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作者：Kato, Hayato; Okubo, Toshihiro
作者单位：Keio University
摘要：A salient feature of the current globalization is a loss of manufacturing in developed countries and rapid industrialization in middle-sized developing countries. This paper aims to construct a simple three-country trade and geography model with different market sizes and non-constant wage rates. The large country fosters industrial agglomeration (geographical concentration) in the early stage of globalization, but loses manufacturing in the later stage of globalization. When losing manufactur...
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作者：Unel, Bulent
作者单位：Louisiana State University System; Louisiana State University
摘要：This paper develops a two-sector small open economy model of offshoring where product markets are perfectly competitive, but capital and labor markets exhibit frictions. Individuals differ with respect to their managerial ability, and choose to become entrepreneurs or workers depending on profit opportunities and labor market conditions. The model generates three groups: low-income workers facing the prospect of unemployment, middle-income entrepreneurs producing domestically, and high-income ...
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作者：Fitzgerald, Doireann; Haller, Stefanie
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University College Dublin
摘要：We use micro data for Ireland to estimate the responses of export entry, export exit, and the export revenue of incumbent exporters to changes in tariffs and real exchange rates. Entry and revenue are much more responsive to tariffs than they are to real exchange rates. Our estimates translate into an elasticity of aggregate exports with respect to tariff changes of between -1.5 and -3.5 on impact, and between -2 and -5 in the long run. Comparable elasticities for real exchange rate changes ar...
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作者：Boler, Esther Ann; Javorcik, Beata; Ulltveit-Moe, Karen Helene
作者单位：Imperial College London; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of Oxford; University of Oslo
摘要：This study argues that there is a systematic difference in the gender wage gap (GWG) between exporting firms and non-exporters. Exporters may require greater commitment from their employees, such as working particular hours to communicate with partners in different time zones or travelling at short notice, and may therefore disproportionately reward employee flexibility. If women are less flexible, or perceived as such, exporters will exhibit a higher GWG than non-exporters. This hypothesis is...
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作者：Fernandez, Andres; Gonzalez, Andres; Rodriguez, Diego
作者单位：Inter-American Development Bank; Banco de la Republica Colombia
摘要：We explore the hypothesis that fluctuations in commodity prices are an important driver of business cycles in small emerging market economies (EMEs). First, we document that commodity prices exhibit strong comovement with other macro variables along the business cycle of these economies; and that a common factor accounts for most of the time series dynamics of these commodity prices. Guided by these stylized facts, we embed a commodity sector into a dynamic, stochastic, multi-country business ...
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作者：Enders, Almira; Enders, Zeno; Hoffmann, Mathias
作者单位：Deutsche Bundesbank; Ruprecht Karls University Heidelberg
摘要：This paper provides an explanation for the observed decline of the exchange rate pass-through into import prices by modeling the effects of financial market integration on the optimal choice of the pricing currency in the context of rigid nominal goods prices. Contrary to previous literature, we explicitly take into account the interdependence of this decision with the optimal portfolio choice of internationally traded financial assets. Following financial integration, agents use equity, addit...
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作者：Fontagne, Lionel; Martin, Philippe; Orefice, Gianluca
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：We instrument export prices with firm level electricity cost shocks and estimate three international price elasticities using firm-level export data: the elasticity of firm exports to export price, tariff and real exchange rate shocks. In standard models these three elasticities should be equal. We find that this is far from being the case. The export price elasticity is the highest, around 5, much larger than the exchange rate elasticity. The international elasticity puzzle is therefore worse...
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作者：Vandenbussche, Hylke; Viegelahn, Christian
作者单位：KU Leuven; Centre for Economic Policy Research - UK; Universite Catholique Louvain
摘要：This paper studies within-firm input reallocation, resulting from trade protection on imported raw material inputs used in firm-level production. Indian antidumping cases show that firms significantly lower their use of protected inputs from abroad, relative to other inputs in response to import protection. We develop a firm-level input-output correspondence, to identify outputs produced with protected inputs and find significant output losses relative to sales of other outputs. For India this...
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作者：Auer, Raphael A.; Chaney, Thomas; Saure, Philip
作者单位：Bank for International Settlements (BIS); Centre for Economic Policy Research - UK; Johannes Gutenberg University of Mainz
摘要：This paper analyzes firm's pricing-to-market decisions in vertically differentiated industries. We first present a model featuring firms that sell goods of heterogeneous quality levels to consumers who are heterogeneous in their income and thus their marginal willingness to pay for quality increments. We derive closed-form solutions for the unique pricing game under costly international trade. The comparative statics highlight how firms' pricing-to-market decisions are shaped by the interactio...
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作者：Bacchetta, Philippe; Perazzi, Elena; van Wincoop, Eric
作者单位：University of Lausanne; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK; University of Virginia; National Bureau of Economic Research
摘要：This paper examines the potential for monetary policy to avoid self-fulfilling sovereign debt crises. We combine a version of the slow-moving debt crisis model proposed by Lorenzoni and Werning (2014) with a standard New Keynesian model. Monetary policy could preclude a debt crisis through raising inflation and output and lowering the real interest rate. These reduce the real value of outstanding debt and the cost of new borrowing, and increase tax revenues and seigniorage. We determine the op...
