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Author:Santacreu, Ana Maria 

Journal Article
Which Countries and Industries Contributed the Most to the Decline in Trade Barriers Around the World?

Diverse trends across countries and industries are behind the global decline in trade barriers.
Economic Synopses , Issue 26 , Pages 1-3

Journal Article
The Economic Effects of the 2018 U.S. Trade Policy: A State-Level Analysis

We evaluate, empirically, the effect of changes in trade policy during the 2018-19 trade war on U.S. economic activity. We begin by documenting that sectors and states across the United States are heterogeneous in their exposure to international trade. To do that, we construct a measure of exposure that combines the share of a sector’s gross output that is accounted for by trade with the pattern of comparative advantage of each state in that sector. We then exploit cross-state heterogeneity in exposure to international trade and correlate it with measures of economic activity across U.S. ...
Review , Volume 102 , Issue 4 , Pages 385-412

Working Paper
Knowledge Diffusion, Trade and Innovation across Countries and Sectors

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 an endogenous growth model in which comparative advantage and the stock of knowledge are determined by innovation and diffusion. We calibrate the model to match observed cross-country and cross-sector heterogeneity in production, innovation efficiency and knowledge spillovers. Our counterfactual analysis shows that a reduction in trade costs induces a re-allocation of R&D and comparative advantage across ...
Working Papers , Paper 2017-029

Journal Article
Supply Chain Disruptions and Inflation During COVID-19

Supply chain disruptions have contributed to large increases in PPI inflation during the COVID-19 pandemic.
Economic Synopses , Issue 11 , Pages 1-3

Reopening the U.S. Economy an Industry at a Time

A novel index of physical contact exposure helps to identify the industries that are the most contact-intensive and might reopen later, as well as lower-contact industries that could reopen sooner.
On the Economy

Journal Article
Rethinking Global Value Chains During COVID-19: Part 2

Recent research shows that GVCs played a large role in the propagation of foreign shocks on U.S. industries.
Economic Synopses , Issue 17 , Pages 1-2

Protectionism and Dependence on Imports of Essential Medical Equipment

The COVID-19 global pandemic has led to a surge in protectionism, which poses challenges to countries dependent on imports of essential medical equipment.
On the Economy

A Growing Trade Deficit? Medical Goods Imports Plays a Role

Typically, the U.S. trade deficit narrows during a recession. However, the deficit actually widened by about 20% from January to June.
On the Economy

Working Paper
Managing Macroeconomic Fluctuations with Flexible Exchange Rate Targeting

We show that a monetary policy rule that uses the exchange rate to stabilize the economy can outperform a Taylor rule in managing macroeconomics fluctuations and in achieving higher welfare. The differences between the rules are driven by: (i) the paths of the nominal exchange rate and the interest rate under each rule and (ii) time variation in the risk premium, which leads to deviations from uncovered interest parity. These differences are larger in economies, which are very open, which are more exposed to foreign shocks, or in which domestic and foreign goods are highly substitutable.
Working Papers , Paper 2017-028

Journal Article
What Does China’s Rise in Patents Mean? A Look at Quality vs. Quantity

Using three measurements of patent quality, we argue that there is still room for China to improve its innovative activities. Comparing the number of patent applications and patent grants across countries, we see that although the United States and Japan have been global leaders in innovation for a long time, South Korea and China are catching up fast. If China sustains its large innovation investment and shifts its focus from quantity to quality, together with an improvement in intellectual property rights, the likelihood of becoming one of the next innovation leaders could be much higher.
Economic Synopses , Issue 14 , Pages 1-2


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