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作者：Feenstra, Robert C.
作者单位：University of California System; University of California Davis; National Bureau of Economic Research
摘要：The monopolistic competition model in international trade offers three sources of gains from trade beyond that of traditional comparative advantage: an endogenous expansion in product variety; a pro-competitive reduction in the markups charged by firms; and the self-selection of more efficient firms into exporting. Recent literature on trade with heterogeneous firms has emphasized the third of these effects, while the first two effects are ruled out when using a Pareto distribution for product...
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作者：Bastos, Paulo; Monteiro, Natalia P.; Straume, Odd Rune
作者单位：The World Bank; Universidade do Minho; University of Bergen
摘要：We study the effect of foreign takeovers on firm organization. Using a comprehensive data set of Portuguese firms and workers spanning two decades, we find that foreign acquisitions lead to: (1) an expansion in the scale of operations; (2) a higher number of hierarchical layers; and (3) higher wage inequality between the top and bottom layers. These results accord with a theory of knowledge-based hierarchies in which foreign takeovers lead to improved productivity, higher demand, or reduced in...
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作者：Burger, John D.; Warnock, Francis E.; Warnock, Veronica Cacdac
作者单位：Loyola University Maryland; University of Virginia; National Bureau of Economic Research
摘要：Bonds denominated in the investor's currency are special. We show this indirectly in a global dataset of bilateral bond holdings-indirectly because the global holdings dataset does not differentiate by currency denomination- and then more directly in datasets of US holdings of foreign bonds that do differentiate by currency. We find that the share of a country's bonds denominated in investors' currencies is an important determinant of the amount of cross-border investment it receives; factors ...
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作者：Haufler, Andreas; Mardan, Mohammed; Schindler, Dirk
作者单位：University of Munich; Leibniz Association; Ifo Institut; Swiss Federal Institutes of Technology Domain; ETH Zurich; Norwegian School of Economics (NHH); Norwegian School of Economics (NHH)
摘要：Governments worldwide use targeted tax policies to trade off the gains from increased FDI against the cost of excessive profit shifting by multinational firms. We show that nationally optimal tax systems generally incorporate both thin-capitalization rules, which tax discriminate between purely national and multinational firms, and controlled-foreign-company (CFC) rules, which discriminate between home-based and foreign-based multinationals. In the non-cooperative policy equilibrium both thin-...
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作者：Montecino, Juan Antonio
作者单位：Columbia University
摘要：The consensus view is that capital controls can effectively lengthen the maturity composition of capital inflows and increase the independence of monetary policy but are not generally effective at reducing net inflows and influencing the real exchange rate. This paper studies the adjustment dynamics of the real exchange rate towards its long-run equilibrium and presents empirical evidence that capital controls increase the persistence of misalignments. Allowing the speed of adjustment to vary ...
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作者：Cole, Matthew T.; Eckel, Carsten
作者单位：California State University System; California Polytechnic State University San Luis Obispo; University of Munich; Leibniz Association; Ifo Institut
摘要：Tariffs on imported products are typically expected to raise the relative price of foreign goods and, as a result, increase the residual demands of domestic substitutes. In this paper we show, more generally, that these changes in wholesale/manufacturing prices can be offset and even dominated by adjustments in retail markups. Retailers have an incentive to charge the highest markups on the lowest-cost products and to adjust the markups on these products most actively. Thus, if the procurement...
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作者：Du, Wenxin; Im, Joanne; Schreger, Jesse
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Columbia University; National Bureau of Economic Research
摘要：We quantify the difference in the convenience yield of U.S. Treasuries and government bonds of other developed countries by measuring the deviation from covered interest parity between government bond yields. We call this wedge the U.S. Treasury Premium. We document a secular decline in the U.S. Treasury Premium at medium to long maturities. The five-year U.S. Treasury Premium averages approximately 21 basis points prior to the Global Financial Crisis, increases up to 90 basis points during th...
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作者：Lin, Jenny X.; Lincoln, William F.
作者单位：Oregon State University; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要：Do countries that improve their protection of intellectual property rights gain access to new product varieties from technologically advanced countries? We build the first comprehensive matched firm level data set on exports and patents using confidential microdata from the US Census to address this question. Across several different estimation approaches, we find evidence that these protections affect where US firms export. (C) 2017 Elsevier B.V. All rights reserved.
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作者：Felipe Cespedes, Luis; Chang, Roberto; Velasco, Andres
作者单位：Universidad Adolfo Ibanez; Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research; Columbia University
摘要：We discuss unconventional policies in an open economy where financial intermediaries face occasionally binding collateral constraints. The model highlights interactions among the real exchange rate, interest rates, and financial frictions. The real exchange rate can affect international credit constraints via a net worth effect and a novel leverage ratio effect. Unconventional policies are non-neutral if financial constraints bind. Credit programs are most effective when targeted towards finan...
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作者：Miyamoto, Wataru; Thuy Lan Nguyen
作者单位：Bank of Canada; Santa Clara University
摘要：Business cycles are substantially correlated across countries. Yet, most existing models are not able to generate substantial transmission through international trade. We show that the nature of such transmission depends fundamentally on the features determining the responsiveness of labor supply and labor demand to international relative prices. We augment a standard international macroeconomic model to incorporate three key features: a weak short-run wealth effect on labor supply, variable c...
