Search Results
Showing results 1 to 10 of approximately 63.
(refine search)
Working Paper
No Credit, No Gain: Trade Liberalization Dynamics, Production Inputs, and Financial Development
Szkup, Michal; Leibovici, Fernando; Kohn, David
(2022-03)
We study the role of financial development on the aggregate and welfare implications of reducing import tariffs on capital and intermediate inputs. We document that financially underdeveloped economies feature a slower aggregate response following trade liberalization. We set up a quantitative general equilibrium model with heterogeneous firms subject to collateral constraints and estimate it to match salient features from Colombian plant-level data. Our model explains a substantial fraction of the differences in the empirical responses of GDP, consumption, and capital across economies with ...
Working Papers
, Paper 2020-038
Working Paper
Managing Capital Flows in the Presence of External Risks
Tenorio, Gabriel; Reyes-Heroles, Ricardo M.
(2017-09)
We introduce external risks, in the form of shocks to the level and volatility of world interest rates, into a small open economy model subject to the risk of sudden stops?large recessions together with abrupt reversals in capital inflows| and characterize optimal macroprudential policy in response to these shocks. In the model, collateral constraints create a pecuniary externality that leads to "overborrowing" and sudden stops that arise when the constraints bind. The typical sudden stop generated by the model replicates existing empirical evidence for emerging market economies: Low and ...
International Finance Discussion Papers
, Paper 1213
Working Paper
No Credit, No Gain: Trade Liberalization Dynamics, Production Inputs, and Financial Development
Szkup, Michal; Leibovici, Fernando; Kohn, David
(2020-12)
We study the role of financial development on the aggregate and welfare implications of reducing trade barriers on imports of physical capital and intermediate inputs. We document that financially underdeveloped economies feature a slower response of real GDP, consumption, and investment following trade liberalization episodes that improve access to imported production inputs. To quantify the role of financial development, we set up a quantitative general equilibrium model with heterogeneous firms subject to financial constraints and estimate it to match salient features from Colombian ...
Working Papers
, Paper 2020-038
Working Paper
The effects of government spending on real exchange rates: evidence from military spending panel data
Miyamoto, Wataru; Nguyen, Thuy Lan; Sheremirov, Viacheslav
(2016-10-01)
Using panel data on military spending for 125 countries, we document new facts about the effects of changes in government purchases on the real exchange rate, consumption, and current accounts in both advanced and developing countries. While an increase in government purchases causes real exchange rates to appreciate and increases consumption significantly in developing countries, it causes real exchange rates to depreciate and decreases consumption in advanced countries. The current account deteriorates in both groups of countries. These findings are not consistent with standard ...
Working Papers
, Paper 16-14
Working Paper
The few leading the many: foreign affiliates and business cycle comovement
Toubal, Farid; Martin, Julien; Kleinert, Jorn
(2012)
This paper uses microdata on balance sheets, trade, and the nationality of ownership of firms in France to investigate the effect of foreign multinationals on business cycle comovement. We first show that foreign affiliates, which represent a tiny fraction of all firms, are responsible for a high share of employment, value added, and trade both at the national and at the regional levels. We also show that the distribution of foreign affiliates across regions differs with the nationality of the parent. We then show that foreign affiliates increase the comovement of activities between their ...
Globalization Institute Working Papers
, Paper 116
Report
The Interaction and Sequencing of Policy Reforms
Kehoe, Timothy J.; Ruhl, Kim J.; Asturias, Jose; Hur, Sewon
(2015-11-23)
In what order should a developing country adopt policy reforms? Do some policies complement each other? Do others substitute for each other? To address these questions, we develop a two-country dynamic general equilibrium model with entry and exit of firms that are monopolistic competitors. Distortions in the model include barriers to entry of firms, barriers to international trade, and barriers to contract enforcement. We find that a reform that reduces one of these distortions has different effects depending on the other distortions present. In particular, reforms to trade barriers and ...
