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Author:Tito, Maria D. 

Working Paper
Misallocation in Open Economy

This paper estimates the impact of reducing export and import tariffs on firm input choices. In presence of borrowing constraints, lower export tariffs facilitate the reallocation of capital and labor inputs across firms, while a decline in import tariffs either tightens import competition or increases the availability of imported inputs; all three mechanisms suggest that a higher degree of openness should be associated with lower misallocation. To analyze the empirical relationship between openness and input misallocation, we draw on the annual surveys conducted by the Chinese National ...
Finance and Economics Discussion Series , Paper 2021-007

Discussion Paper
Trade in Goods and Services: Measuring Domestic and Export Flows in Buyer-Supplier Data

This note explores measures of domestic and export flows based upon the Compustat customer segment data and compares our measures with official statistics.
FEDS Notes , Paper 2019-06-26

Discussion Paper
From Income to Consumption Inequality? Looking through the Lens of Motor Vehicle Purchases

In this note, we assess the pattern of consumption inequality using an alternative data source--namely, new motor vehicle purchases.
FEDS Notes , Paper 2018-01-12

Discussion Paper
Unraveling the Oil Conundrum : Productivity Improvements and Cost Declines in the U.S. Shale Oil Industry

Why have large declines in oil prices and in the rig count not triggered a more dramatic decline in production? At what price level would a large share of U.S. shale oil production lose economic viability? In this note, we explore these questions with a focus on the U.S. shale oil industry in the Bakken, Eagle Ford, and Permian Basin regions.
FEDS Notes , Paper 2016-03-22

Working Paper
Looking Inside the Magic 8 Ball : An Analysis of Sales Forecasts using Italian Firm-Level Data

This paper explores firm forecasting strategies. Using Italian data, we focus on two aspects of the forecasting process: how firms forecast sales and how accurate their predictions are. We relate both outcomes to current conditions, firm experience, global factors, and other firm characteristics. We find that current conditions tend to explain most of the variability in the sales forecast. While past projection errors tend to account for cross-firm differences in models of expectation formation, they are a key explanatory variable in models of forecast accuracy. Among other controls, firm ...
Finance and Economics Discussion Series , Paper 2017-027

Discussion Paper
International Trade in Services: Stylized Facts about Exporters in the Service Sector

This note contributes to expand the knowledge on foreign trade in services by presenting a series of stylized facts about exporters of services.
FEDS Notes , Paper 2019-08-14

Working Paper
Welfare Evaluation in a Heterogeneous Agent Model: How Representative is the CES Representative Consumer?

The present paper investigates the impact of asymmetric price changes on welfare in a model with heterogeneous consumers. I consider consumer heterogeneity a la Anderson et al. (1992). The standard welfare equivalence between the CES representative consumer and the discrete choice model breaks down in presence of asymmetric price changes. In fact, asymmetric variation in prices produce differential gains among heterogeneous consumers. I show that there exists no feasible Kaldor-Hicks income transfer such that the gains are equally redistributed. Intuitively, in presence of decreasing marginal ...
Finance and Economics Discussion Series , Paper 2015-109

Discussion Paper
Measuring Firm-Level Uncertainty

Ample empirical research documents the negative effect of uncertainty on economic activity. Unexpected changes in macroeconomic conditions or doubts about the direction of future policy tend to be associated with lower capital investments, reduced hiring, and slower consumer spending. This article proposes an alternative and more general time-varying measure of firm-level uncertainty, the ex post forecast error.
FEDS Notes , Paper 2017-04-07

Discussion Paper
Help Wanted : Evaluating Labor Shortages in Manufacturing

In this note, we examine the extent of labor shortages for the manufacturing sector.
FEDS Notes , Paper 2018-03-09

Working Paper
Does Exporting Improve Matching? Evidence from French Employer-Employee Data

Does opening a market to international trade affect the pattern of matching between firms and workers? This paper answers this question both theoretically and empirically in three parts. We set up a model of matching between heterogeneous workers and firms in which variation in the worker type at the firm level exists in equilibrium only because of the presence of search costs. When firms gain access to the foreign market, their revenue potential increases. When stakes are high, matching with the right worker becomes particularly important because deviations from the ideal match quickly ...
Finance and Economics Discussion Series , Paper 2015-113


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