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作者：Kim, Gueyon
作者单位：University of California System; University of California Santa Cruz
摘要：This paper examines trade-induced restructuring at the extensive margin, using a novel measure of new work-jobs employing new knowledge, skills, and technologies-based on the emergence of new job titles over time. I find that import competition significantly increases the adoption of new work in US manufacturing industries. I further show that offshoring is central to this restructuring process and is accompanied by compositional shifts toward non-production activities. Finally, evidence from ...
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作者：Pyun, Sungjune; Sulaeman, Johan
作者单位：Yonsei University; National University of Singapore; National University of Singapore
摘要：Stock markets of countries that actively engage in international trade may move together more or less depending on their international trade linkages. This paper demonstrates that the stock markets of two countries are less likely to move together if these countries compete intensely in their export product markets. This is in contrast to the higher stock co-movement of countries that share similar exposures to common demand shocks. The empirical patterns imply that stronger cross-border trade...
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作者：Errico, Marco
作者单位：European Central Bank; Bank of Italy
摘要：Earlier literature highlights domestic wedges - distribution costs, variable markups, and nominal rigidities - in limiting exchange rate pass-through to consumer prices. Using granular Chilean data, I quantify their impact, considering input-output linkages and sectoral heterogeneity. Domestic wedges reduce CPI sensitivity to exchange rate fluctuations by 57%. Distribution costs account for 48% of the overall reduction in sensitivity, variable markups for 29%, and nominal rigidities for 23%. T...
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作者：Cardi, Olivier; Restout, Romain
作者单位：Universite Paris-Pantheon-Assas; Lancaster University; Universite de Lorraine; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS)
摘要：The contractionary effect of technology shocks on hours gradually vanishes over time in OECD countries. To rationalize the decline in hours and its disappearance, we use a VAR-based decomposition of technology shocks into symmetric and asymmetric technology improvements. While hours decline dramatically when technology improves at the same rate across sectors, hours significantly increase when technology improvements occur at different rates. Because they are primarily driven by symmetric tech...
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作者：Gong, Robin Kaiji; Li, Yao Amber; Manova, Kalina; Sun, Stephen Teng
作者单位：Hong Kong University of Science & Technology; Hong Kong University of Science & Technology; University of London; University College London; City University of Hong Kong; City University of Hong Kong
摘要：We investigate how international patent activity enables firms from emerging economies to thrive in the global marketplace. We match Chinese customs data to US patent records, and leverage the quasi-random assignment of USPTO patent examiners to identify the causal effect of a US patent grant on the subsequent export performance of Chinese firms. Successful first-time patent applicants achieve significantly higher export growth, compared to otherwise similar first-time applicants that failed. ...
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作者：Kolasa, Marcin; Ravgotra, Sahil; Zabczyk, Pawel
作者单位：International Monetary Fund; Warsaw School of Economics; University of Texas System; University of Texas Austin
摘要：We analyze the implications of adding boundedly rational agents & aacute; la Gabaix (2020) to the canonical New Keynesian open economy model. We show that accounting for myopia mitigates several puzzling aspects of the relationship between exchange rates and interest rates and helps explain why some of them only arise in the nested case of rational expectations. Bayesian estimation of the model demonstrates that a high degree of cognitive discounting significantly improves empirical fit. We al...
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作者：Bolz, Simon J.; Naumann, Fabrice; Richter, Philipp M.
作者单位：University of Munich; University of Mannheim; University of Wurzburg; Leibniz Association; Ifo Institut; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：This paper examines how offshoring shapes emissions leakage and global emissions in response to unilateral environmental policy. We use a general equilibrium offshoring model with heterogeneous firms, based on standard modeling assumptions, where firms allocate labor between production tasks and emissions abatement. We find that global emissions respond non-monotonically to a unilateral emissions tax increase: for small cross-country tax differentials, emissions fall; but as the difference wid...
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作者：Avdeenko, Alexandra; Kaiser, Maximilian; Kis-Katos, Krisztina; Reher, Leonie
作者单位：The World Bank; Ruprecht Karls University Heidelberg; University of Hamburg; University of Gottingen
摘要：In the wake of Russia's full-scale invasion of Ukraine in February 2022, online intermediaries enabled brands to retain a presence in the Russian market as many global companies-presumably or actually-withdrew due to legal and reputational concerns. This paper examines how sales by intermediaries responded to international sanctions. Using novel data on customer transactions of 95 global brands from 1761 web shops, we show that sales to Russia dropped significantly after the invasion, especial...
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作者：Alquist, Ron; Kahn, R. Jay; Stedman, Karlye Dilts
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：We develop a model that shows how foreign reserve management decisions can adversely affect U.S. money market liquidity. Consistent with the March 2020 dash-for-cash, our model suggests that as export-price volatility increases, a foreign central bank that pegs its exchange rate shifts reserves from relatively illiquid Treasuries to the Fed's reverse repo facility. Over the relevant horizon, this precautionary behavior drains liquidity from U.S. money markets and raises repo spreads. These pre...
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作者：Bao, Xiaohua; Blonigen, Bruce A.; Yu, Zhi
作者单位：Shanghai University of Finance & Economics; University of Oregon; University of Oregon
摘要：This paper uses detailed firm-product-country-level export data to examine how an AD action, a very targeted trade policy against a specific product in a specific export destination, affects a multiproduct firm's price and quantity decisions across its other products and export destinations. We find robust evidence for substantial interdependencies across a multiproduct firm's products and markets, including a new phenomenon we call within-firm cross-product trade deflection whereby an AD acti...
