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作者：Parenti, Mathieu
作者单位：Universite Libre de Bruxelles; Centre for Economic Policy Research - UK; HSE University (National Research University Higher School of Economics)
摘要：This paper studies the impact of trade liberalization when large and small firms coexist in the same market. I develop a model of imperfect competition where a few oligopolistic firms coexist with a monopolistically competitive fringe. The former have a direct impact on the industry average price level, which depends on the breadth of their product scope. Oligopolists produce higher output per worker, charge higher markups, but also sell at higher prices than monopolistic single-product firms....
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作者：Aichele, Rahel; Heiland, Inga
作者单位：Leibniz Association; Ifo Institut; University of Munich; University of Oslo
摘要：To what extent has trade liberalization contributed to global and regional production fragmentation and the formation of production networks? We derive structural equations for value added trade flows, the domestic value added content of exports (DVA) and the value added to exports (VAX) ratio, as well as model-based measures for production networks from a multi-sector gravity model with inter-sectoral linkages. We calibrate the model and perform a counterfactual analysis of China's WTO access...
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作者：Baggs, Jen; Fung, Loretta; Lapham, Beverly
作者单位：University of Victoria; National Tsing Hua University; Queens University - Canada
摘要：This paper provides a theoretical and empirical analysis of the effects of nominal exchange rate movements on retail firms' sales, emphasizing the role of cross-border travel by consumers. We develop a search-theoretic model of price-setting heterogeneous retailers and traveling consumers who face nominal exchange rate shocks. These shocks affect retailers on the supply side, through imported input prices, and on the demand side, via their effect on the propensity for consumers to cross the bo...
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作者：Bisztray, Marta; Koren, Miklos; Szeidl, Adam
作者单位：Central European University; HUN-REN; HUN-REN Centre for Economic & Regional Studies; Centre for Economic Policy Research - UK
摘要：We use firm-level data from Hungary to estimate knowledge spillovers in importing through fine spatial and managerial networks. By identifying from variation in peers' import experience across source countries, by comparing the spillover from neighboring buildings with a cross-street placebo, and by exploiting plausibly exogenous firm moves, we obtain credible estimates and establish three results. (1) There are significant knowledge spillovers in both spatial and managerial networks. Having a...
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作者：Pasricha, Gurnain Kaur; Falagiarda, Matteo; Bijsterbosch, Martin; Aizenman, Joshua
作者单位：Bank of Canada; European Central Bank; University of Southern California; National Bureau of Economic Research
摘要：Using a novel, high frequency dataset on capital control actions in 16 emerging market economies (EMEs) from 2001 to 2012, we provide new evidence on the domestic and multilateral effects of capital controls. Increases in capital account openness reduce monetary policy autonomy and increase exchange rate stability, confirming the constraints of the monetary policy trilemma. Both gross in- and outflows rise, while the effect on net capital flows is ambiguous. Tighter capital inflow restrictions...
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作者：Lu, Yi; Shao, Xiang; Tao, Zhigang
作者单位：Tsinghua University; Fudan University; University of Hong Kong
摘要：Does the recent surge in Chinese imports affect the media slant against China in the United States? Using a data set of 147 U.S. local newspapers over 1998-2012, this paper shows that newspapers whose circulation counties face greater exposure to Chinese imports report more negative news about China, and are more likely to endorse Democrats. The results hold with two identification strategies and three measures of media slant. The paper further shows that, in U.S. House and Senate elections be...
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作者：Arellano, Cristina; Bai, Yan; Mihalache, Gabriel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; University of Rochester; State University of New York (SUNY) System; Stony Brook University; National Bureau of Economic Research
摘要：Sovereign debt crises are associated with large and persistent declines in economic activity, disproportionately so for nontradable sectors. This paper documents this pattern using Spanish data and builds a two-sector, dynamic quantitative model of sovereign default with capital accumulation. Recessions are very persistent in the model and more pronounced for nontraded sectors because of default risk. An adverse domestic shock increases the likelihood of default, limits capital inflows, and th...
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作者：Cesa-Bianchi, Ambrogio; Ferrero, Andrea; Rebucci, Alessandro
作者单位：Bank of England; University of Oxford; Johns Hopkins University; National Bureau of Economic Research
摘要：House prices and exchange rates can potentially amplify the expansionary effect of capital inflows. We first set up a model of collateralized borrowing in domestic and foreign currency with international financial intermediation in which a change in leverage of global intermediaries leads to an international credit supply increase. In this environment, we illustrate how house price increases and exchange rates appreciations contribute to fueling the boom by inflating the value of collateral. W...
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作者：Kondo, Illenin O.
作者单位：University of Notre Dame
摘要：Administrative data from the U.S. Trade Adjustment Assistance (TAA) program reveal that, across locations, one extra TAA trade-displaced worker is associated with the overall employment falling by about two workers amidst muted geographic mobility. This correlation is robust to local import penetration proxies and is corroborated using differences in the exposure of commuting zones to the plausibly exogenous normalization of U.S. trade relations with China in 2000. A Ricardian trade model with...
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作者：Eijffinger, Sylvester C. W.; Kobielarz, Michal L.; Uras, Burak R.
作者单位：Tilburg University; Tilburg University; Centre for Economic Policy Research - UK
摘要：The euro area sovereign debt crisis is characterized by a simultaneous surge in the cost of borrowing for peripheral EMU countries following the Greek debt-trouble in 2008. We develop a model with optimal default and monetary-union exit decisions of a small open economy. Our model can account for the behavior of sovereign bond spreads in the eurozone with the arrival of the news of Greece potentially exiting the euro in the near future. In our theoretical framework, belonging to the monetary-u...
