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Working Paper
What determines bilateral trade flows?
Baxter, Marianne; Kouparitsas, Michael A. (2005)
This paper undertakes an exhaustive search for robust determinants of international trade, where "robustness" is tested using three popular empirical methods. The paper is frankly atheoretical: our goal is solely to establish statistically robust relationships. Along the way, however, we relate our results to the empirical results obtained by prior researchers and to the received theory of international trade. We find that robust variables include a measure of the scale of factor endowments; fixed exchange rates; the level of development; and current account restrictions. Variables that are ...
Working Paper Series , Paper WP-05-11

Working Paper
Trade and the (dis)incentive to reform labor markets: the case of reform in the European Union.
Delacroix, Alain; Alessandria, George (2004)
In a closed economy general equilibrium model, Hopenhayn and Rogerson (1993) find large welfare gains to removing firing restrictions. We explore the extent to which international trade alters this result. When economies trade, labor market policies in one country spill over to other countries through a change in the terms of trade. This reduces the incentive to reform labor markets. In a policy game over firing taxes between countries, we find that countries optimally choose positive levels of firing taxes. A coordinated elimination of firing taxes yields considerable benefits. This insight ...
Working Papers , Paper 04-18

Working Paper
Trading activity and exchange rates in high-frequency EBS data
Chaboud, Alain P.; Wright, Jonathan H.; Chernenko, Sergey V. (2007)
The absence of data has, until now, precluded virtually all research on trading volume in the foreign exchange market. This paper introduces a new high-frequency foreign exchange dataset from EBS (Electronic Broking Service) that includes trading volume in the global interdealer spot market. The dataset gives volumes and prices at the one-minute frequency over a five-year time period in the euro-dollar and dollar-yen currency pairs. We first document intraday volume patterns in euro-dollar and dollar-yen trading, noting the effects of macroeconomic news announcements but also purely ...
International Finance Discussion Papers , Paper 903

Journal Article
Understanding the evolution of trade deficits: trade elasticities of industrialized countries
Crowley, Meredith A.; Crane, Leland D.; Quayyum, Saad (2007-10)
In this article, the authors present updated trade elasticities?measures of how much imports and exports change in response to income and price changes?for the U.S. and six other industrialized countries, collectively known as the Group of Seven. They find that the imports and exports of these countries are slightly more responsive to changes in a country?s total income over a period that ends in 2006, compared with a period that ends in 1994.
Economic Perspectives , Volume 31 , Issue Q IV , Pages 2-17

Working Paper
Emerging economies, trade policy, and macroeconomic shock
Crowley, Meredith A.; Bown, Chad P. (2013)
This paper estimates the impact of macroeconomic shocks on the trade policies of thirteen major emerging economies over 1989-2010; by 2010, these WTO member countries collectively accounted for 21 percent of world merchandise imports and 22 percent of world GDP. We examine determinants of carefully constructed, bilateral measures of new import protection imposed at the extensive margin. New import restrictions on products arise through the temporary trade barriers (TTBs) ? antidumping, safeguards, and countervailing duties ? that have become some of the most important time-varying trade ...
Working Paper Series , Paper WP-2012-18

Journal Article
Do currency unions increase trade? A \\"gravity\\" approach
Rose, Andrew K. (2000)
FRBSF Economic Letter

Discussion Paper
Are U.S. Tariffs Turning Vietnam into an Export Powerhouse?
Kelly, Brendan; Clark, Hunter L. (2019-08-14)
The imposition of Section 301 tariffs on about half of China’s exports to the United States has coincided with a fall in imports from China and gains for other countries. The U.S.-China trade conflict also appears to be accelerating an ongoing shift in foreign direct investment (FDI) from China to other emerging markets, particularly in Asia. Within the region, Vietnam is often cited as a clear beneficiary of these trends, a rising economy that could displace China, to some extent, in global supply chains. In this note, we examine the data and conclude that Vietnam is indeed gaining market ...
Liberty Street Economics , Paper 20190814

Journal Article
I dream of protective genies
Wirtz, Ronald A. (2003-07)
The softwood lumber and steel industries begged for protection from imports. Both got their wish, but has it helped?
Fedgazette , Volume 15 , Issue Jul , Pages 8-12

Working Paper
Trade and the skill premium in developing countries: the role of intermediate goods and some evidence from Peru
Quispe-Agnoli, Myriam; Mazumdar, Joy (2002)
The rise in income inequality in developing countries after trade liberalization has been a puzzle for trade theory, which predicts the opposite effect. The authors present a model with imported intermediate goods in which the relative wages of skilled labor can rise due to higher imports of inputs or due to skill-biased technological change. The evidence from Peru in the post-liberalization phase in the early 1990s supports the skilled-biased technological change hypothesis. The authors find that most of the decrease in the blue-collar wage share in the manufacturing industries can be ...
FRB Atlanta Working Paper , Paper 2002-11

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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