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作者：Kishi, Keiichi; Okada, Keisuke
作者单位：Kansai University
摘要：We develop an international trade model in which firms' productivity is affected by technology diffusion and innovation, and the model generates an endogenous Pareto productivity distribution. Each new entrant to the market randomly searches for and meets incumbents and then adopts their existing technology, which is considered technology diffusion. The incumbents adopt the newly developed frontier technology, which is considered innovation. The endogenous response of the productivity distribu...
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作者：Fons-Rosen, Christian; Kalemli-Ozcan, Sebnem; Sorensen, Bent E.; Villegas-Sanchez, Carolina; Volosovych, Vadym
作者单位：University of California System; University of California Merced; Center for Economic & Policy Research (CEPR); University System of Maryland; University of Maryland College Park; National Bureau of Economic Research; University of Houston System; University of Houston; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We revisit the relationship between foreign investment and productivity of acquired firms. First, we construct a panel firm-level dataset for eight advanced European countries covering domestic and foreign acquisitions together with detailed balance sheet information for the years 1999-2012. Second, we address the challenge of identifying a causal relation. To that end, we compare foreign to domestic acquisitions in addition to accounting for the impact of majority versus minority acquisitions...
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作者：Schulte, Patrick
摘要：This paper studies whether innovations underlying skill-biased technical change diffuse internationally and thereby contribute to the increasing skill demand and inequality in other countries. Using a new empirical framework and sectoral data for a panel of 40 emerging and developed countries, 25 industries and the period from 1995 to 2007, the analysis shows that technology diffusion is statistically and economically important in explaining skill-biased technical change. The results hold for ...
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作者：Ongena, Steven; Schindele, Ibolya; Vonnak, Dzsamila
作者单位：Swiss Finance Institute (SFI); University of Zurich; Central European University; HUN-REN; HUN-REN Centre for Economic & Regional Studies
摘要：We study the impact of monetary policy on the supply of bank credit when bank lending is denominated in foreign currencies. Accessing a comprehensive supervisory dataset from Hungary, we find that the supply of bank credit in a foreign currency is less sensitive to changes in domestic monetary conditions than the equivalent supply in the domestic currency. Changes in foreign monetary conditions similarly affect bank lending more in the foreign than in the domestic currency. Hence when banks le...
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作者：Ornelas, Emanuel; Turner, John L.; Bickwit, Grant
作者单位：Getulio Vargas Foundation; University System of Georgia; University of Georgia; University System of Georgia; University of Georgia
摘要：We develop a new framework to study the welfare consequences of preferential trade agreements (PTAs) under global sourcing, incomplete contracts and endogenous matching. We uncover several new channels through which PTAs affect global welfare. Some effects stem from intensive margin changes-i.e., changes in investment and production in existing vertical chains-and from extensive margin relocations-i.e., due to the formation and destruction of vertical chains. In each case, there are potential ...
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作者：Georgiadis, Georgios; Schumann, Ben
作者单位：European Central Bank; Free University of Berlin
摘要：We test for the empirical relevance of partial and asymmetric dominant-currency pricing (DCP), the hypothesis that large but not necessarily identical shares of economies' export and import prices are sticky in US dollar. We first set up a structural three-country New Keynesian dynamic stochastic general equilibrium model which nests DCP, producer-currency pricing and local-currency pricing. Under partial and asymmetric DCP, the output spillovers from shocks that appreciate the US dollar decli...
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作者：Cordella, Tito; Powell, Andrew
作者单位：The World Bank; Inter-American Development Bank
摘要：International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely appears in legal contracts, when sovereigns restructure bilateral or commercial debts they normally pay IFIs in full. This paper presents a model where a creditor, such as an IFI, that can commit to lend limited amounts at the risk-free rate and can refrain from lending into arrears is always repaid and adds value. The analysis suggests that IFIs and market lenders can both enha...
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作者：Fernandes, Ana P.; Winters, L. Alan
作者单位：University of Exeter; University of Sussex; Centre for Economic Policy Research - UK
摘要：This paper exploits the Brexit referendum as a quasi-natural experiment to investigate the effect of exchange rate and uncertainty shocks on export volumes, prices, entry and exit. We use transaction-level export data for the universe of exporters in Portugal. Using monthly observations on export quantity and price for products exported by the same firm to buyers in the UK and in other countries allows us to cleanly identify the differential response to the shock in the UK market. We find that...
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作者：Klein, Mathias; Linnemann, Ludger
作者单位：Sveriges Riksbank; Dortmund University of Technology
摘要：The paper presents new empirical evidence on the international effects of surprise and anticipated technology shocks in the US. We employ the proxy-instrumental variable approach to identify structural vector autoregressions in a panel setting and empirically study the transmission of US technology innovations to the G7 countries. Both unanticipated and anticipated exogenous technology improvements lead to a strong and persistent real appreciation (from the point of view of the US), along with...
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作者：Leblebicioglu, Asli; Weinberger, Ariel
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); George Washington University; George Washington University
摘要：This paper studies the response of factor shares to the liberalization episode in India during the 1990's, which is characterized by large and unexpected changes in trade and foreign investment policies. We find that access to foreign capital caused an increase in the labor-to-capital relative factor share. As lower tariffs on capital goods and FDI liberalization reduce the cost of foreign capital, firms increase their use of foreign capital relative to domestic capital. This shift in the comp...
