-
作者：Chatterjee, Arpita
作者单位：University of New South Wales Sydney
摘要：Similar countries often choose very different policies and specialize in very distinct industries. This paper proposes a novel mechanism to explain policy diversity between similar countries from an open economy perspective. I study optimal policies in a two country model where policies affect the determinants of trade patterns. Symmetric countries choose asymmetric policies in equilibrium if aggregate income is sufficiently convex in own policy. Such high social increasing return to policy, d...
-
作者：Ohashi, Hiroshi; Toyama, Yuta
作者单位：University of Tokyo; Northwestern University
摘要：This paper examines the economic consequences of a horizontal merger between Korean automakers that took place in 1998, with a particular emphasis on export market behavior. Estimates of structural demand and supply reveal that the merger enhanced production efficiency of the merged party by 3.8%. Simulations, based on these estimates, indicate that while the merger increased domestic prices, the export volume of the merged party was more than doubled. Moreover, the effects of the merger are f...
-
作者：Conconi, Paola; DeRemer, David R.; Kirchsteiger, Georg; Trimarchi, Lorenzo; Zanardi, Maurizio
作者单位：Universite Libre de Bruxelles; Centre for Economic Policy Research - UK; HUN-REN; HUN-REN Centre for Economic & Regional Studies; Institute of Economics - HAS; Hungarian Academy of Sciences; Leibniz Association; Ifo Institut; Lancaster University
摘要：This paper shows that electoral incentives crucially affect the initiation of trade disputes. Focusing on WTO disputes filed by the United States during the 1995-2014 period, we find that U.S. presidents are more likely to initiate a dispute in the year preceding their re-election. Moreover, U.S. trade disputes are more likely to involve industries that are important in swing states. To explain these regularities, we develop a theoretical model in which re-election motives can lead an incumben...
-
作者：Monarch, Ryan; Park, Jooyoun; Sivadasan, Jagadeesh
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; University of Michigan System; University of Michigan
摘要：We construct a new linked data set with over one thousand offshoring events by matching Trade Adjustment Assistance (TAA) program petition data to U.S. Census Bureau microdata. We exploit these data to study the short- and long-term effects of offshoring on domestic firm-level employment, output, wages, and productivity in this large sample of offshoring events. As implied by heterogeneous firm models with high fixed costs of offshoring, we find that the average offshoring firm in the TAA samp...
-
作者：Nigai, Sergey
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Leibniz Association; Ifo Institut
摘要：I use firm-level data to show that neither the Log-normal nor the Pareto distribution can approximate the shape of the productivity distribution along the entire support. While the former underpredicts the thickness of the right tail, the latter does not capture the shape of the left one. Using empirical distribution as a benchmark, I show that such inaccuracies lead to sizable errors in the estimates of the gains from trade in models featuring firm selection. I propose using a mixed distribut...
-
作者：Zissimos, Ben
作者单位：University of Exeter
摘要：This paper develops a new model of trade policy under dictatorship and democratization. The paper makes two contributions. One is to provide a deeper understanding of the relationship between political institutions and economic efficiency by studying the endogenous interaction between the form of government and trade policy. The paper's second contribution is to show how a dictatorship can manipulate trade policy to maintain its grip on power in the face of permanent world price shocks, thus o...
-
作者：Niepmann, Friederike; Schmidt-Eisenlohr, Tim
作者单位：Federal Reserve System - USA
摘要：Employing new data on U.S. banks' trade-finance claims by country, this paper estimates the effect of letter of-credit supply shocks on U.S. exports. We show that a one-standard deviation negative shock to a country's letter-of-credit supply reduces U.S. exports to that country by 1.5 percentage points. This effect is driven by countries that are small and where few banks are active. It more than doubles during the 2007-09 crisis. The provision of letters of credit is highly concentrated and b...
-
作者：Evans, Martin D. D.
作者单位：Georgetown University
摘要：I present a new model for the U.S. external position that accounts for the accumulation of international debt over the past 60 years. The model is based on the present value restriction that links a country's external position to future trade flows and financial conditions in the absence of arbitrage opportunities and Ponzi schemes. It features the role played by the stochastic discount factor, the trade and valuation adjustment channels and provides a decomposition of the U.S. external positi...
-
作者：Hatchondo, Juan Carlos; Martinez, Leonardo; Onder, Yasin Kursat
作者单位：Indiana University System; Indiana University Bloomington; International Monetary Fund
摘要：We quantify gains from introducing limited financing through non-defaultable debt into a model of equilibrium sovereign risk. For an initial sovereign spread of 4.2%, introducing the possibility of issuing non-defaultable debt for up to 10% of aggregate income reduces immediately the spread to 1.5%, and implies a welfare gain equivalent to a permanent consumption increase of 0.8%. Nevertheless, the spread reduction achieved by the introduction of non-defaultable debt is short lived. Our findin...
-
作者：Holloway, Isaac R.
作者单位：Western University (University of Western Ontario); University Western Ontario Hospital
摘要：Most U.S. movies are not distributed simultaneously to all of their foreign markets and many do not recoup the costs of market entry. In theory, sequential entry allows distributors to learn about their movies' quality from performance in successive markets. I find empirical evidence consistent with recent trade models of learning about export profitability: a one-standard-deviation increase in the update to expected box-office revenues from the previous round is associated with an increase in...
