liquidity conditions are tighter, when banks' t...
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作者：Baskaya, Yusuf Soner; Hardy, Bryan; Kalemli-Ozcan, Sebnem; Yue, Vivian
作者单位：University of Glasgow; Bank for International Settlements (BIS); University System of Maryland; University of Maryland College Park; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Emory University
摘要：We use an exogenous fiscal shock to identify the transmission of government risk to bank lending due to banks holding government bonds. We illustrate with a theoretical model that for banks with higher exposure to government bonds, a higher sovereign default risk implies lower bank net worth and less lending. Our empirical estimates confirm the model's predictions. The exogenous change in sovereign default risk of Turkish government debt as a result of the 1999 Earthquake impacted banks whose ...
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作者：Carvalho, Alexandre; Valle e Azevedo, Joao; Ribeiro, Pedro Pires
作者单位：Banco de Portugal; Universidade Nova de Lisboa
摘要：We show the distinction between permanent and temporary monetary policy shocks is helpful to understand the impacts of monetary policy on exchange rates in the short as well as over the long run. Drawing on monthly data for several advanced economies from 1971 to 2019 and resorting to a simple structural vector error correction (SVEC) model, we find that a shock leading to a temporary increase in U.S. nominal interest rates leads to a temporary appreciation of the USD against the other currenc...
