Recent theories propose that intermediate inputs can induce an operating hedging that decrease expected return. Empirically, using the input-output tables of the BEA I find that industries whose fraction of total intermediate inputs purchased to total value added is higher, and lower expected...

This paper investigates the role of intermediate input sources in explaining firm-level export patterns. I present a multi-country trade model which features a trade cost-reducing complementarity between exporting to and importing from a given market. Therefore, the total cost faced by a firm...

The import dependency of China decreases rapidly from 27% in 2007 to 14% in 2020. Nevertheless, how this impacts its carbon emissions embodied in final demands is unclear, which is not conducive to the policy synergy between import trade and carbon neutrality target. With the time-series...

We study unanticipated tariffs on imports of intermediate goods in a setting with firm-to-firm supply relationships. Firms that produce differentiated products conduct costly searches for potential input suppliers and negotiate bilateral prices with those that pass a reservation level of match...

The domestic industrial structure optimization for carbon emission reduction usually cause carbon transfer to other countries, while the global industrial structure adjustment would possibly lead to the unbalance of regional economy development. Based on the previous studies, this paper built an...

President Bush imposed safeguard tariffs on steel in early 2002. Using US input-output tables and a generalized difference-in-difference methodology, we analyze the local labor market employment effects of these tariffs depending on the local labor market's reliance on steel as an input and as...