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Trade Protection, Stock-Market Returns, and Welfare

Amiti, Mary; Kong, Sang Hoon; Weinstein, David E. - National Bureau of Economic Research - 2021

We show that the specific factors model can be used to derive a rigorous link between movements in stock prices and productivity, wages, employment, output, and welfare. We also prove that the commonly used measure of the effective rate of protection equals the dual measure of revenue TFP,...

Persistent link: https://www.econbiz.de/10012533307

The Myth of the Patient Japanese : Corporate Myopia and Financial Distress in Japan and the US

Hall, Brian J. - 1996

It is widely believed that the stock-market oriented US financial system forces corporate managers to behave myopically relative to their Japanese counterparts, who operate in a bank-based system. We hypothesize that if US firms are more myopic than Japanese firms, then episodes of financial...

Persistent link: https://www.econbiz.de/10012473010

Foreign Direct Investment and Keiretsu : Rethinking U.S. and Japanese Policy

Weinstein, David E. - 1996

Japan suggests that foreign firms sell five to six times more in Japan than is commonly believed. Previous studies severely … underestimated the stock of FDI in Japan due to poor data. Second, after finding that even after adjusting for various factors the … level of FDI in Japan is still low, the paper explores explanations for this phenomenon. A second main conclusion is that …

Persistent link: https://www.econbiz.de/10012473233

Trade and Growth : Import-Led or Export-Led? Evidence From Japan and Korea

Lawrence, Robert Z. - 1999

competitive firms. The results in our paper suggest that when it comes to TFP growth, this view of Japan is seriously erroneous …. We find that lower tariffs and higher import volumes would have been particularly beneficial for Japan during the period … productivity growth. Our findings on Japan suggest that the salutary impact of imports stems more from their contribution to …

Persistent link: https://www.econbiz.de/10012471526

Do Endowments Predict the Location of Production? Evidence from National and International Data

Bernstein, Jeffrey R. - 1998

Examining the relationship between factor endowments and production patterns using international and Japanese regional data, we provide the first empirical confirmation of Ethier's correlation approach to the Rybczynski theorem. Moreover, we find evidence of substantial production indeterminacy....

Persistent link: https://www.econbiz.de/10012471998

Who's Paying for the US Tariffs? A Longer-Term Perspective

Amiti, Mary - 2020

Using data from 2018, a number of studies have found that recent U.S tariffs have been passed on entirely to U.S. importers and consumers. These results are surprising given that trade theory has long stressed that tariffs applied by a large country should drive down foreign prices. Using...

Persistent link: https://www.econbiz.de/10012479134

Globalization, Markups and U.S. Welfare

Feenstra, Robert C. - 2010

This paper is the first attempt to structurally estimate the impact of globalization on markups, and the effect of changing markups on welfare, in a monopolistic competition model. To achieve this, we work with a class of preferences that allow for endogenous markups and firm entry and exit that...

Persistent link: https://www.econbiz.de/10012462906

What Drives U.S. Import Price Inflation?

Amiti, Mary; Itskhoki, Oleg; Weinstein, David E. - National Bureau of Economic Research - 2024

Inflation has risen sharply in many countries since the COVID-19 outbreak. Economists have debated the underlying causes. In this paper, we examine the drivers of the global import price inflation, which peaked at approximately 11 percent a year. We find that a common global component closely...

Persistent link: https://www.econbiz.de/10014486225

The Impact of E-Commerce on Relative Prices and Consumer Welfare

Jo, Yoon J. - 2019

This paper examines the impact of e-commerce on pricing behavior and welfare. Using Japanese data, we find that the entry of e-commerce firms significantly raised the rate of intercity price convergence for goods sold intensively online, but not for other goods. E-commerce also lowered relative...

Persistent link: https://www.econbiz.de/10012480450

Exports and Financial Shocks

Amiti, Mary - 2009

A striking feature of many financial crises is the collapse of exports relative to output. In the 2008 financial crisis, real world exports plunged 17 percent while GDP fell 5 percent. This paper examines whether deteriorations in bank health can help explain the large drops in exports relative...

Persistent link: https://www.econbiz.de/10012463093