issuers’ home currencies. These secular trends appear to have accelerated notably after the global financial crisis. Observed … financial crisis could have a persistent impact on home currency bond issuance. Firms that issue for the first time in their … home currencies during disruptive episodes, such as the crisis, find their relative costs of issuance in home currencies …

the dynamics of the U.S. trade balance. Using sign restrictions based on robust predictions by standard theory, we … rest of the world, and deteriorate net exports; both the U.S. real exchange rate and the U.S. terms of trade appreciate in … response to these shocks. Demand shocks also appreciate the dollar, but have negligible effects on absorption and the trade …

current account. However, a combination of productivity differences and deviations from risk-sharing between the US and the …

substantial macroeconomic effects, raising US consumption, investment and the terms of trade, relative to the rest of the world … trade flows. This evidence suggests a fundamental role of cross-country endogenous demand and wealth movements in shaping …

This paper advocates a new way of thinking about goods trade in an open economy macro model. It develops a simple … method for analyzing trade costs that are heterogeneous among a continuum of goods, and it explores how these costs determine … the endogenous decision by a seller of whether to trade a good internationally. This way of thinking offers new insights …

rate can impose significant costs on intertemporal trade. The model also shows that a variety of nonlinear relationships is … preferences between goods. In contrast to recent work, our analysis implies that such costs of intertemporal trade may be a …

remuneration to innovators for the spillovers they generate. Well-designed IPR regimes imposed at the time of trade liberalization … will be welfare enhancing for both regions relative to trade liberalization without IPR enforcement. …

This paper studies the transitional dynamics in a quality ladder model of endogenous growth in which North-South trade … incorporated into both imitative and innovative processes, which in turn drive domestic technological progress. International trade … numerically to illustrate the transition paths and welfare effects of Southern trade liberalization. While particular welfare …

Does leaving a currency union reduce international trade? We answer this question using a large annual panel data set … experienced economically and statistically significant declines in bilateral trade, after accounting for other factors. Assuming … trade. …