Staff Report
, Paper 521
Working Paper
International Diversification, Reallocation, and the Labor Share
Ranciere, Romain; David, Joel M.; Zeke, David
(2023-04-20)
How does growing international financial diversification affect firm-level and aggregate labor shares? We study this question using a novel framework of firm labor choice in the face of aggregate risk. The theory implies a cross-section of labor risk premia and labor shares that appear as markups in firm-level data. International risk sharing leads to a reallocation of labor towards riskier/low labor share firms alongside a rise in within-firm labor shares, matching key micro-level facts. We use cross-country firm-level data to document a number of empirical patterns consistent with the ...
Working Paper Series
, Paper WP 2023-16
Working Paper
Financial Development and Trade Liberalization
Szkup, Michal; Leibovici, Fernando; Kohn, David
(2020-10)
We study the role of financial development on the aggregate effects and welfare implications of reducing international trade barriers on production inputs such as physical capital and intermediates. We document that financially underdeveloped economies feature a slower response of real GDP, consumption, and investment following trade liberalization episodes that improve access to imported production inputs. We set up a quantitative general equilibrium model with heterogeneous firms subject to financial constraints and estimate it to match salient features from Colombian plant-level data. We ...
Working Papers
, Paper 2020-038
Working Paper
Interest Rate Volatility and Sudden Stops : An Empirical Investigation
Tenorio, Gabriel; Reyes-Heroles, Ricardo M.
(2017-07)
Using a multi-country regime-switching vector autoregressive (VAR) model we document the existence of two regimes in the volatility of interest rates at which emerging economies borrow from international financial markets, and study the statistical relationship of such regimes with episodes of sudden stops. Periods of high volatility tend to be persistent and are associated with high interest rates, the occurrence of sudden stops in external financing, and large declines in economic activity. Most strikingly, we show that regime switches drive the countercyclicality of interest rates in ...
International Finance Discussion Papers
, Paper 1209
Working Paper
Financial Frictions and Export Dynamics in Large Devaluations
Szkup, Michal; Leibovici, Fernando; Kohn, David
(2017-05-01)
We study the role of financial frictions and balance-sheet effects in accounting for the dynamics of aggregate exports in large devaluations. We investigate a small open economy with heterogeneous firms and endogenous export decisions in which firms face financing constraints and debt can be denominated in foreign units. Despite the negative impact of these channels on capital accumulation and output at the firm-level, we find that they only explain a modest fraction of the gradual increase of exports observed in these episodes. Exports increase since financially-constrained exporters are ...
Working Papers
, Paper 2017-13
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of Dallas 21 items
Federal Reserve Bank of St. Louis 14 items
Federal Reserve Bank of New York 11 items
Board of Governors of the Federal Reserve System (U.S.) 6 items
Federal Reserve Bank of Boston 3 items
Federal Reserve Bank of San Francisco 2 items
Federal Reserve Bank of Atlanta 1 items
Federal Reserve Bank of Chicago 1 items
Federal Reserve Bank of Cleveland 1 items
Federal Reserve Bank of Kansas City 1 items
Federal Reserve Bank of Minneapolis 1 items
Federal Reserve Bank of Richmond 1 items
show more (7)
show less
FILTER BY Series
Globalization Institute Working Papers 21 items
Working Papers 15 items
Staff Reports 10 items
International Finance Discussion Papers 6 items
Working Paper Series 2 items
FRB Atlanta Working Paper 1 items
