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作者：Lakdawala, Aeimit; Moreland, Timothy; Schaffer, Matthew
作者单位：Wake Forest University; University of North Carolina; University of North Carolina Greensboro
摘要：An extensive literature studies the international transmission of US monetary policy surprises (shifts in expected path of the policy rate). In this paper we show that changes in uncertainty around the expected path constitute an important additional dimension of spillover effects to global bond yields. In advanced countries, it is the term premium component of yields that responds to uncertainty. We find that this can be explained by an international portfolio balance mechanism. In contrast, ...
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作者：Cerutti, Eugenio M.; Obstfeld, Maurice; Zhou, Haonan
作者单位：International Monetary Fund; University of California System; University of California Berkeley; National Bureau of Economic Research; Peterson Institute for International Economics; Princeton University
摘要：This paper studies how several macrofinancial factors are associated over time with the evolution of covered interest parity (CIP) deviations in the decade after the Global Financial Crisis. Changes in a number of risk-and policy-related factors have a significant association with the evolution of CIP deviations. Key measures of FX market liquidity and intermediaries' risk taking capacity are strongly correlated with the cross-currency basis (the deviation from CIP), and the close relationship...
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作者：Li, Jie
作者单位：Capital University of Economics & Business
摘要：This paper studies whether export composition differences in gender-specific skills can affect individuals' work-related gender norms. We start by identifying female-oriented and male-oriented skills at the occupation level based on literature in neuroscience and medicine. Then with industries' occupational employment share data and exports data, we are able to construct country-level gender-specific skill export intensities. They are combined with gender norm information from World Value Surv...
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作者：Groger, Andre
作者单位：Autonomous University of Barcelona
摘要：This article investigates the impact of negative income shocks in migrant destination countries around the world on the domestic and international labor migration decisions of their family members left behind at origin. Exploiting differences in labor market shocks across and within destinations during the Great Recession. I find large and heterogeneous effects on both types of migration decisions. Poor migrant households reduced domestic and increased international labor migration in response...
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作者：Tang, Heiwai; Zhang, Yifan
作者单位：University of Hong Kong; Johns Hopkins University; Leibniz Association; Ifo Institut; Chinese University of Hong Kong
摘要：We study the global diffusion of culture through multinationals, focusing on gender norms. Using data on manufacturing firms in China from 2004 to 2007, we find that foreign affiliates from countries with a more gender-equal culture tend to employ proportionally more women and appoint more female managers. They also generate cultural spillovers, as we find that do-mestic firms' female labor share increases with the prevalence of foreign affiliates in the same industry or city. Based on a multi...
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作者：Diez, Federico J.; Fan, Jiayue; Villegas-Sanchez, Carolina
作者单位：International Monetary Fund; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
摘要：Using a new firm-level dataset on private and listed firms from advanced economies and emerging markets, we document four stylized facts on market power in global markets. First, competition has declined, but only modestly-average markups increased from 1.22 to 1.29 (6%) during 2000-2015, especially in services and in advanced economies. Second, the markups of listed firms are higher and experienced stronger increases than those of private firms. Third, the markup increase is driven by firms i...
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作者：Todtenhaupt, Maximilian; Voget, Johannes
作者单位：Norwegian School of Economics (NHH); University of Munich; University of Mannheim
摘要：We investigate how changes in firm productivity after M&As are affected by differences in profit taxation between the target and the acquirer. We argue that tax differentials distort the efficient allocation of productive factors following an M&A and thus inhibit the realization of productivity improvements. Using firm-level data on inputs and outputs of production as well as on corporate M&As, we show that the absolute tax differential between the locations of two merging firms reduces the su...
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作者：Hobijn, Bart; Nechio, Fernanda; Shapiro, Adam Hale
作者单位：Arizona State University; Arizona State University-Tempe; Central Bank of Brazil
摘要：Using price quote data that underpin the official U.K. consumer price index (CPI), we analyze the effects of the unexpected passing of the Brexit referendum on the dynamics of price adjustments. The sizable depreciation of the British pound that immediately followed Brexit works as a quasi-experiment, enabling us to study the transmission of a large common marginal cost shock to inflation as well as the distribution of prices within granular product categories. The bulk of the aggregate inflat...
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作者：Giri, Rahul; Yi, Kei-Mu; Yilmazkuday, Hakan
作者单位：International Monetary Fund; University of Houston System; University of Houston; Federal Reserve System - USA; Federal Reserve Bank - Dallas; National Bureau of Economic Research; State University System of Florida; Florida International University
摘要：This paper assesses the quantitative importance of including sectoral heterogeneity in computing the gains from trade. Our framework draws from Caliendo and Parro (2015) and has sectoral heterogeneity along five dimensions, including the elasticity of trade to trade costs. We estimate the sectoral trade elasticity with the Simonovska and Waugh (2014) simulated method of moments estimator and micro price data. Our estimates range from 2.97 to 8.94 across sectors. Our benchmark model is calibrat...
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作者：Khan, Shafaat Yar; Khederlarian, Armen
作者单位：The World Bank; University of Connecticut
摘要：Firms anticipate upcoming tariff changes by shifting their purchases to periods with lower costs. This paper shows that such anticipatory dynamics overstate the trade elasticity. Standard identification of the trade response to trade cost changes uses tariff variation from Free Trade Agreements (FTA) and assumes that trade flows equal their consumption. However, FTAs eliminate tariffs gradually through announced phaseouts. This allows firms to delay their purchases until tariff cuts are effect...
