Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Working Paper
Spoils of War: Trade Shocks and Segmented Labor Markets in Spain during WWI
Fuchs, Simon (2021-05-28)
How does intranational factor mobility shape the welfare effects of a trade shock? I provide evidence that during WWI, a demand shock emanated from belligerent countries and affected neutral Spain. Within Spain, labor predominantly reallocated locally, while the most affected provinces experienced drastic increases in wages and consumer prices. Embedding imperfect labor mobility in an economic geography model, I show that external demand shocks can improve allocative efficiency, but asymmetric shocks cause localized increases in wages and consumer prices instead of reallocation. Adjusting an ...
FRB Atlanta Working Paper , Paper 2021-14

Working Paper
Knowledge Diffusion, Trade and Innovation across Countries and Sectors
Li, Nan; Santacreu, Ana Maria; Cai, Jie (2019-11-18)
We provide a unified framework for quantifying the cross country and cross-sector interactions among trade, innovation, and knowledge diffusion. We study the effect of trade liberalization in a multi-country, multi-sector endogenous growth model in which comparative advantage and the stock of knowledge are determined by innovation and diffusion. A reduction in trade costs induces a re-allocation of comparative advantage in production and innovation across sectors, which translates into higher growth along the counterfactual balanced growth path (BGP). Heterogeneous knowledge diffusion across ...
Working Papers , Paper 2017-29

Working Paper
Goods-Market Frictions and International Trade
McCallum, Andrew H.; Krolikowski, Pawel (2019-08-01)
We add goods-market frictions to a general equilibrium dynamic model with heterogeneous exporting producers and identical importing retailers. Our tractable framework leads to endogenously unmatched producers, which attenuate welfare responses to foreign shocks but increase the trade elasticity relative to a model without search costs. Search frictions are quantitatively important in our calibration, attenuating welfare responses to tariffs by 40 percent and increasing the trade elasticity by 50 percent. Eliminating search costs raises welfare by 1 percent and increasing them by only a few ...
Working Papers , Paper 16-35R2

Working Paper
Dynamic Gains from Trade Agreements with Intellectual Property Provisions
Santacreu, Ana Maria (2021-11-22)
I study the short- and long-term effects of trade agreements with strict intellectual property (IP) provisions on innovation, growth and welfare. I develop a quantitative multi-country trade model with endogenous productivity through innovation and adoption that features imperfect IP rights enforcement. A counterfactual analysis shows that improving IP protection in exchange for market access increases welfare, innovation and growth in the world. However, welfare gains along the transition accrue differently across countries. While developed countries benefit both in the short- and inthe ...
Working Papers , Paper 2021-010

Working Paper
Goods-Market Frictions and International Trade
McCallum, Andrew H.; Krolikowski, Pawel (2017-05-23)
We present a tractable framework that embeds goods-market frictions in a general equilibrium dynamic model with heterogeneous exporters and identical importers. These frictions arise because it is time consuming and expensive for exporters and importers to meet. We show that search frictions lead to an endogenous fraction of unmatched exporters, alter the gains from trade, endogenize entry costs, and imply that the competitive equilibrium does not generally result in the socially optimal number of searching firms. Finally, ignoring search frictions results in biased estimates of the effect of ...
International Finance Discussion Papers , Paper 1207

Working Paper
Globalization and inflation in Europe
Auer, Raphael; Degen, Kathrin; Fischer, Andreas M. (2010)
What is the impact of import competition from other low-wage countries (LWCs) on inflationary pressure in Western Europe? This paper seeks to understand whether labor-intensive exports from emerging Europe, Asia, and other global regions have a uniform impact on producer prices in Germany, France, Italy, Sweden, and the United Kingdom. In a panel covering 110 (4-digit) NACE industries from 1995 to 2008, IV estimates predict that LWC import competition is associated with strong price effects. More specifically, when Chinese exporters capture 1 percent of European market share, producer prices ...
Globalization Institute Working Papers , Paper 65

Working Paper
Dynamic Gains from Trade Agreements with Intellectual Property Provisions
Santacreu, Ana Maria (2023-11)
I develop a quantitative theory of bilateral trade agreements with intellectual property (IP) provisions in a multi-country growth model. The model’s dynamics are driven by innovation and technology licensing. Imperfect IP enforcement leads to reduced royalty payments and growth. Governments negotiate tariffs and IP enforcement through Nash bargaining. Gains from the trade agreement vary along the transition. Developing countries experience short-term losses, while developed countries gain in both the short and long run. A government with short-term goals may reduce losses but at the cost ...
Working Papers , Paper 2021-010

Working Paper
Markups and misallocation with trade and heterogeneous firms
Weinberger, Ariel (2015-09-01)
With non-homothetic preferences, a monopolistic competition equilibrium is inefficient in the way inputs are allocated towards production. This paper quantifies a gains from trade component that is present only when reallocation is properly measured in a setting with heterogeneous firms that charge variable markups. Due to variable markups, reallocations initiated by aggregate shocks impact allocative efficiency depending on the adjustment of the market power distribution. My measurement compares real income growth with the hypothetical case of no misallocation in quantities. Using firm and ...
Globalization Institute Working Papers , Paper 251

Working Paper
What are the consequences of global banking for the international transmission of shocks?: a quantitative analysis
Fillat, José; Garetto, Stefania; Smith, Arthur V. (2018-10-01)
The global financial crisis of 2008 was followed by a wave of regulatory reforms that affected large banks, especially those with a global presence. These reforms were reactive to the crisis. In this paper we propose a structural model of global banking that can be used proactively to perform counterfactual analysis on the effects of alternative regulatory policies. The structure of the model mimics the US regulatory framework and highlights the organizational choices that banks face when entering a foreign market: branching versus subsidiarization. When calibrated to match moments from a ...
Working Papers , Paper 18-11

Working Paper
The few leading the many: foreign affiliates and business cycle comovement
Toubal, Farid; Martin, Julien; Kleinert, Jorn (2012)
This paper uses microdata on balance sheets, trade, and the nationality of ownership of firms in France to investigate the effect of foreign multinationals on business cycle comovement. We first show that foreign affiliates, which represent a tiny fraction of all firms, are responsible for a high share of employment, value added, and trade both at the national and at the regional levels. We also show that the distribution of foreign affiliates across regions differs with the nationality of the parent. We then show that foreign affiliates increase the comovement of activities between their ...
Globalization Institute Working Papers , Paper 116

show more (42)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords