We uncover a new real effect of harmonizing accounting standards on international trade: following a mandatory adoption of International Financial Reporting Standards, exporters experiencing a greater change in reporting requirements become more successful in defending against foreign...

This paper proposes a new unified accounting framework to measure Global Supply Chain (GSC) activities. It integrates decomposition frameworks on gross output, trade, and value added, and formally incorporates the role of Foreign Invested Enterprises (FIEs). Compared to the existing Global Value...

A central challenge in the climate crisis is how to mobilize collective action--and who can do it. We show that digital platforms can transform latent support for sustainability into measurable environmental outcomes, while also generating value for the platform itself. We study Ant Forest, a...

We find that an unanticipated tightening of US monetary policy tends to raise US import prices. This empirical "spill-back" pattern differs from the predictions of typical open-economy macro models. We also document a new empirical "spillover" effect: import prices of other countries also rise...

We study the implications of global supply chains for the design of monetary policy, using a small-open economy New Keynesian model with multiple stages of production. Within the family of simple monetary policy rules with commitment, a rule that targets separate producer price inflation at...

Most manufacturing activities use inputs from the financial and business services sectors. But these services sectors also compete for resources with manufacturing activities, provoking concerns about deindustrialization attributable to financial services in developed countries like the United...

A country may adopt policy measures such as raising its foreign exchange reserves to better prepare for foreign interest rate shocks or sudden reversal of international capital flows, which in principle should reduce financial vulnerability for its firms and the entire economy, but the...

The United States imports intermediate inputs from China, helping downstream US firms to expand employment. Using a cross-regional reduced-form specification but differing from the existing literature, this paper (a) incorporates a supply chain perspective, (b) uses intermediate input imports...

With capital controls, the standard financial market transactions needed for currency carry trade are hard to implement. Using detailed trade data reported by both the mainland Chinese and Hong Kong's governments, we present evidence that indirect currency carry trade likely takes place via...

We develop a unified framework to trace value added along global supply chains in the presence of foreign direct investment by decomposing either GDP based on forward linkages or final production based on backward linkages. The new framework accounts for the presence of foreign invested...