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作者：Hsu, Wen-Tai; Lu, Yi; Wu, Guiying Laura
作者单位：Singapore Management University; Academia Sinica - Taiwan; Tsinghua University; Nanyang Technological University
摘要：This paper provides a quantitative analysis of gains from trade in a model with head-to-head competition using Chinese firm-level data from Economic Censuses in 1995 and 2004. We find a significant reduction in trade cost during this period, and total gains from such improved openness during this period is 7.1%. The gains are decomposed into a Ricardian component and two pro-competitive ones, The pro-competitive effects account for 20% of the total gains. Moreover, the total gains from trade a...
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作者：Olney, William W.
作者单位：University of Hawaii System
摘要：This paper examines the economic implications of the Jones Act, which restricts domestic waterborne shipments to American vessels. Since the passage of this cabotage law a century ago, a plausibly exogenous rise in foreign competition has contributed to the closure of most American shipyards and to a decline in American-built ships. Thus, the Jones Act requirements have become more onerous over time. The results show that domestic shipments are less likely to be transported via water than impo...
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作者：Hu, Chenyue
作者单位：University of California System; University of California Santa Cruz
摘要：This paper theoretically and empirically examines how industrial structure affects international portfolio diversification. I embed portfolio choice in a multi-country, multi-sector model in order to explore how sectoral productivity differences affect a country's risk exposure and hence influence home bias. The model predicts that investors from highly specialized economies who want to hedge their risk have a strong incentive to avoid domestic assets. I confirm the prediction with the data by...
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作者：Lashkaripour, Ahmad
作者单位：Indiana University System; Indiana University Bloomington
摘要：International quality specialization (IQS) and pricing-to-market (PTM) are two of the most studied phenomena in international trade. I present new evidence that PTM and IQS are significantly more pronounced in discrete industries that involve indivisible consumption goods. In light of this observation, I develop a generalized model of international trade that accommodates both discrete and continuous industries. I argue that IQS and PTM indiscrete industries are magnified by (i) affordability ...
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作者：Davis, Donald R.; Dingel, Jonathan, I
作者单位：Columbia University; National Bureau of Economic Research; University of Chicago
摘要：What determines the distributions of skills, occupations, and industries across cities? We develop a theory to jointly address these fundamental questions about the spatial organization of economies. Our model incorporates a system of cities, their internal urban structures, and a high-dimensional theory of factor-driven comparative advantage. It predicts that larger cities will be skill-abundant and specialize in skill-intensive activities according to the monotone likelihood ratio property. ...
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作者：Monnet, Eric; Puy, Damien
作者单位：Paris School of Economics; International Monetary Fund
摘要：We assess the importance of individual and institutional experience in shaping macroeconomic policy by studying the persistence of gold standard monetary practices in the Bretton Woods system. Using new data from the IMF archives, we show that, although they were not required to, countries continued to back currency in circulation with gold. The longer an institution spent in the gold standard (and the older the policymakers), the tighter the link between gold and currency. Such old habits pre...
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作者：Wei, Shang-Jin; Xie, Yinxi
作者单位：National Bureau of Economic Research; Columbia University; Columbia University; Bank of Canada
摘要：We study the implications of global supply chains for the design of monetary policy, using a small-open economy New Keynesian model with multiple stages of production. Within the family of simple monetary policy rules with commitment, a rule that targets separate producer price inflation at different production stages, in addition to output gap and real exchange rate, is found to deliver a higher welfare level than alternative policy rules. As an economy becomes more open, measured by export s...
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作者：Kukharskyy, Bohdan
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：The theory of multinational firm boundaries has been shaped by two major paradigms: an earlier one, emphasizing the role of integration in preventing the dissipation of knowledge, and a more recent one, stressing the role of firm boundaries in mitigating underinvestments into relationship-specific assets in the face of contractual incompleteness. This paper develops a novel model encompassing both approaches in a unifying framework. The model predicts that the attractiveness of integration inc...
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作者：Lashkaripour, Ahmad
作者单位：Indiana University System; Indiana University Bloomington
摘要：This paper uncovers a new type of quality specialization that occurs along the physical weight margin. To this end, I document that (i) there is great heterogeneity in the unit weight of traded goods even within narrowly-defined product categories; (ii) heavier varieties of the same product are more costly to produce; (iii) heavier varieties exhibit (on average) a higher product appeal or quality; and (iv) the cost of transportation increases more rapidly with unit weight than the cost of prod...
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作者：Bertoli, Simone; Fernandez-Huertas Moraga, Jesus; Guichard, Lucas
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite Clermont Auvergne (UCA); Universidad Carlos III de Madrid
摘要：Acquiring information about destinations can be costly for migrants. We model information frictions in the rational inattention framework and obtain a closed-form expression for a migration gravity equation that we bring to the data. The model predicts that flows from countries with a higher cost of information or stronger priors are less responsive to variations in economic conditions in the various destinations, as migrants rationally get less information before deciding where to move. The e...
