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作者：Li, Xiang; Su, Dan
作者单位：Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Martin Luther University Halle Wittenberg
摘要：This study provides firm-level evidence on the effect of capital account liberalization on total factor productivity (TFP) growth. We find that a one standard deviation increase in the capital account openness indicator constructed by Fernandez et al. (2016) is significantly associated with a 0.18 standard deviation increase in firms' TFP growth rates. The productivity-enhancing effects are stronger for sectors with higher external finance dependence and capital-skill complementarity, and are ...
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作者：Matsumura, Misaki
作者单位：Deloitte Touche Tohmatsu Limited
摘要：What price index should central banks target when economies are open and exposed to international price shocks? This paper derives the optimal price index by solving the Ramsey problem in a New Keynesian small open economy model with an arbitrary number of sectors. This approach improves on the existing theoretical benchmarks by (1) making an explicit distinction between the consumer price index (CPI) and the producer price index (PPI), (2) incorporating exogenous international price shocks, a...
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作者：Buse, Rebekka; Schienle, Melanie; Urban, Jorg
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; University of Basel
摘要：We study the impact of changes in regulations and policy interventions on systemic risk among European sovereign entities measured as volatility spillovers in credit risk markets. With our unique intraday CDS dataset, the effectiveness of closely subsequent events can be assessed, and interventions with significant changes in network cross-effects can be discerned by appro-priate bootstrap confidence intervals. We show that it was mainly regulatory changes such as the ban of trading naked sove...
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作者：Aldasoro, Inaki; Balke, Florian; Barth, Andreas; Eren, Egemen
作者单位：Bank for International Settlements (BIS); Goethe University Frankfurt
摘要：We uncover a new channel for spillovers of funding dry-ups. The US money market fund (MMF) reform led to an exogenous reduction in unsecured MMF funding for some banks. We use novel data to trace those banks to a corporate deposit funding platform. As they sought to replace the lost dollar funding, the funding squeeze spilled over to other banks with no MMF exposure. The latter paid more for corporate dollar deposits, and their pool of funding providers deteriorated. Their dollar lending volum...
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作者：Fontagne, Lionel; Guimbard, Houssein; Orefice, Gianluca
作者单位：European Central Bank; Bank of France; European Central Bank; Bank of France
摘要：Trade elasticity which varies widely across products is a crucial parameter in evaluating the welfare impacts of changes in trade frictions. We estimate trade elasticities at the product level by exploiting the variation in bilateral tariffs for each product category for the universe of country pairs over the 2001 to 2016 period. The predicted trade flows using the product-specific trade elasticities estimated here match the observed post-EPA import between the US and Chile, confirming the acc...
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作者：Anzoategui, Diego
作者单位：Rutgers University System; Rutgers University New Brunswick
摘要：I analyze the impact of austerity on sovereign spreads. To do so I propose a model with stra-tegic sovereign default and nominal rigidities, where the government follows fiscal rules, which are estimated from data. I first study theoretical implications and find that austerity can increase sovereign spreads, or be self-defeating, only when the decrease in government spending is persistent and the economy is expected to be in a recession with high fiscal mul-tipliers. I then calibrate the model...
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作者：Karabay, Bilgehan
作者单位：Royal Melbourne Institute of Technology (RMIT)
摘要：We study the optimal organizational structure of a firm in a sequential supply chain when investments are relationship specific and contracts are incomplete. The market structure for the final product is monopolistic competition. Production follows a preordered sequence and exhibits high complementarity between stages. There are three types of actors: upstream suppliers, downstream suppliers and final-good producers (firms). In designing their organizational structure, firms in each stage choo...
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作者：Martinez, Joseba; Philippon, Thomas; Sihvonen, Markus
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Bank of Finland
摘要：We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a money market union; a capital market union; and complete fi- nancial markets. We show that a money market union is efficient at sharing domestic demand shocks (deleveraging, fiscal consolidation), while a capital market union is necessary to share supply shocks (productivity and quality shocks). In a numerical exercise, we find that the wel-fare gain of moving from segmented m...
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作者：Zhao, Hong
作者单位：Nankai University
摘要：The implications of trend inflation in an open economy are investigated in a two-country DSGE model. The results show that increasing trend inflation from 2 to 4 percent in the domestic country generates a consumption-equivalent welfare loss of about 0.36 percent and 0.04 per-cent in the domestic and foreign countries, respectively. The cooperative optimal monetary pol-icy under commitment with positive trend inflation faces a policy trade-off in response to technology shocks. Incorporating tr...
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作者：Chen, Natalie; Juvenal, Luciana
作者单位：University of Warwick; Leibniz Association; Ifo Institut; Centre for Economic Policy Research - UK; International Monetary Fund
摘要：This paper examines how trade costs induced by geographic distance or bilateral tariffs impact the markups of exports differentiated by quality. It relies on a data set that combines Argentinean firm-level wine exports with experts' wine ratings as a measure of quality. Exporters price discriminate across destinations by raising markups in more distant markets, and by lowering them in high-tariff countries. However, the response of markups to changes in trade costs is heterogeneous and weaker ...
