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作者：Labanca, Claudio; Molina, Danielken; Muendler, Marc-Andreas
作者单位：Monash University; IZA Institute Labor Economics; Microsoft; University of California System; University of California San Diego; Leibniz Association; Ifo Institut; National Bureau of Economic Research
摘要：This paper investigates how firms prepare their workforce to export. We employ a novel identification strategy to isolate how a firm's hiring decision at home responds to export opportunities that arise from exogenous changes to product demand abroad. Combining Brazilian exporter and linked employer-employee data, we show that firms act on better chances to export by hiring workers with prior experience at exporting firms. We find that firms concentrate this preparatory hiring of experts in sk...
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作者：Elliott, David; Meisenzahl, Ralf R.; Peydro, Jose-Luis
作者单位：Bank of England; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Imperial College London; Centre for Economic Policy Research - UK
摘要：We show that nonbank lenders act as global shock absorbers from US monetary policy spillovers. For identification, we exploit monetary policy surprises and the global syndicated lending market, where detailed loan -level data allow us to compare the participation of banks and nonbanks in the same loan. When US policy tightens, dollar credit to non -US firms falls, but nonbanks increase credit supply (relative to banks), thereby mitigating the total credit reduction. This relative increase is s...
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作者：D'Erasmo, Pablo; Livshits, Igor; Schoors, Koen
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Ghent University
摘要：Banking regulation routinely designates domestic government debt as safe, even when this debt is risky. We show, in a parsimonious model, that this failure to recognize the riskiness of government debt induces domestic banks to gamblewith depositors' funds by purchasing risky government bonds and assets correlated with them. Sovereign defaults then result in banking crises; however, by permitting banks to gamble, the regulator lowers the government's borrowing costs ex -ante. Thus, the governm...
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作者：Brandt, Loren; Lim, Kevin
作者单位：University of Toronto
摘要：China's rapid export growth has spurred extensive research investigating its effects on other economies. The exact causes of the boom as well as the slowdown in Chinese exporting after 2007 are less well -understood. We quantify the drivers of Chinese export growth using a general equilibrium model estimated with detailed trade and production data that capture rich heterogeneity across destinations, firm ownership types, production locations, and sectors. We find that the three key drivers of ...
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作者：Bailey, Warren B.; Cao, Xiaping; Yang, Zhenyi; Zhou, Sili
作者单位：Cornell University; Fudan University; Hang Seng University of Hong Kong; Guangxi University; University of Macau; University of Macau
摘要：We document a cross-border peer effect in corporate investment across two key economies, China and the US. Results show that investment by individual Chinese firms lags US peers without feedback in the other direction. This association is stronger for Chinese firms in manufacturing, with innovative US peers, once China joined WTO, or targeted by anti-dumping investigations or measures as reported to the WTO. These findings are robust to diagnostic tests and alternative specifications. Furtherm...
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作者：Arkolakis, Costas; Uribe, Martin
作者单位：Yale University; Columbia University
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作者：Kucheryavyy, Konstantin; Lyn, Gary; Rodriguez-Clare, Andres
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Federal Reserve System - USA; Federal Reserve System Board of Governors; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：In this paper we characterize the set of equilibria in a generalized version of the canonical two- region economic geography model that nests the class of models in Allen and Arkolakis (2014) as well as Krugman (1991) and features an input-output loop. We provide sufficient conditions for uniqueness of equilibria that - in contrast to the well-know result in Allen and Arkolakis (2014) - allow for positive agglomeration externalities, which concentrate economic activity, even in the absence of ...
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作者：Nissinen, Juuso; Sihvonen, Markus
作者单位：Aalto University; Bank of Finland
摘要：A convenience yield represents a difference between yield on a safe bond and yield on a synthetic safe bond, constructed by combining a risky bond with a CDS contract. We explain the shapes of eurozone sovereign convenience curves using a model in which arbitrageurs face higher funding costs on bonds with credit risk and bond demand shocks induce funding risk. We provide novel causal evidence for our mechanism using variation in funding costs generated through exogenous haircut category change...
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作者：Liu, Zheng; Spiegel, Mark M.; Zhang, Jingyi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Shanghai University of Finance & Economics
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作者：Berthou, Antoine; Mayer, Thierry; Mesonnier, Jean-Stephane
作者单位：European Central Bank; Bank of France; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Banks support exporters in foreign markets by providing them with credit, trade finance instruments or information about business opportunities. Repeated interactions with clients allow them to develop an expertise in specific markets - a geographical specialization. We develop a theoretical model where the specialization of banks translates into lower export costs for their clients through both the cost of credit and an information channel. The model predicts that the geographical specializat...
