International Trade And Macroeconomic Dynamics With Heterogeneous Firms
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International Trade And Macroeconomic Dynamics With Heterogeneous Firms
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Author : Fabio Ghironi
language : en
Publisher:
Release Date : 2004
International Trade And Macroeconomic Dynamics With Heterogeneous Firms written by Fabio Ghironi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business cycles categories.
"We develop a stochastic, general equilibrium, two-country model of trade and macroeconomic dynamics. Productivity differs across individual, monopolistically competitive firms in each country. Firms face a sunk entry cost in the domestic market and both fixed and per-unit export costs. Only relatively more productive firms export. Exogenous shocks to aggregate productivity and entry or trade costs induce firms to enter and exit both their domestic and export markets, thus altering the composition of consumption baskets across countries over time. In a world of flexible prices, our model generates endogenously persistent deviations from PPP that would not exist absent our microeconomic structure with heterogeneous firms. It provides an endogenous, microfounded explanation for a Harrod-Balassa-Samuelson effect in response to aggregate productivity differentials and deregulation. Finally, the model successfully matches several moments of U.S. and international business cycles"--NBER website
International Trade And Macroeconomics Dynamics With Heterogeneous Firms
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Author : Fabio Ghironi
language : en
Publisher:
Release Date : 2004
International Trade And Macroeconomics Dynamics With Heterogeneous Firms written by Fabio Ghironi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
International Trade And Macroeconomic Dynamics With Heteroegenous Firms
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Author : Fabio Ghironi
language : en
Publisher:
Release Date : 2004
International Trade And Macroeconomic Dynamics With Heteroegenous Firms written by Fabio Ghironi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Essays On International Trade Dynamics
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Author :
language : en
Publisher:
Release Date : 2014
Essays On International Trade Dynamics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This thesis offers a unified framework to analyze both short- and long-run trade dynamics in a consistent manner. It explains "the international elasticity puzzle", a low trade elasticity against temporary shocks and a high trade elasticity against permanent shocks, studied in Ruhl (2008). The model in this paper extends the idea of export sunk costs and uncertainty to more general productivity shock processes by embedding the classical theory of "export hysteresis" into a continuous-time trade model with heterogeneous firms, and considers the effects of both aggregate and idiosyncratic productivity shocks. A sharp analytical characterization of the equilibrium elucidates the microfoundations of trade dynamics linking a static trade model with heterogeneous firms and an international macroeconomic model. Due to the sunk costs and uncertainty, firms do not change their export status against small temporary shocks. Aggregate productivity shocks and export sunk costs explain the elasticity puzzle because of the different adjustments on the extensive margin. If the productivity shocks are idiosyncratic, the economy is in a steady state, with individual firms moving around within a stationary distribution of productivities. Export hysteresis gives rise to a region of firm productivity where both exporters and non-exporters coexist given the same current productivity. The full model incorporates both types of shocks and offers realistic microfoundations of trade dynamics including simultaneous export entry and exit, an evolving productivity density of exporters, and the sluggish trade response to aggregate shocks. The model can be applied to various other settings where both aggregate and idiosyncratic shocks affect heterogeneous agents' dynamic problems.
Firm Heterogeneity And Multiproduct Firms In International Trade
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Author : Hong Ma
language : en
Publisher:
Release Date : 2009
Firm Heterogeneity And Multiproduct Firms In International Trade written by Hong Ma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Structural Estimation And Solution Of International Trade Models With Heterogeneous Firms
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Author : Edward J. Balistreri
language : en
Publisher:
Release Date : 2008
Structural Estimation And Solution Of International Trade Models With Heterogeneous Firms written by Edward J. Balistreri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Financial Constraints And International Trade For Heterogeneous Firms
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Author : Kwang-Myoung Hwang
language : en
Publisher:
Release Date : 2009
Financial Constraints And International Trade For Heterogeneous Firms written by Kwang-Myoung Hwang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Commerce categories.
Exchange Rate Dynamics
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Author : Martin D. D. Evans
language : en
Publisher: Princeton University Press
Release Date : 2011-04-04
Exchange Rate Dynamics written by Martin D. D. Evans and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-04 with Business & Economics categories.
