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作者：Fan, Haichao; Li, Yao Amber; Yeaple, Stephen R.
作者单位：Fudan University; Hong Kong University of Science & Technology; Hong Kong University of Science & Technology; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research; Leibniz Association; Ifo Institut
摘要：This paper presents an analysis of the effect of China's entry into the WTO on the quality choices of Chinese exporters in terms of their outputs and their inputs. Using highly disaggregated firm-level data, we show that the quality upgrading made possible by China's tariff reductions was concentrated in the least productive Chinese exporters. These firms, which had been laggards in terms of quality prior to the tariff reduction, were the most aggressive in increasing the quality of their expo...
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作者：Forbes, Kristin; Hjortsoe, Ida; Nenova, Tsvetelina
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Bank of England; Centre for Economic Policy Research - UK; University of London; London Business School
摘要：A major challenge for monetary policy is predicting how exchange rate movements will impact inflation. We propose a new focus: directly incorporating the underlying shocks that cause exchange rate fluctuations when evaluating how these fluctuations pass through to import and consumer prices. A standard open-economy model shows that the relationship between exchange rates and prices depends on the shocks which cause the exchange rate to move. We build on this to develop a structural Vector Auto...
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作者：Ding, Haoyuan; Fan, Haichao; Lin, Shu
作者单位：Shanghai University of Finance & Economics; Fudan University; Chinese University of Hong Kong
摘要：A key foundation of Chinese-style institutions is that governments at different levels control resources and utilize their power to support businesses connected to them. We examine how this institutional feature affects firm exports. We first provide a simple model to demonstrate the underlying mechanisms. In our model, politically connected firms gain a comparative advantage in contract-intensive and financially-dependent sectors. But political connections also have an adverse effect on firm ...
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作者：Fally, Thibault; Hillberry, Russell
作者单位：University of California System; University of California Berkeley; Purdue University System; Purdue University; National Bureau of Economic Research
摘要：International supply chains require coordination of numerous activities across multiple countries and firms. We adapt a model of supply chains and apply it to an international trade setting. In each chain, the measure of tasks completed within a firm is determined by a tradeoff between transaction costs and diseconomies of scope linked to management of a larger measure of tasks within the firm. The structural parameters that determine firm scope explain variation in supply-chain length and gro...
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作者：Behringer, Jan; van Treeck, Till
作者单位：University of Duisburg Essen
摘要：In this paper, we investigate whether changes in income distribution can explain current account developments in a sample of 20 countries for the period 1972-2007. We analyze the relationship between the personal and the functional income distribution in our sample, before disentangling their effects on the current account. A consistent finding is that rising (top-end) personal inequality leads to a decrease of the current account, controlling for standard current account determinants. By cont...
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作者：Dvir, Eyal; Strasser, Georg
作者单位：Charles River Associates; European Central Bank
摘要：We study cross-country price differences in the European market for new passenger cars based on detailed pricing and technical data. Car prices in Europe converged until the year 2003, but not thereafter. Even then the price range of the median model across EU15 countries was close to 20%. This cross-country price differentiation is systematically linked to common product features, varies significantly across models and increases systematically with the market segment. Identical cars are posit...
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作者：Ishikawa, Jota; Tarui, Nori
作者单位：Hitotsubashi University; University of Hawaii System; University of Hawaii Manoa
摘要：Trade barriers due to transport costs are as large as those due to tariffs. This paper incorporates the transport sector into a standard model of international trade and studies the effects of trade and industrial policies. Transport firms need to commit to a shipping capacity sufficient for a round trip, with a possible imbalance of shipping volumes in two directions. This imbalance is known as the backhaul problem. As transport firms attempt to avoid this problem, a tariff in one sector may ...
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作者：Meinen, Philipp; Raff, Horst
作者单位：Deutsche Bundesbank; Aarhus University; Leibniz Association; Ifo Institut; University of Kiel
摘要：We use Danish microdata for the period 1999 to 2008 to examine how greater consumer goods imports affect retail market performance and structure. Based on a propensity score matching approach, we estimate that retailers that start to import have 8% greater sales, 6% greater profits, and 2% greater markups in the year of import initiation compared to non-importing retailers. These differences are quite persistent. For instance, we estimate that cumulative sales of import starters are up to 30% ...
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作者：Chamon, Marcos; Schumacher, Julian; Trebesch, Christoph
作者单位：International Monetary Fund; European Central Bank; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW)
摘要：Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-a-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds trade at a premium compared to domestic-law bonds. We use the euro area 2006-2013 as a unique testing ground, controlling for currency risk, liquidity risk, and term structure. Foreign-law bonds indeed carry significantly lower yields in distress periods, and th...
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作者：Roch, Francisco; Uhlig, Harald
作者单位：International Monetary Fund; University of Chicago
摘要：Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a sunspot-coordinated buyers strike. We introduce a bailout agency, and characterize the strategy with the minimal actuarially fair intervention which guarantees the no-buyers-strike fundamental equilibrium, relying on the market for residual financing. The intervention makes it cheaper for g...