Liberty Street Economics 1 items
Proceedings 1 items
Research Working Paper 1 items
Review 1 items
Staff Report 1 items
Supervisory Research and Analysis Working Papers 1 items
Working Paper 1 items
Working Papers (Old Series) 1 items
show more (9)
show less
FILTER BY Content Type
Working Paper 49 items
Report 11 items
Conference Paper 1 items
Discussion Paper 1 items
Journal Article 1 items
FILTER BY Author
Leibovici, Fernando 10 items
Davis, J. Scott 9 items
Kohn, David 8 items
Szkup, Michal 7 items
Goldberg, Linda S. 6 items
Kollmann, Robert 5 items
Zlate, Andrei 4 items
Santacreu, Ana Maria 3 items
Campa, Jose Manuel 2 items
Duncan, Roberto 2 items
Ratto, Marco 2 items
Reyes-Heroles, Ricardo M. 2 items
Roeger, Werner 2 items
Rothert, Jacek 2 items
Silva, Alvaro 2 items
Tenorio, Gabriel 2 items
Van Wincoop, Eric 2 items
Vogel, Lukas 2 items
Yildirim, Muhammed A. 2 items
Young, Henry L. 2 items
de Soyres, Francois 2 items
di Giovanni, Julian 2 items
Amiti, Mary 1 items
Argimon, Isabel 1 items
Asturias, Jose 1 items
Benigno, Gianluca 1 items
Bonner, Clemens 1 items
Buch, Claudia M. 1 items
Bussiere, Matthieu 1 items
Calza, Alessandro 1 items
Cavallo, Alberto 1 items
Chang, Chun 1 items
Chari, Anusha 1 items
Chen, Kaiji 1 items
Correa, Ricardo 1 items
Crucini, Mario J. 1 items
David, Joel M. 1 items
Duijm, Patty 1 items
Dur, Ayse 1 items
Enders, Zeno 1 items
Engel, Charles 1 items
Forbes, Kristin J. 1 items
Fratzscher, Marcel 1 items
Frost, Jon 1 items
Gavazzoni, Federico 1 items
Giovannini, Massimo 1 items
Glover, Andrew 1 items
Gomis-Porqueras, Pedro 1 items
Gopinath, Gita 1 items
Haan, Jakob de 1 items
Haan, Leo de 1 items
Haltmaier, Jane 1 items
Hassan, Tarek A. 1 items
Hellerstein, Rebecca 1 items
Hills, Robert 1 items
Hohberger, Stefan 1 items
Hur, Sewon 1 items
Iacoviello, Matteo 1 items
Kalemli-Ozcan, Sebnem 1 items
Kalemli-Özcan, Ṣebnem 1 items
Kam, Timothy 1 items
Kehoe, Timothy J. 1 items
Kleinert, Jorn 1 items
Kostka, Thomas 1 items
Landry, Anthony 1 items
Leary, Ryan 1 items
Lewis, Karen K. 1 items
Liu, Edith X. 1 items
Martin, Julien 1 items
Mertens, Thomas M. 1 items
Michaud, Amanda M. 1 items
Miyamoto, Wataru 1 items
Moutot, Philippe 1 items
Müller, Gernot J. 1 items
Navarro, Gaston 1 items
Neiman, Brent 1 items
Nguyen, Thuy Lan 1 items
Pataracchia, Beatrice 1 items
Phan, Toan 1 items
Raciborski, Rafal 1 items
Ranciere, Romain 1 items
Rosa, Carlo 1 items
Ruhl, Kim J. 1 items
Sheremirov, Viacheslav 1 items
Stebunovs, Viktors 1 items
Straub, Roland 1 items
Tang, Jenny 1 items
Taylor, John B. 1 items
Toubal, Farid 1 items
Tracy, Joseph 1 items
Tretvoll, Hakon 1 items
Valente, Giorgio 1 items
Vitale, Giovanni 1 items
Waggoner, Daniel F. 1 items
Waller, Christopher J. 1 items
Wang, Jian 1 items
Weinstein, David E. 1 items
Zeke, David 1 items
Zha, Tao 1 items
Zhang, Tony 1 items
http://fedora:8080/fcrepo/rest/objects/authors/ 1 items
show more (96)
show less
FILTER BY Jel Classification
F3 32 items
F1 13 items
E3 12 items
E5 10 items
E2 8 items
E6 8 items
G1 6 items
G15 5 items
E4 4 items
G2 3 items
E24 2 items
E32 2 items
E44 2 items
F13 2 items
F14 2 items
F2 2 items
F41 2 items
F5 2 items
G11 2 items
O1 2 items
O11 2 items
C3 1 items
C5 1 items
C6 1 items
D40 1 items
D82 1 items
D83 1 items
E1 1 items
E25 1 items
E43 1 items
E52 1 items
F00 1 items
F01 1 items
F12 1 items
F21 1 items
F23 1 items
F31 1 items
F32 1 items
F34 1 items
F36 1 items
F44 1 items
F6 1 items
F62 1 items
F66 1 items
G0 1 items
G01 1 items
G12 1 items
G21 1 items
G32 1 items
J30 1 items
L16 1 items
L60 1 items
O16 1 items
O19 1 items
O24 1 items
O3 1 items
show more (52)
show less
FILTER BY Keywords
welfare 7 items
exchange rates 7 items
financial development 5 items
trade liberalization 5 items
COVID-19 4 items
global financial cycle 4 items
international trade 4 items
reallocation 4 items
financial frictions 4 items
fiscal policy 4 items
credit constraints 3 items
exchange-rate pass-through 3 items
