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作者：Ishise, Hirokazu
作者单位：University of Osaka
摘要：This paper considers how heterogeneity in capital goods affects international trade patterns, and shows a novel source of comparative advantage: the magnitude of heterogeneity in capital goods. Capital goods are heterogeneous in their vintage and productivity, and due to capacity constraints, only productive capital goods are activated in the equilibrium. Through this selection, the distribution of capital goods determines industry-level productivity: industry-level productivity is higher in a...
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作者：Crucini, Mario J.; Davis, J. Scott
作者单位：Vanderbilt University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：The elasticity of substitution between home and foreign goods is one of the most important parameters in international economics. The international macro literature, which is primarily concerned with short-run business cycle fluctuations, assigns a low value to this parameter. The international trade literature, which is more concerned with long-run changes in trade flows following a change in relative prices, assigns a high value to this parameter. This paper constructs a model where this dis...
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作者：Lopresti, John
作者单位：William & Mary
摘要：A recent theoretical literature has emphasized the importance of multiproduct firms in trade. However, models within this literature have reached contradictory conclusions regarding the product-level response of firms to changes in trade costs. This paper attempts to resolve these contradictions by employing Bayesian techniques to estimate the product portfolio response throughout the distribution of US firms following the Canada-US Free Trade Agreement of 1989. I find evidence of a differenti...
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作者：Alquist, Ron; Mukherjee, Rahul; Tesar, Linda
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：Motivated by a set of stylized facts, we develop a model of cross-border mergers and acquisitions (M&As) to study foreign direct investment (FDI) in emerging markets. We compare acquisitions undertaken during financial crises so called fire-sale FDI with acquisitions made during non-crisis periods to examine whether the outcomes differ in the ways predicted by the model. Foreign acquisitions are driven by two sources of value creation. First, acquisitions by a foreign firm relax the target's c...
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作者：Hainmueller, Jens; Hiscox, Michael J.; Margalit, Yotam
作者单位：Stanford University; Harvard University; Tel Aviv University
摘要：Are concerns about labor market competition a powerful source of anti-immigrant sentiment? Several prominent studies have examined survey data on voters and concluded that fears about the negative effects of immigration on wages and employment play a major role generating anti-immigrant attitudes. We examine new data from a targeted survey of US. employees in 12 different industries. In contrast with previous studies, the findings indicate that fears about labor market competition do not appea...
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作者：Berman, Nicolas; Berthou, Antoine; Hericourt, Jerome
作者单位：Centre for Economic Policy Research - UK; European Central Bank; Bank of France; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Universite de Lille
摘要：How do firms' sales interact across markets? Are foreign and domestic sales complements or substitutes? Using a French firm-level database combining balance-sheet and product-destination-specific export information over the period 1995-2001, we study how demand conditions in foreign markets affect domestic sales through variations in exports. We identify a number of exogenous shocks affecting the firms' demand on foreign markets, including product-destination specific imports or tariff changes...
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作者：Harrigan, James; Ma, Xiangjun; Shlychkov, Victor
作者单位：University of Virginia; National Bureau of Economic Research; University of International Business & Economics
摘要：Using confidential firm-level data from the United States in 2002, we show that exporting firms charge prices for narrowly defined goods that differ substantially with the characteristics of firms and export markets. We control for selection into export markets using a three-stage estimator. We have three main results. First, we find that highly productive and skill-intensive firms charge higher prices, while capital-intensive firms charge lower prices. Second, U.S. firms charge substantially ...
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作者：Alesina, Alberto; Favero, Carlo; Giavazzi, Francesco
作者单位：Harvard University; Bocconi University; Bocconi University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We show that the correct experiment to evaluate the effects of a fiscal adjustment is the simulation of a multiyear fiscal plan rather than of individual fiscal shocks. Simulation of fiscal plans adopted by 16 OECD countries over a 30-year period supports the hypothesis that the effects of consolidations depend on their design. Fiscal adjustments based upon spending cuts are much less costly, in terms of output losses, than tax-based ones and have especially low output costs when they consist ...
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作者：Benetrix, Agustin S.; Lane, Philip R.; Shambaugh, Jay C.
作者单位：Trinity College Dublin; Centre for Economic Policy Research - UK; George Washington University; National Bureau of Economic Research
摘要：We examine the evolution of international currency exposures, with a particular focus on the 2002-12 period. During the run up to the global financial crisis, there was a widespread shift towards positive net foreign currency positions, such that relatively few countries exhibited the archetypal emerging-market short foreign currency position on the eve of the global financial crisis. During the crisis, the upheaval in currency markets generated substantial currency-generated valuation effects...
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作者：Wang, Yongjin; Zhao, Laixun
作者单位：Nankai University; Kobe University
摘要：This paper links firms' endogenous quality choices to worker effort and efficiency wages. In the model, firms differ in their ability to monitor workers who have an incentive to shirk. As high quality output requires high worker effort, it is firms with better monitoring ability that upgrade their quality. Indeed, these firms upgrade their quality to such a degree that they also end up paying higher wages to induce even more worker effort. Trade liberalization can induce greater or smaller wag...
