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作者：Manova, Kalina; Yu, Zhihong
作者单位：Stanford University; University of Oxford; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Nottingham; University of Nottingham; Leibniz Association; Ifo Institut
摘要：The fragmentation of production across borders allows firms to make and export final goods, or to perform only intermediate stages of production by processing imported inputs for re-exporting. We examine how financial frictions affect companies' choice between processing and ordinary trade implicitly a choice of production technology and position in global supply chains and how this decision affects performance. We exploit matched customs and balance sheet data from China, where exports are cl...
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作者：Hansen, Stephen; McMahon, Michael
作者单位：Pompeu Fabra University; Barcelona School of Economics; University of Warwick; Centre for Economic Policy Research - UK
摘要：We explore how the multi-dimensional aspects of information released by the FOMC has effects on both market and real economic variables. Using tools from computational linguistics, we measure the information released by the FOMC on the state of economic conditions, as well as the guidance the FOMC provides about future monetary policy decisions. Employing these measures within a FAVAR framework, we find that shocks to forward guidance are more important than the FOMC communication of current e...
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作者：French, Scott
作者单位：University of New South Wales Sydney
摘要：A widely used class of quantitative trade models implicitly assumes that patterns of comparative advantage take a specific form such that they have no influence over the effect of trade barriers on aggregate trade flows and welfare. In this paper, I relax this assumption, developing a framework in which to analyze the role of interactions among countries' patterns of comparative advantage in determining the aggregate effects of trade barriers. My model preserves much of the tractability of sta...
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作者：Georgiadis, Georgios; Mehl, Arnaud
作者单位：European Central Bank
摘要：In theory financial globalisation has an ambiguous effect on monetary policy effectiveness. On the one hand, exposure to global financial cycles dampens the output effect of a tightening in monetary policy in financially integrated economies and thereby reduces monetary policy effectiveness. On the other hand, another salient feature of financial globalisation is that economies have become increasingly net long in foreign currency, which amplifies monetary policy effectiveness: economies exper...
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作者：Julio, Brandon; Yook, Youngsuk
作者单位：University of Oregon; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We examine the effects of political uncertainty on cross-border capital flows using election timing as a source of fluctuations in political uncertainty. FDI flows from US companies to foreign affiliates drop significantly during the period just before an election and increase after the uncertainty is resolved, consistent with the view that political uncertainty deters foreign investment. The electoral patterns in FDI flows are more pronounced when elections are more competitive. The impact of...
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作者：Crivelli, Pramila
作者单位：Goethe University Frankfurt
摘要：This paper provides evidence that the reduction in applied most-favoured nation (MFN) tariffs resulting from a decrease in preferential tariffs is restricted to (or significantly larger in) high-tariff members of preferential trade agreements (PTAs). This heterogeneous impact is observed only when the share of preferential imports increases, leading to a decline in tariff revenue. This makes countries which tend to heavily depend. on tariff revenue as a source of government funding more likely...
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作者：Kamal, Fariha; Sundaram, Asha
作者单位：University of Auckland; University of Cape Town
摘要：Using confidential U.S. customs data on trade transactions between US. importers and Bangladeshi exporters between 2003 and 2009, and information on the geographic location of Bangladeshi exporters, we show that the presence of neighboring exporters that previously transacted with a U.S. importer is associated with a greater likelihood of matching with the same U.S. importer for the first time. This suggests a role for neighbors in generating importer-exporter matches. Our research design perm...
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作者：Feng, Ling; Li, Zhiyuan; Swenson, Deborah L.
作者单位：Shanghai University of Finance & Economics; Shanghai University of Finance & Economics; University of California System; University of California Davis; National Bureau of Economic Research; Fudan University
摘要：We use Chinese manufacturing firm data to estimate the causal effect of increased imported intermediate input use on firm export outcomes. To account for the endogeneity of import decisions, we pursue an IV strategy that utilizes instruments for import costs connected to intermediate input import tariffs, exchange rates, and firm differences in fixed trade costs. We find that firms that expanded their intermediate input imports expanded the volume and scope of their exports. Further, we find t...
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作者：Vannoorenberghe, G.; Janeba, E.
作者单位：Universite Catholique Louvain; Tilburg University; University of Mannheim
摘要：This paper shows how international trade affects the support for policies which redistribute income between workers across sectors, and how the existence of such policies changes the support for trade liberalization. Workers, who are imperfectly mobile across sectors, vote on whether to subsidize ailing sectors, thereby redistributing income but also distorting the labor allocation. We present three main findings. First, redistributive policies are more likely to arise in a small open than in ...
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作者：Flach, Lisandra
作者单位：University of Munich
摘要：This paper uses producer quality information to investigate whether firms segment markets and adapt product quality and prices according to destination country characteristics. Using detailed price and quality data for Brazilian exporters over time, the results document quality-based market segmentation, by which firms raise quality and prices to high-income destinations. A major exchange rate shock and further robustness analysis reinforce the hypothesis that adjustments in quality and prices...