inflation 3 items
production inputs 3 items
capital flows 2 items
consumer prices 2 items
imported inputs 2 items
international spillovers 2 items
labor share 2 items
pass-through entities 2 items
supply chains 2 items
Emerging Markets 2 items
Euro Area 2 items
Sudden stops 2 items
Asset returns 1 items
Bank lending channel 1 items
Bitcoin 1 items
Business Cycles 1 items
Business models 1 items
Contract enforcement 1 items
Counterfeiting Threat 1 items
Dellas model 1 items
EA and U.S. external adjustment 1 items
Emerging market economies 1 items
Entry barriers 1 items
Foreign Spillovers 1 items
Global financial institutions 1 items
Global value chains 1 items
Interest rates 1 items
International business cycles 1 items
International correlations 1 items
Liquidity 1 items
Local Projection 1 items
Long-Plosser model 1 items
Macroeconomic Transmission 1 items
Macroprudential policy 1 items
Markov regime switching 1 items
Monetary policy transmission 1 items
Multiple Currencies 1 items
Open Economy Macroeconomics 1 items
Panel Data 1 items
Portfolio channel 1 items
Sequencing reforms 1 items
Sovereign debt 1 items
Trade barriers 1 items
U.S. Monetary Policy 1 items
United States 1 items
Volatility 1 items
Zero lower bound 1 items
accession country 1 items
adjustment costs 1 items
asset prices 1 items
balance-sheet effects 1 items
beer 1 items
between-sector effect 1 items
boom-bust cycles 1 items
business cycles in closed and open economies 1 items
capital inflows and outflows 1 items
commodity markets 1 items
cost of capital 1 items
counterfactual VAR 1 items
cross-border transmission 1 items
cross-border vertical contracts 1 items
currency returns 1 items
current account balances 1 items
default risk 1 items
demand-supply imbalance 1 items
distribution margins 1 items
dollar 1 items
economic development 1 items
emerging economies 1 items
employment 1 items
event studies 1 items
exchange rate stabilization 1 items
export decisions 1 items
export dynamics 1 items
external finance dependence 1 items
external interest rates 1 items
female employees 1 items
financial crises 1 items
financial globalization 1 items
financial services industry 1 items
fixed exchange rates 1 items
foreign investments 1 items
global banks 1 items
global capital flows cycle 1 items
global imbalances 1 items
global production network 1 items
government demand 1 items
gross and net capital flows 1 items
growth 1 items
heavy versus light sectors 1 items
heterogeneity 1 items
high-frequency data 1 items
import prices 1 items
incentive compatibility 1 items
incomplete markets 1 items
industry 1 items
innovation 1 items
international asset pricing 1 items
international diffusion 1 items
international diversification 1 items
international fiscal spillovers 1 items
international risk sharing 1 items
invoicing 1 items
large devaluations 1 items
law of one price 1 items
lending frictions 1 items
liquidity traps 1 items
local-currency pricing 1 items
long-run risks 1 items
long-term versus short-term loans 1 items
macroeconomic announcements 1 items
managed float 1 items
market segmentation 1 items
military spending 1 items
monetary policy 1 items
monetary surprises 1 items
monetary unions 1 items
net capital inflows 1 items
non-linear DSGE models 1 items
output volatility 1 items
price 1 items
pricing-to-market 1 items
protection 1 items
rare disasters 1 items
rational bubbles 1 items
real exchange rates 1 items
recursive preferences 1 items
risk sharing 1 items
spillovers 1 items
structural VAR 1 items
surveys 1 items
tariffs 1 items
technology 1 items
terms of trade 1 items
time-varying volatility 1 items
total factor productivity growth 1 items
trade 1 items
trade policy 1 items
trilemma 1 items
twin deficit 1 items
uncovered interest parity 1 items
vehicle currency 1 items
wage gaps 1 items
women employment 1 items
women wages 1 items
workers 1 items
show more (159)
show less