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Working Paper
Non-exclusive contracts, collateralized trade, and a theory of an exchange
Leitner, Yaron (2003)
Liquid markets where agents have limited capacity to sign exclusive contracts may permit agents to promise the same asset to multiple counterparties and subsequently default. I show that in such markets an exchange can arise as an intermediary whose only role is to set limits on the number of contracts that agents can report voluntarily. In some cases, these limits must be non-binding in equilibrium, and reported trades must not be made public. A (costly) alternative to an exchange is collateralized trade, and the gains from an exchange increase when agents have more intangible capital (e.g., ...
Working Papers , Paper 03-3

Working Paper
Comparative Advantage in Innovation and Production
Somale, Mariano A. (2017-05)
This paper develops a multi-country, general equilibrium, semi endogenous growth model of innovation and trade in which specialization in innovation and production are jointly determined. The distinctive element of the model is the ability of the agents to direct their research efforts to specific goods, in a context of heterogeneous innovation capabilities across countries and contemporaneous decreasing returns to R&D. The model features a two-way relationship between trade and technology absent in standard quantitative Ricardian trade models. I calibrate the model using a sample of 29 ...
International Finance Discussion Papers , Paper 1206

Journal Article
Legislative update : Fast track to freer trade?
Gerena, Charles; Nash, Betty Joyce (2003-01)
Econ Focus , Volume 7 , Issue Win , Pages 5

Working Paper
Shipping Prices and Import Price Inflation
Isaacson, Maggie; Rubinton, Hannah (2022-08-30)
During the pandemic there have been unprecedented increases in the cost of shipping goods accompanied by delays and backlogs at the ports. At the same time, import price inflation has reached levels unseen since the early 1980s. This has led many to speculate that the two trends are linked. In this article, we use new data on the price of shipping goods between countries to analyze the extent to which increases in the price of shipping can account for the increase in U.S. import price inflation. We find that the pass-through of shipping costs is small. Nevertheless, because the rise in ...
Working Papers , Paper 2022-017

Discussion Paper
What Happens to U.S. Activity and Inflation if China’s Property Sector Leads to a Crisis?
Akinci, Ozge; Clark, Hunter L.; Dawson, Jeffrey B.; Higgins, Matthew; Miranda-Agrippino, Silvia; Nourbash, Ethan; Nallamotu, Ramya (2024-03-26)
A previous post explored the potential implications for U.S. growth and inflation of a manufacturing-led boom in China. This post considers spillovers to the U.S. from a downside scenario, one in which China’s ongoing property sector slump takes another leg down and precipitates an economic hard landing and financial crisis.
Liberty Street Economics , Paper 20240326

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
Supplier relationships and small business use of trade credit
Aaronson, Daniel; Townsend, Robert M.; Huck, Paul; Bostic, Raphael W. (2000)
This paper sheds some light on the empirical importance of supplier relationships, including ethnic ties, for the use of trade credit by minority-owned small businesses. Results based on the 1993 National Survey of Small Business Finance (NSSBF) indicate that ethnic differences in the use of trade credit are present after conditioning on an extensive list of control variables. This holds especially for Black-owned businesses, and we find that they use less trade credit, are less likely to take advantage of discounts for early payment, and are more likely to have payments past due. We use ...
Working Paper Series , Paper WP-00-28

Working Paper
The between firm effect with multiproduct firms
Luong, Tuan Anh (2012)
This paper studies the multi-product firms with two factors of production: unskilled and skilled labor (talent). Creating new products is skill intensive while production is less skill intensive. By introducing these two tasks a firm operates which act as two seemingly sectors, we show here a new effect: an increase in the skilled labor supply, relatively to unskilled labor, could reduce the number of products but increase the average scale per product. The relative strength of this effect depends on the degree of firm heterogeneity and the extent to which we allow multiple product within the ...
Globalization Institute Working Papers , Paper 122

Working Paper
Policy externalities: how U.S. antidumping affects Japanese exports to the EU
Crowley, Meredith A.; Bown, Chad P. (2004)
This paper investigates the international externalities associated with US use of antidumping (AD) measures by examining the relationship between US AD duties (ADDs) and Japanese exports to the US and EU over the 1992-2001 period. We first examine the trade destruction and trade diversion associated with Japanese exports to the US market resulting from US AD duties. We then investigate whether US ADDs impose externalities on a non- targeted third country by examining the effect of these US policies on Japanese exports to the EU. We document sizable trade deflection and trade depression in the ...
Working Paper Series , Paper WP-04-12

Conference Paper
U.S. trade deficit: causes, consequences and cures : proceedings of the twelfth annual Economic Policy Conference, held on October 23 and 24, 1987
Burger, Albert E. (1987)
Proceedings

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