Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Working Paper
Rising Import Tariffs, Falling Export Growth: When Modern Supply Chains Meet Old-Style Protectionism
Kamal, Fariha; Monarch, Ryan; Handley, Kyle (2020-02-14)
We examine the impacts of the 2018-2019 U.S. import tariff increases on U.S. export growth through the lens of supply chain linkages. Using 2016 confidential firm-trade linked data, we document the implied incidence and scope of new import tariffs. Firms that eventually faced tariff increases on their imports accounted for 84% of all exports and they represent 65% of manufacturing employment. For all affected firms, the implied cost is $900 per worker in new duties. To estimate the effect on U.S. export growth, we construct product-level measures of import tariff exposure of U.S. exports from ...
International Finance Discussion Papers , Paper 1270

Working Paper
Firm-Embedded Productivity and Cross-Country Income Differences
Alviarez, Vanessa; Cravino, Javier; Ramondo, Natalia (2020-10-13)
We measure the contribution of firm-embedded productivity to cross-country income differences. By firm-embedded productivity we refer to the components of productivity that differ across firms and that can be transferred internationally, such as blueprints, management practices, and intangible capital. Our approach relies on microlevel data on the cross-border operations of multinational enterprises (MNEs). We compare the market shares of the exact same MNE in different countries and document that they are about four times larger in developing than in high-income countries. This finding ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 39

Report
Foreign Shocks as Granular Fluctuations
di Giovanni, Julian; Levchenko, Andrei A.; Mejean, Isabelle (2020-11-01)
This paper uses a data set covering the universe of French firm-level sales, imports, and exports over the period 1993-2007 and a quantitative multi-country model to study the international transmission of business cycle shocks at both the micro and the macro levels. The largest firms are both important enough to generate aggregate fluctuations (Gabaix 2011), and most likely to be internationally connected. This implies that foreign shocks are transmitted to the domestic economy primarily through the largest firms. We first document a novel stylized fact: larger French firms are significantly ...
Staff Reports , Paper 947

Working Paper
The Internal Capital Markets of Global Dealer Banks
Gupta, Arun (2021-06-03)
This study uncovers the existence of a trillion-dollar internal capital market that played a central role in the financing of dealer banks during the 2008 Global Financial Crisis. Hand-collecting a novel set of dealer microdata at the subsidiary level, I present the first set of facts on the evolution of interaffiliate loans between U.S. primary dealers and their (primarily foreign) siblings. First, the aggregate size of these dealer internal capital markets quadrupled from $335 billion in 2001 to $1.2 trillion by 2007. Second, 25 percent of total repurchase agreements and 61 percent of total ...
Finance and Economics Discussion Series , Paper 2021-036

Working Paper
Multinational Firms' Entry and Productivity: Some Aggregate Implications of Firm-level Heterogeneity
Contessi, Silvio (2010)
Despite the microeconomic evidence supporting the superior idiosyncratic productivity of multinational firms (MFN) and their affiliates, cross-country studies fail to find robust evidence of a positive relationship between Foreign Direct Investment and growth. In order to study the aggregate implications of MNF entry and production, I develop a Dynamic Stochastic General Equilibrium model with firm heterogeneity where MNF sort according to their own productivity. Entry and production of MNF contribute to aggregate productivity growth at decreasing rates over time but potentially crowd out ...
Working Papers , Paper 2010-043

Working Paper
Institutional Efficiency, Monitoring Costs, and the Investment Share of FDI
Aizenman, Joshua; Spiegel, Mark M. (2003-03-01)
This paper models and tests the implications of institutional efficiency on the pattern of foreign direct investment (FDI). We posit that domestic agents have a comparative advantage over foreign agents in overcoming some of the obstacles associated with corruption and weak institutions. We model these circumstances in a principal-agent framework with costly ex-post monitoring and enforcement of an ex-ante labor contract. Ex-post monitoring and enforcement costs are assumed to be lower for domestic entrepreneurs than for foreign ones, but foreign producers enjoy a countervailing productivity ...
Working Paper Series , Paper 2003-06

Journal Article
International activities of U.S. banks and in U.S. banking markets
Houpt, James V. (1999-09)
The international activity of U.S. banks has grown relatively rapidly during the 1990s, as both the trading and derivatives activities of their foreign offices and their cross-border lending have increased. The growth has taken place mainly in relation to the Group of Ten and other industrial countries. Foreign bank activity in U.S. markets has also grown, but at a slightly slower pace than U.S. banking overall, resulting in a small decline in the foreign bank share of domestic commercial bank assets. The role of Japanese banks has declined sharply, and the role of European banks has expanded.
Federal Reserve Bulletin , Volume 85 , Issue Sep

Report
The Impact of Multinationals Along the Job Ladder
Balsvik, Ragnhild; Fitzgerald, Doireann; Haller, Stephanie (2023-10-12)
Multinational affiliates are more productive than domestic firms, so how do they affect a host country through the labor market? We use data for Norway to show that the labor market is characterized by a job ladder, with multinationals on the upper rungs. We calibrate a general equilibrium job ladder model with endogenous multinational entry to the Norwegian data. In a counterfactual where multinationals face an infinite entry cost, payments to labor fall and profits of domestic firms rise, but the impact is heterogeneous. Competition for workers increases low down on the job ladder, while it ...
Staff Report , Paper 651

Working Paper
Gains from Offshoring? Evidence from U.S. Microdata
Monarch, Ryan; Park, Jooyoun; Sivadasan, Jagadeesh (2014-11-11)
We construct a new linked data set with over one thousand offshoring events by matching Trade Adjustment Assistance program petition data to confidential data on U.S. firm operations. We exploit these data to assess how offshoring affects domestic firm-level aggregate employment, output, wages and productivity. Consistent with heterogenous firm models where offshoring involves a fixed cost, we find that the average offshoring firm is larger and more productive than the average non-offshorer. After initiating offshoring, firms experience large declines in employment (46.2 per cent), output ...
International Finance Discussion Papers , Paper 1124

Working Paper
High-Skill Migration, Multinational Companies, and the Location of Economic Activity
Morales, Nicolas (2019-12-17)
This paper examines the relationship between high-skill immigration and multinational activity. I assemble a novel firm-level dataset on high-skill visa applications and show that there is a large home-bias effect. Foreign multinational enterprises (MNEs) in the US tend to hire more migrant workers from their home countries compared to US firms. To quantify the general equilibrium implications for production and welfare, I build and estimate a quantitative model that includes trade, MNE production, and the migration decisions of high-skill workers. I use an instrumental variables approach to ...
Working Paper , Paper 19-20

show more (67)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords