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作者：Bombardini, Matilde; Orefice, Gianluca; Tito, Maria D.
作者单位：University of British Columbia; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; Canadian Institute for Advanced Research (CIFAR)
摘要：This paper documents a novel fact about the hiring decisions of exporting firms versus non-exporting firms in a French matched employer-employee dataset. We construct the type of each worker using both a traditional wage regression and a theory-based approach and compute measures of the average worker type and worker type dispersion at the firm level. We find that exporting firms feature a lower type dispersion in the pool of workers they hire. This effect is quantitatively larger than the com...
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作者：Patureau, Lise; Poilly, Celine
作者单位：Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Aix-Marseille Universite
摘要：The paper investigates how endogenous markups affect the extent to which policy reforms can influence international competitiveness. In a two-country model where trade costs allow for international market segmentation, we show that endogenous pricing-to-market behavior of firms acts as an important transmission channel of the policies. By strengthening the degree of competition between firms, product market deregulation at home leads to a reduction in domestic markups, which generally leads to...
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作者：Candian, Giacomo
作者单位：Universite de Montreal; HEC Montreal
摘要：Real exchange rates are highly volatile and persistent. I provide a novel structural explanation for these facts using a model with dispersed information among firms. When producers face strategic complementarities in price-setting, uncertainty about competitors' beliefs results in sluggish price adjustment that can generate large and long-lived real exchange rate movements. I estimate the model using data from the US and Euro Area. and show that it successfully explains the unconditional vola...
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作者：Cesa-Bianchi, Ambrogio; Imbs, Jean; Saleheen, Jumana
作者单位：Bank of England
摘要：In the workhorse model of international real business cycles, financial integration exacerbates the cycle asymmetry created by country-specific supply shocks. The prediction is identical in response to purely common shocks in the same model augmented with simple country heterogeneity (e.g., where depreciation rates or factor shares are different across countries). This happens because common shocks have heterogeneous consequences on the marginal products of capital across countries, which trig...
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作者：Corsetti, Giancarlo; Mavroeidi, Eleonora; Thwaites, Gregory; Wolf, Martin
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; Organisation for Economic Co-operation & Development (OECD); University of Vienna
摘要：We study how small open economies can escape from deflation and unemployment in a situation where the world economy is permanently depressed. Building on the framework of Eggertsson et al. (2016), we show that the transition to full employment and at-target inflation requires real and nominal depreciation of the exchange rate. However, because of adverse income and valuation effects from real depreciation, the escape has a beggar-thy-self effect, that may end up lowering welfare while eliminat...
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作者：Carre, Sylvain; Cohen, Daniel; Villemot, Sebastien
作者单位：Swiss Finance Institute (SFI); Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Paris School of Economics
摘要：Governments choose to issue risky or riskless debt depending on the nature of the stochastic process of output. We use Brownian motion and Poisson shocks a modeling method in the literature on corporate default known as Levy processes to approximate a decomposition of the output process into a smooth and a jump component. Using an Eaton and Gersovitz (1981) model of debt repudiation, we show that the Brownian part explains the counter-cyclical behavior of the current account, and the Poisson p...
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作者：Facchini, Giovanni; Liu, Maggie Y.; Mayda, Anna Maria; Zhou, Minghai
作者单位：University of Nottingham; Centre for Economic Policy Research - UK; Smith College; Georgetown University; Center for Economic & Policy Research (CEPR); University of Nottingham Ningbo China
摘要：We analyze the effect of China's integration into the world economy on workers in the country and show that one important channel of impact has been internal migration. Specifically, we study the changes in internal migration rates triggered by the reduction in trade policy uncertainty faced by Chinese exporters in the U.S. This reduction is characterized by plausibly exogenous variation across products, which we use to construct a local measure of treatment, at the level of a Chinese prefectu...
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作者：Wu, Jing Cynthia; Zhang, Ji
作者单位：University of Notre Dame; National Bureau of Economic Research; Tsinghua University
摘要：In a standard open-economy New Keynesian model, the effective lower bound causes anomalies: output and terms of trade respond to a supply shock in the opposite direction compared to normal times. We introduce a tractable framework to accommodate for unconventional monetary policy. In our model, these anomalies disappear. We allow unconventional policy to be partially active and asymmetric between countries. Empirically, we find the US, Euro area, and UK have implemented a considerable amount o...
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作者：Koch, Michael; Smolka, Marcel
作者单位：University of Bayreuth; Aarhus University
摘要：We conduct an empirical investigation into the effects of foreign ownership on worker skills using firm-level data from Spain. To control for endogeneity bias due to selection into foreign ownership, we combine a difference-in-differences approach with a propensity score weighting estimator. Our results provide novel evidence that foreign-acquired firms actively raise the skills of their workforce in response to the acquisition by hiring high-skilled workers and providing worker training. To p...
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作者：Piveteau, Paul; Smagghue, Gabriel
作者单位：Johns Hopkins University; Universidad Carlos III de Madrid
摘要：We propose a new instrumental variable strategy to estimate product quality at the firm-level, using trade data. Interacting firm importing shares by country with real exchange rates (RER), we obtain a cost shifter that varies across firms and is arguably orthogonal to product quality. We use this import weighted RER as an instrument for export prices and we identify firm-level quality from residual export variations, after controlling for prices. Our quality estimates correlate to firm charac...
