We examine the welfare properties of alternative regimes of interjurisdictional competition for heterogenous mobile firms. Firms differ not only in terms of the degree of mobility across jurisdictions but also in terms of productivity. Alternative taxation regimes represent restraints on the...

We develop a dynamic labor search model where production and consumption take place in spatially distinct labor markets with varying exposure to domestic and international trade. The model recognizes the role of labor mobility frictions, goods mobility frictions, geographic factors, and...

Our paper investigates whether the valuation effect caused by a large risk premium and a low risk-free rate can help to explain the enormous US current account and trade deficit observed in the past decade. To answer this question, we set up an endowment growth model in which investors are...

In this paper we show that price equalization alone is not sufficient to establish that there are no barriers to international trade. There are many barrier combinations that deliver price equalization, but each combination implies a different volume of trade. Therefore, in order to make...

Financial capital and fixed capital tend to flow in opposite directions between poor and rich countries. Why? What are the implications of such two-way capital flows for global trade imbalances and welfare in the long run? This paper introduces frictions into a standard two- country neoclassical...

In part as a response to the recent financial crisis, the relationship between access to finance and international trade has received much attention in the recent years. This article reviews trade finance, its role and functioning. It discusses the relevance of the more general concept of access...

Middle Eastern and North African (MENA) countries stand out in international comparisons of de jure obstacles to female employment and entrepreneurship. These obstacles are mirrored in low female labor rate participation and low entrepreneurship and ownership rates. Recent research suggests a...

Address before Louisville Society of Financial Analysts, Louisville, Ky., Nov. 19, 2003

Presentation to the Globalization and Outsourcing Conference, Reuters America Inc., New York, June 15, 2004

Session on Regional Economic Trends, Southern Governors' Association Meeting, Biloxi, Miss., Aug. 25, 2007