processes, higher labor productivity, and higher wages. In a free trade equilibrium, countries with lower interest rates … specialize in relatively 'time intensive' stages in global value chains (GVCs). Yet, if free trade brings about interest rate … equalization, wages are also equalized and the pattern of trade is instead shaped by capital intensity and capital abundance …

Multinational firms (MNEs) dominate trade flows, yet their global production decisions are often ignored in firm …-level studies of exporting and importing. Using newly merged data on US firms' trade and multinational activity by country, we show … that MNEs are more likely to trade not only with countries in which they have affiliates, but also with other countries …

We develop a model of export-platform foreign direct investment (FDI) in which final goods are produced only with labor …

We develop a dynamic spatial growth model to explore the role of trade and internal migration in the process of spatial … knowledge. Global ideas diffuse more to locations that are relatively more exposed to international trade. Local ideas are … diffused across space when workers move to another location. We embed the diffusion of ideas through trade and migration into a …

Russia invasion. We study its dynamic effects in a spatial model with forward-looking households of different skills, trade …

We introduce and analyze a new market design for trading financial assets. The design allows traders to directly trade …