-
作者：Soderbery, Anson
作者单位：Purdue University System; Purdue University
摘要：We develop a structural estimator for heterogeneous supply and demand in the absence of instrumental variables. Using only readily available bilateral trade data we show how to leverage variation in prices and quantities across multiple markets in order to consistently estimate heterogeneous elasticities. Our elasticity estimates follow intuitive patterns of importer and exporter market power and produce believable distributions and magnitudes. To highlight the flexibility of the estimator, we...
-
作者：Carballo, Jeronimo; Ottaviano, Gianmarco I. P.; Martincus, Christian Volpe
作者单位：University of Colorado System; University of Colorado Boulder; Bocconi University; University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Inter-American Development Bank
摘要：We use detailed data on exporters from Costa Rica, Ecuador and Uruguay as well as on their buyers to show that: aggregate exports are disproportionally driven by few multi-buyers exporters; and each multi buyer exporter's foreign sales of any product in a given destination are in turn accounted for by a dominant buyer. We propose an analytically solvable multi-country model of endogenous selection in which dominant exporters, dominant products and dominant buyers emerge in parallel as multi-pr...
-
作者：Han, Xuehui; Wei, Shang-Jin
作者单位：Asian Development Bank; Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it separates co-movement in monetary policies due to common shocks from spillovers of monetary policies from advanced to peripheral economies. Second, it uses revisions in growth and inflation and the Taylor rule to gauge desired changes in a country's interest rate if it is to focus exclusively on...
-
作者：Gervais, Antoine
作者单位：University of Sherbrooke
摘要：In this paper, I study the impact of uncertainty in the delivery of inputs on international trade patterns. I develop a model of sourcing decisions where risk-averse managers can contract with multiple suppliers in order to decrease the variability of firm profits. Among other results, the model predicts that firms will buy a larger share of their inputs from low price variability suppliers, and that the distribution of input demand across suppliers will be more dispersed in input markets char...
-
作者：Fatas, Antonio; Summers, Lawrence H.
作者单位：INSEAD Business School; Harvard University; National Bureau of Economic Research
摘要：The global financial crisis has permanently lowered the path of GDP in all advanced economies. At the same time, and in response to rising government debt levels, many of these countries have been engaging in fiscal consolidations that have had a negative impact on growth rates. We empirically explore the connections between these two facts by extending to longer horizons the methodology of Blanchard and Leigh (2013) regarding fiscal policy multipliers. Our results provide support for the pres...
-
作者：Caballero, Julian; Candelaria, Christopher; Hale, Galina
作者单位：Inter-American Development Bank; Vanderbilt University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We uncover a new channel through which international finance is related to trade: the formation of international bank linkages increases exports. Bank linkages are measured for each pair of countries in each year as a number of bank pairs in these two countries that are connected through cross-border syndicated lending. Using a gravity approach to model trade for 66 countries over 24 years with a full set of fixed effects (source-year, target-year, source-target), we find that new connections ...
-
作者：Ogrokhina, Olena; Rodriguez, Cesar M.
作者单位：Lafayette College; Portland State University
摘要：This paper analyzes the inflation targeting experience of developing countries as an effective monetary policy framework to promote changes in the currency composition of their international debt. Using matching with difference-in-differences to address the self-selection bias, we find that inflation targeting has led to a 3-6 percentage point reduction in the foreign currency share of international debt in targeting countries when compared to non-targeting countries, with the effect especiall...
-
作者：Bahadir, Berrak; Chatterjee, Santanu; Lebesmuehlbacher, Thomas
作者单位：University of North Carolina; University of North Carolina Greensboro; University System of Georgia; University of Georgia; University System of Ohio; Xavier University
摘要：This paper analyzes the dynamic absorption of remittances at the macroeconomic level, contrasting two possible effects on economic activity, depending on whether these accrue to hand-to-mouth wage earners or credit-constrained entrepreneurs. Using an open economy DSGE model with heterogeneous households, we show that the effects of remittances are inherently contractionary if they accrue to the first group, and expansionary when they accrue to the second group. Calibrating the model to the Phi...
-
作者：Dasgupta, Kunal; Mondria, Jordi
作者单位：University of Toronto
摘要：Information frictions prevent importers from observing the price of a good in every market. In this paper, we seek to explain how the presence of such frictions shapes the flow of goods between countries. To this end, we introduce rationally inattentive importers in a multi-country Ricardian trade model. The amount of information importers process is endogenous and reacts to changes in observable trade costs. Unlike traditional trade costs, changes in information processing costs have non-mono...
-
作者：Pierce, Justin R.; Schott, Peter K.
作者单位：Federal Reserve System - USA; Yale University; National Bureau of Economic Research
摘要：We examine the impact of trade liberalization on domestic investment in the U.S. manufacturing sector. Using a difference-in-differences identification strategy, we find that industries more exposed to an increase in import competition exhibit relative declines in investment. We find that establishment exit plays a key role in the investment adjustment, and that, along the intensive margin, the decline in investment is concentrated among establishments with low initial levels of labor producti...
