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Author:Tito, Maria D. 

Discussion Paper
International Trade in Services: Stylized Facts about Exporters in the Service Sector

This note contributes to expand the knowledge on foreign trade in services by presenting a series of stylized facts about exporters of services.
FEDS Notes , Paper 2019-08-14

Discussion Paper
Unraveling the Oil Conundrum : Productivity Improvements and Cost Declines in the U.S. Shale Oil Industry

Why have large declines in oil prices and in the rig count not triggered a more dramatic decline in production? At what price level would a large share of U.S. shale oil production lose economic viability? In this note, we explore these questions with a focus on the U.S. shale oil industry in the Bakken, Eagle Ford, and Permian Basin regions.
FEDS Notes , Paper 2016-03-22

Discussion Paper
Quantifying Bottlenecks in Manufacturing

Shortages of key components and logistics problems have constrained factory output since the start of the year. Numerous anecdotes and survey measures have highlighted the emergence of supply chain bottlenecks and other supply constraints; to complement those qualitative characterizations, this note proposes a novel methodology to quantify bottlenecks in the manufacturing sector.
FEDS Notes , Paper 2021-11-19

Working Paper
Exporting and Frictions in Input Markets : Evidence from Chinese Data

This paper investigates the impact of international trade on input market distortions. We focus on a specific friction, binding borrowing constraints in capital markets. We propose a theoretical model where a firm's demand for capital is constrained by an initial asset allocation and past sales. While the initial distribution of assets induces misallocation if the asset endowment at more productive firms does not fully cover their demand for capital, the dependence of the borrowing constraint from past sales proxies for cross-firm differences in the cost of default, which is empirically ...
Finance and Economics Discussion Series , Paper 2017-077

Discussion Paper
The Vaccine Boost: An Analysis of the Impact of the COVID-19 Vaccine Rollout on Measures of Activity

Several measures of economic activity have shown improvement since the start of the COVID-19 vaccine rollout. This note quantifies the impact of the rollout across four main dimensions of activity: spending, mobility, education, and employment.
FEDS Notes , Paper 2021-06-01

Working Paper
The Vaccine Boost: Quantifying the Impact of the COVID-19 Vaccine Rollout on Measures of Activity

This paper investigates the impact of vaccine administration on three main dimensions of activity: spending, mobility, and employment. Our investigation combines two parts. First, we exploit the variation in vaccine administration across states. In panel regressions that include a large set of controls, we find that the rollout has a significant impact on spending, while the results on mobility and employment are mixed. Second, to address concerns of endogeneity, we look at the impact of vaccine lotteries on spending. Using a dynamic event design setting, we find that lotteries have ...
Finance and Economics Discussion Series , Paper 2022-035

Discussion Paper
Help Wanted : Evaluating Labor Shortages in Manufacturing

In this note, we examine the extent of labor shortages for the manufacturing sector.
FEDS Notes , Paper 2018-03-09

Working Paper
Misallocation in Open Economy

This paper estimates the impact of reducing export and import tariffs on firm input choices. In presence of borrowing constraints, lower export tariffs facilitate the reallocation of capital and labor inputs across firms, while a decline in import tariffs either tightens import competition or increases the availability of imported inputs; all three mechanisms suggest that a higher degree of openness should be associated with lower misallocation. To analyze the empirical relationship between openness and input misallocation, we draw on the annual surveys conducted by the Chinese National ...
Finance and Economics Discussion Series , Paper 2021-007

Working Paper
Does Exporting Improve Matching? Evidence from French Employer-Employee Data

Does opening a market to international trade affect the pattern of matching between firms and workers? This paper answers this question both theoretically and empirically in three parts. We set up a model of matching between heterogeneous workers and firms in which variation in the worker type at the firm level exists in equilibrium only because of the presence of search costs. When firms gain access to the foreign market, their revenue potential increases. When stakes are high, matching with the right worker becomes particularly important because deviations from the ideal match quickly ...
Finance and Economics Discussion Series , Paper 2015-113

Working Paper
Exporters of Services: A Look at U.S. Exporters Outside of the Manufacturing Sector

Using transaction data for the U.S., this paper presents a series of stylized facts on exporters in services industries. We find that most of the basic facts on manufacturing exporters extend to the services sectors with three important differences. First, the participation rate of services firms in foreign markets is much lower than that of manufacturing firms. Second, the size premia at services exporters are significantly higher than those among manufacturers. Third, the survival rates of services exporters tend to be lower than that of manufacturing exporters. All three facts are ...
Finance and Economics Discussion Series , Paper 2019-063


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