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Discussion Paper
Global Supply Chains and U.S. Import Price Inflation
Amiti, Mary; Itskhoki, Oleg; Weinstein, David E. (2024-03-04)
Inflation around the world increased dramatically with the reopening of economies following COVID-19. After reaching a peak of 11 percent in the second quarter of 2021, world trade prices dropped by more than five percentage points by the middle of 2023. U.S. import prices followed a similar pattern, albeit with a lower peak and a deeper trough. In a new study, we investigate what drove these price movements by using information on the prices charged for products shipped from fifty-two exporters to fifty-two importers, comprising more than twenty-five million trade flows. We uncover several ...
Liberty Street Economics , Paper 20240304

Working Paper
Heterogeneous exporters: quantitative differences and qualitative similarities
Diez, Federico J.; Gonzalez, Alejandra; Casas, Camila (2017-01-13)
We combine two detailed datasets on Colombian manufacturing firms and document several stylized facts on exporter heterogeneity of total factor productivity (TFP) and export-market orientation, refining some previously known facts and unveiling some new others. We first show that the exporter productivity premium is remarkably robust across the methodologies used to recover TFP. We then document that the most productive exporters are those that export (1) a higher share of their total production, (2) to a larger number of countries, (3) to destinations less frequently reached by other ...
Working Papers , Paper 16-26

Report
Going global: markups and product quality in the Chinese art market
Bai, Jennie; Guo, Jia; Mandel, Benjamin R. (2013-05-01)
We analyze two reasons for export prices to be different across markets ? namely, quality differentiation and variable markups ? and attempt to parse their relative importance and some of their underlying drivers. To overcome the substantial measurement issues in this task, we consider a particular industry as a special case: Chinese fine art. The simplicity of the supply-side of art vis--vis marginal cost and the wealth of data on its quality characteristics make it possible to separately identify the markup and quality components of international relative prices for Chinese artwork. Through ...
Staff Reports , Paper 614

Working Paper
Indivisibilities in Distribution
Singer, Ethan; Holmes, Thomas J. (2017-03-13)
This paper develops and estimates a model of indivisibilities in shipping and economies of scale in consolidation. It uses highly detailed data on imports where it is possible to observe the contents of individual containers. In the model, ?rms are able to adapt to indivisibility constraints by using consolidation strategies and by making adjustments to shipment size. The ?rm determines the optimal number of domestic ports to use, taking into account that adding more ports lowers inland freight cost, at the expense of a higher indivisibility cost. The estimated model is able to roughly ...
Working Papers , Paper 739

Report
Who bears the cost of a change in the exchange rate? The case of imported beer
Hellerstein, Rebecca (2004-02-01)
This paper quantifies the welfare effects of a change in the nominal exchange rate using the example of the beer market. I estimate a structural econometric model that makes it possible to compute manufacturers' and retailers' pass-through of a nominal exchange-rate change, without observing wholesale prices or firms' marginal costs. I conduct counterfactual experiments to quantify how the change affects domestic and foreign firms' profits and domestic consumer welfare. The counterfactual experiments show that foreign manufacturers bear more of the cost of an exchange-rate change than do ...
Staff Reports , Paper 179

Working Paper
Minimum wages and firm employment: evidence from China
Huang, Yi; Wang, Gewei; Loungani, Prakash (2014-04-01)
This paper studies how minimum wage policies affect firm employment in China using a unique county level minimum wage data set matched to disaggregated firm survey data. We investigate both the effect of imposing a minimum wage, and the effect of the policies that tightened enforcement in 2004. We find that the average effect of minimum wage changes is modest and positive, and that there is a detectable effect after enforcement reform. Firms have heterogeneous responses to minimum wage changes which can be accounted for by differences in their wage levels and profit margins: firms with high ...
Globalization Institute Working Papers , Paper 173

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
Globalization and Heterogeneity: Evidence from Hollywood
Adler, Konrad; Fuchs, Simon (2022-10-06)
Linder (1961) conjectured that taste differences could impede trade flows. We extend Krugman (1980) to allow for producers that face taste heterogeneity with volatile demand. Consumers are characterized by different taste over product attributes and idiosyncratic risk. Firms face a portfolio type of problem where they trade off supplying the largest consumer groups against higher exposure to group-specific risk. We develop an empirical strategy to estimate consumer taste from observed market shares across multiple distinct markets of the same product, as well as the key parameters that pin ...
FRB Atlanta Working Paper , Paper 2022-14

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

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