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The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy

Caliendo, Lorenzo; Parro, Fernando; Rossi-Hansberg, Esteban - Federal Reserve Board (Board of Governors of the … - 2014

We study the impact of regional and sectoral productivity changes on the U.S. economy. To that end, we consider an environment that captures the effects of interregional and intersectoral trade in propagating disaggregated productivity changes at the level of a sector in a given U.S. state to...

Persistent link: https://www.econbiz.de/10011027366

Gains from Offshoring? Evidence from U.S. Microdata

Monarch, Ryan; Park, Jooyoun; Sivadasan, Jagadeesh - Federal Reserve Board (Board of Governors of the … - 2014

We construct a new linked data set with over one thousand offshoring events by matching Trade Adjustment Assistance program petition data to confidential data on U.S. firm operations. We exploit these data to assess how offshoring affects domestic firm-level aggregate employment, output, wages...

Persistent link: https://www.econbiz.de/10011075150

Government budget deficits and trade deficits: are present value constraints satisfied in long-term data?

Ahmed, Shaghil; Rogers, John H. - Federal Reserve Board (Board of Governors of the … - 1995

We undertake tests of whether long term data from the U.S. and U.K. are consistent with the intertemporal government budget constraint and the intertemporal external borrowing constraint being satisfied in expected value terms, both individually and simultaneously. An historical perspective is...

Persistent link: https://www.econbiz.de/10005368127

The GATT's contribution to economic recovery in post-war Western Europe

Irwin, Douglas A. - Federal Reserve Board (Board of Governors of the … - 1993

By freeing Europe's regional and international trade from tariffs and other trade barriers, the General Agreement on … Tariffs and Trade (GATT) has often been hailed as a key factor in promoting the post-war economic recovery in Western Europe … tariffs as import quotas and foreign exchange controls were being phased out during the 1950s under the auspices of other …

Persistent link: https://www.econbiz.de/10005368148

Anticipations of foreign exchange volatility and bid-ask spreads

Wei, Shang-Jin - Federal Reserve Board (Board of Governors of the … - 1991

The paper studies the effect of the market's perceived exchange rate volatility on bid-ask spreads. The anticipated volatility is extracted from currency options data. An increase in the perceived volatility is found to widen bid-ask spreads. The direction of the effect is consistent with an...

Persistent link: https://www.econbiz.de/10005368165

The transmission of domestic shocks in the open economy

Erceg, Christopher J.; Gust, Christopher; … - Federal Reserve Board (Board of Governors of the … - 2007

This paper uses an open economy DSGE model to explore how trade openness affects the transmission of domestic shocks. For some calibrations, closed and open economies appear dramatically different, reminiscent of the implications of Mundell-Fleming style models. However, we argue such stark...

Persistent link: https://www.econbiz.de/10005368202

Mercantilism as strategic trade policy: the Anglo-Dutch rivalry for the East India trade

Irwin, Douglas A. - Federal Reserve Board (Board of Governors of the … - 1990

This paper provides a reinterpretation of seventeenth-century mercantilist trade doctrine and policy in light of recent theories of strategic trade policy. Mercantilist economic thought, like strategic export-promotion theories, emphasized the use of government policy to capture rents that arise...

Persistent link: https://www.econbiz.de/10005368203

The dynamics of uncertainty or the uncertainty of dynamics: stochastic J-curves

Marquez, Jaime - Federal Reserve Board (Board of Governors of the … - 1988

This paper characterizes the statistical distribution of the response of the U.S. trade account to a dollar depreciation. To accomplish this task, the paper builds and estimates an econometric model of U.S. bilateral trade. Given an exchange-rate shock, this distribution is generated empirically...

Persistent link: https://www.econbiz.de/10005368239

Why has trade grown faster than income?

Rose, Andrew K. - Federal Reserve Board (Board of Governors of the … - 1990

Trade of the OECD countries has grown faster than income during the postwar period. This paper tests a number of different hypotheses for the observed growth in the trade/income ratio. For small open economies, increases in real output and international reserves, as well as declines in tariff...

Persistent link: https://www.econbiz.de/10005368240

The U.S. external deficit in the 1980s: an empirical analysis

Helkie, William L.; Hooper, Peter - Federal Reserve Board (Board of Governors of the … - 1987

This paper presents an empirical analysis of the factors that contributed to the unprecedented widening of the U.S. external deficit between 1980 and 1986. The paper presents an empirical model of the U.S. current account that is used to assess the relative importance of changes in U.S. price...

Persistent link: https://www.econbiz.de/10005368243