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作者：Colantone, Italo; Crino, Rosario; Ogliari, Laura
作者单位：Bocconi University; Catholic University of the Sacred Heart; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of Milan
摘要：We study the effects of import competition on workers' mental distress, using unique longitudinal data on mental health for British residents, coupled with measures of import competition in more than 100 industries over 1995-2007. We find that import competition has a large negative impact on individual mental health. Compared to a worker employed in the industry at the 25th percentile of the import competition distribution, a worker employed in the industry at the 75th percentile would need a...
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作者：Stumpner, Sebastian
作者单位：Universite de Montreal; European Central Bank; Bank of France
摘要：I study the role of trade between U.S. states in the regional propagation of local consumer demand shocks during the Great Recession. To identify the trade channel empirically, I make use of heterogeneity in the direction of trade flows across industries in the same state: Industries that depended relatively more on final demand from states with housing boom-bust cycles grew by more before the crisis and declined faster from 2007 to 09. A one standard deviation difference in the exposure to de...
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作者：Inoue, Atsushi; Rossi, Barbara
作者单位：Vanderbilt University; Pompeu Fabra University; Barcelona School of Economics; ICREA; Centre de Recerca en Economia Internacional (CREI)
摘要：What are the effects of monetary policy on exchange rates? And have unconventional monetary policies changed the way monetary policy is transmitted to international financial markets? According to conventional wisdom, expansionary monetary policy shocks in a country lead to that country's currency depreciation. We revisit the conventional wisdom during both conventional and unconventional monetary policy periods in the US by using a novel identification procedure that defines monetary policy s...
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作者：Chen, Yao; Ward, Felix
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Current account reversals under the Gold Standard (1880-1913) - a fixed exchange rate regime - were accompanied by few, if any, output losses. To understand why, we build and estimate an open economy model of the Gold Standard, which allows us to quantitatively assess the importance of three channels of external adjustment: flexible prices, international migration, and monetary policy. Our first finding is that flexible prices were the most influential channel through which output was stabiliz...
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作者：Carluccio, Juan; Cunat, Alejandro; Fadinger, Harald; Fons-Rosen, Christian
作者单位：European Central Bank; Bank of France; University of Surrey; University of Vienna; Leibniz Association; Ifo Institut; University of Mannheim; Centre for Economic Policy Research - UK; University of California System; University of California Merced
摘要：Using French manufacturing firm-level data for the years 1996-2007, we uncover a novel set of stylized facts about offshoring behavior: (i) Low-productivity firms (non-importers) obtain most of their inputs domestically. (ii) Medium-productivity firms offshore skill-intensive inputs to skill-abundant countries and are more labor intensive in their domestic production than non-importers. (iii) Higher-productivity firms additionally offshore labor-intensive inputs to labor-abundant countries and...
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作者：Dmitriev, Mikhail; Hoddenbagh, Jonathan
作者单位：State University System of Florida; Florida State University; Johns Hopkins University
摘要：We derive the optimal fiscal transfer scheme for countries in a monetary union to offset the welfare losses resulting from asymmetric shocks and nominal rigidities. Optimal transfers involve a tradeoff between reducing national output gaps and the provision of consumption insurance across countries, where the weight of the former increases relative to the latter as consumption home bias rises. The welfare gains from optimal transfers increase in wage rigidity and trade elasticities and are par...
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作者：Kohler, Wilhelm; Staehler, Frank
作者单位：Eberhard Karls University of Tubingen; Eberhard Karls University of Tubingen; Leibniz Association; Ifo Institut; Eberhard Karls University of Tubingen; Leibniz Association; Ifo Institut; Eberhard Karls University of Tubingen; University of Adelaide
摘要：Investor-state dispute settlements (ISDS) are supposed to protect foreign investors against domestic policies causing unjustified harm. This paper scrutinizes the effects of ISDS and national treatment provisions in a two-period model where foreign investment is subject to a hold-up problem. It shows that ISDS may increase welfare, but comes with additional regulatory distortions in the first period. A national treatment provision avoids these regulatory distortions, but implies entry distorti...
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作者：Erten, Bilge; Leight, Jessica; Tregenna, Fiona
作者单位：Northeastern University; American University; University of Johannesburg
摘要：Despite a large literature analyzing trade liberalization in developing countries, little evidence exists around its effects in sub-Saharan African economies characterized by high levels of baseline unemployment and weak manufacturing sectors. Using a local labor market approach, we investigate the causal effects of tariff reforms implemented in South Africa between 1994 and 2004 on labor market outcomes at the individual level. More specifically, we construct a district-level measure of expos...
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作者：Tarashev, Nikola; Zabai, Anna
作者单位：Bank for International Settlements (BIS)
摘要：Could a less conservative central bank, that is, one with a smaller aversion to inflation, be more likely to withstand pressure on its currency peg? Traditional currency-crisis models provide an unambiguous answer: No. We argue that this answer stems from the models' narrow focus on how a central bank's resistance to private-sector pressure affects output and inflation in the short run. The answer may reverse if pegging is a commitment device, serving to address domestic credibility issues in ...
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作者：Grundke, Robert; Moser, Christoph
作者单位：Organisation for Economic Co-operation & Development (OECD); Leibniz Institut fur Ost und Sudosteuropaforschung; University of Erlangen Nuremberg; Swiss Federal Institutes of Technology Domain; ETH Zurich; Leibniz Association; Ifo Institut
摘要：Can the enforcement of product standards be protectionism in disguise? This paper estimates the costs of non-compliance with U.S. product standards, using a new database on U.S. import refusals from 2002 to 2014. We find that import refusals decrease exports to the United States. This trade reducing effect is driven by developing countries and by refusals without any product sample analysis, in particular during the Subprime Crisis and its aftermath. We also provide evidence that given product...
