Journal of International Economics

最新文章

• Trade policy uncertainty and innovation: Firm level evidence from China's WTO accession AI翻译
  作者：Liu, Qing; Ma, Hong
  作者单位：Renmin University of China; Tsinghua University
  摘要：This study proposes a novel channel through which trade liberalization may induce innovation through the reduction of trade policy uncertainties (TPU) in destination markets. To verify this linkage, we utilize the significant reduction of TPU engendered by China's accession to the World Trade Organization (WTO) in 2001 as a quasi-natural experiment. We find that reduction in TPU significantly encourages firms' patent application: firms in sectors with a larger reduction in uncertainty filed mo...
• Sovereign debt exposure and the bank lending channel: Impact on credit supply and the real economy AI翻译
  作者：Bottero, Margherita; Lenzu, Simone; Mezzanotti, Filippo
  作者单位：European Central Bank; Bank of Italy; New York University; Northwestern University
  摘要：In the context of the European crisis, we show that the security portfolio of banks plays an important role in the propagation of financial shocks across countries. Using Italian loan-level data, we show that the shock to the banks' sovereign portfolio caused by the 2010 Greek bailout was passed on to Italian firms through a credit contraction. This was particularly the case for banks with a lower capital and less stable funding. The contraction in credit was similar for both large and small f...
• Learning by ruling and trade disputes AI翻译
  作者：Maggi, Giovanni; Staiger, Robert W.
  作者单位：Yale University; Getulio Vargas Foundation; National Bureau of Economic Research; Dartmouth College
  摘要：We explore the implications of judicial learning for trade disputes through a model where both the initiation of disputes and the occurrence of rulings are endogenous, governments bargain in the shadow of the law. and the efficiency of the court increases with experience. Judicial learning can explain litigation on the equilibrium path, since going to court today implies future payoff gains for the governments. Our model predicts that where learning is present the likelihood of both disputes a...
• Shifts in monetary policy and exchange rate dynamics: Is Dornbusch's overshooting hypothesis intact, after all? AI翻译
  作者：Rueth, Sebastian K.
  作者单位：Ruprecht Karls University Heidelberg; Goethe University Frankfurt
  摘要：How do nominal exchange rates adjust after surprise contractions in monetary policy? While the seminal contribution by Dornbusch provides concise predictions-exchange rates appreciate, i.e., overshoot on impact before depredating gradually-empirical support for his hypothesis is at best mixed. I argue that the failure to discover overshooting may result from assumptions researchers have imposed to recover structural VARs. Specifically, simultaneous feedback effects between interest rates and e...
• Corporate yields and sovereign yields AI翻译
  作者：Bevilaqua, Julia; Hale, Galina B.; Tallman, Eric
  作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
  摘要：We document that positive association between corporate and sovereign cost of funds borrowed on global capital markets weakens during periods of unusually high sovereign yields, when some corporate borrowers are able to issue debt that is priced at lower rates than sovereign debt. This state-dependent sensitivity of corporate yields to sovereign yields has not been previously documented in the literature. We demonstrate that this stylized fact is observed across countries and industries as wel...
• Uncertainty matters: Evidence from close elections AI翻译
  作者：Redl, Chris
  作者单位：Bank of England
  摘要：This paper uses a data rich environment to produce direct econometric estimates of macroeconomic and financial uncertainty for 11 advanced nations. These indices exhibit significant independent variation from popular proxies and provide a refinement of the influential work of [Jurado et al., 2015] that results in improved real-time performance. We use this new data in combination with narrative evidence to jointly identify macro uncertainty and financial shocks. Macro uncertainty shocks are id...
• Global factors and trend inflation AI翻译
  作者：Kamber, Gunes; Wong, Benjamin
  作者单位：International Monetary Fund; Monash University
  摘要：We develop an empirical model to study the influence of global factors in driving trend inflation and the inflation gap. We apply our model to 7 developed economies and 21 emerging market economies. Our results suggest that while global factors can have a sizeable influence on the inflation gap, they play only a marginal role in driving trend inflation. Much of the influence of global factors in the inflation gap may be reflecting commodity price shocks. Finally, we find the effect of global f...
• Price gaps at the border: Evidence from multi-country household scanner data AI翻译
  作者：Beck, Guenter W.; Kotz, Hans-Helmut; Zabelina, Natalia
  作者单位：Universitat Siegen
  摘要：Studies employing micro price data to examine the extent of international goods market integration tend to find that borders imply arbitrage-impeding transaction costs, inducing market segmentation. Within monetary unions, these effects are found to be very minor though, at least when online prices are considered. However, analyzing household scanner price data from three euro area member states, Belgium, Germany and the Netherlands, we document that households face (and pay) significantly dif...
• The life-cycle dynamics of exporters and multinational firms AI翻译
  作者：Gumpert, Anna; Li, Haishi; Moxnes, Andreas; Ramondo, Natalia; Tintelnot, Felix
  作者单位：Leibniz Association; Ifo Institut; University of Munich; University of Chicago; University of Oslo; University of California System; University of California San Diego; National Bureau of Economic Research
  摘要：This paper studies the life-cycle dynamics of exporters and multinational enterprises (MNEs). Using rich firm-level data, we document a comprehensive set of facts on entry, exit, and growth of new exporters and new MNEs. Guided by these facts, we build a model based on the standard proximity-concentration trade-off extended to incorporate time-varying firm productivity and sunk costs of MNE entry. The calibrated version of the model goes far in matching cross-sectional and dynamic moments of t...
• Processing immigration shocks: Firm responses on the innovation margin AI翻译
  作者：Gray, Rowena; Montresor, Giulia; Wright, Greg C.
  作者单位：University of California System; University of California Merced; University of Mannheim
  摘要：The extent to which firms respond to labor supply shocks has important implications for local and national economies. We exploit firm-level panel data on product and process innovation activities in the United Kingdom and find that the large, unanticipated, low-skill labor supply (immigration) shock generated by the 2004 expansion of the European Union to Eastern European countries increased process innovation and reduced product innovation, with overall innovation activity going up. This impl...