Variations in the foreign exchange market influence all aspects of the world economy, and understanding these dynamics is one of the great challenges of international economics. This book provides a new, comprehensive, and in-depth examination of the standard theories and latest research in exchange-rate economics. Covering a vast swath of theoretical and empirical work, the book explores established theories of exchange-rate determination using macroeconomic fundamentals, and presents unique microbased approaches that combine the insights of microstructure models with the macroeconomic forces driving currency trading. Macroeconomic models have long assumed that agents--households, firms, financial institutions, and central banks--all have the same information about the structure of the economy and therefore hold the same expectations and uncertainties regarding foreign currency returns. Microbased models, however, look at how heterogeneous information influences the trading decisions of agents and becomes embedded in exchange rates. Replicating key features of actual currency markets, these microbased models generate a rich array of empirical predictions concerning trading patterns and exchange-rate dynamics that are strongly supported by data. The models also show how changing macroeconomic conditions exert an influence on short-term exchange-rate dynamics via their impact on currency trading. Designed for graduate courses in international macroeconomics, international finance, and finance, and as a go-to reference for researchers in international economics, Exchange-Rate Dynamics guides readers through a range of literature on exchange-rate determination, offering fresh insights for further reading and research. Comprehensive and in-depth examination of the latest research in exchange-rate economics Outlines theoretical and empirical research across the spectrum of modeling approaches Presents new results on the importance of currency trading in exchange-rate determination Provides new perspectives on long-standing puzzles in exchange-rate economics End-of-chapter questions cement key ideas
Essays On International Trade And Macroeconomics
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Author : Chujian Shao
language : en
Publisher:
Release Date : 2022
Essays On International Trade And Macroeconomics written by Chujian Shao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
In this dissertation, I focus on studying three questions about international trade including the interactions between trade and immigration, how trade liberalization influences skill upgrading decisions and the linkages between health investment and trade openness. In the first chapter, I develop a two-country dynamic stochastic general equilibrium model featuring endogenous firm entry, heterogeneous firms and endogenous labor migration to study whether trade and immigration are substitutes or complements and investigate the macroeconomic consequences of low barriers to labor mobility with emphasizing the roles of the extensive margins of production and trade in shaping immigration dynamics. First, the model predicts that trade and immigration potentially act as substitutes, which is consistent with the derivation from the Heckscher-Ohlin model of trade. Second, high-skilled labor migration makes the labor-sending country worse off due to less output and firm entry, and changes in migration costs create asymmetric welfare effects on high-skilled and low-skilled households. Third, the firm entry channel provides new insights into immigration dynamics: (i) more firm establishments demand more immigrants, and (ii) inflows of immigrants induce firm entry and result in higher labor costs in the long run. The second chapter is a joint work with Castiel Chen Zhuang and Qiliang Chen. We observe that India’s average applied effective tariff declines by about 15 percentage points and exports to the Indian market by Chinese manufacturing firms increase a lot from 2004 to 2007, but the change in the average tariff in the rest of the world is nearly zero during the same period. Motivated by this fact, we examine the impact of an Asian trade agreement, APTA, on skill upgrading by Chinese manufacturers. First, we develop a general equilibrium model of trade with heterogeneous firms and endogenous export and employee training decisions to explain firm performance following trade liberalization. Second, we test the theoretical model based on general difference-in-differences estimations, showing that firms facing higher reductions in India’s tariffs increase investment in on-the-job training faster. The effects of trade openness on export participation and training spending of firms are the largest in the middle range of productivity, which is consistent to our model prediction. In the third chapter, my co-author, Qiliang Chen, and I study the interactive effects of trade openness and health investment. There is a positive correlation between trade and health outcomes, and increased exports or imports encourage more healthcare spending. However, there are only few theoretical studies addressing the questions that if trade integration is good for health and if health improvement encourages more trade. We develop a two- country dynamic stochastic general equilibrium model with heterogeneous firms, health capital accumulation and endogenous firm entry and labor supply to analyze what channels affect the interconnection between trade and health. Three main results emerge. First, there is positive association between trade openness and health investment. An increase in health investment boosts both the number of exporters and export values as health improvement stimulates economic growth and increases income. Trade openness increases healthcare spending and the stock of health capital because of the income and product variety effects. Second, the dynamic impacts of changes in aggregate productivity on key variables could be underestimated if workers’ health status and health investment decisions are neglected. Third, health investment could crowd out physical capital investment and new firm entrants.
Heterogeneous Firms And Trade
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Author : Richard E. Baldwin
language : en
Publisher:
Release Date : 2005
Heterogeneous Firms And Trade written by Richard E. Baldwin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Commerce categories.
This paper sets out a basic heterogeneous-firms trade model that is closely akin to Melitz (2003). The positive and normative properties of the model are studied in a manner intended to highlight the core economic logic of the model. The paper also studies the impact of greater openness at the firm-level and aggregate level, focusing on changes in the number and type of firms, trade volumes and prices, and productivity effects. The normative effects of liberalisation are also studied and here the paper focuses on aggregate gains from trade, and income redistribution effects, showing inter alia that the model is marked by a Stolper-Samuelson like effect. A number of empirically testable hypotheses are also developed. These concern the impact of greater openness on the firm-level trade pattern, the variance of unit-prices, the stock market valuation of firms according to size, and the lobbying behaviour by size.