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The Impact of Tax Uncertainty on Irreversible Investment
Niemann, Rainer - 2021
Tax legislation, fiscal authorities, and tax courts create tax uncertainty by frequent tax reforms and various different interpretations of the tax law. Moreover, investors generate model-specific tax uncertainty by using simplified models that anticipate the actual tax base incorrectly. I...
Persistent link: https://www.econbiz.de/10013316889
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The Network Origins of the Gains from Trade
Bosker, Erik Maarten - 2019
In this paper, we develop a network perspective on the welfare gains from trade in today’s internationally fragmented supply chains. Towards this end, we study a Ricardian trade model featuring trade in final and intermediate products, and introduce a novel comparative statics approach to...
Persistent link: https://www.econbiz.de/10012890197
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A Simple Model of Buyer-Seller Networks in International Trade
Herkenhoff, Philipp; Krautheim, Sebastian; Sauré, Philip U. - 2021
The recent literature on firm-to-firm trade has documented salient empirical regularities of the buyer-seller network. We propose a simplistic re-interpretation of the classical Krugman (1980) model that accounts for surprisingly many of the empirical regularities. This re-interpretation relies...
Persistent link: https://www.econbiz.de/10013224077
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Trade Openness and Growth : A Network-Based Approach
Duernecker, Georg; Meyer, Moritz; Vega-Redondo, Fernando - 2021
In this paper, we propose a novel approach to the study of international trade that leads to a measure of country openness that is quite different from the various alternatives proposed by the received literature. In contrast to these, our measure does not use indicators of aggregate trade...
Persistent link: https://www.econbiz.de/10013211116
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Financial Constraints and Propagation of Shocks in Production Networks
Pakel, Banu Demir; Javorcik, Beata Smarzynska; … - 2021
empirical tests, motivated by a simple theory, demonstrate that low-liquidity firms amplified its transmission …
Persistent link: https://www.econbiz.de/10013315210
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Structural Change in Production Networks and Economic Growth
Gaggl, Paul; Gorry, Aspen; vom Lehn, Christian - 2023
This paper studies structural change in production networks for intermediate inputs (input-output network) and new capital (investment network). For each network, we document a declining fraction of production by goods sectors and a rising fraction of production by services sectors. We develop a...
Persistent link: https://www.econbiz.de/10014348090
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Product Differentiation and Oligopoly : A Network Approach
Pellegrino, Bruno - 2023
This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product …
Persistent link: https://www.econbiz.de/10014262031
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The Global Effects of COVID-19-Induced Uncertainty
Caggiano, Giovanni - 2020
We estimate a three-variate VAR using proxies of global financial uncertainty, the global financial cycle, and world industrial production to simulate the effects of the jump in financial uncertainty observed in correspondence of the Covid-19 outbreak. We predict the cumulative loss in world...
Persistent link: https://www.econbiz.de/10012834352
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Risk Matters : Breaking Certainty Equivalence
Parra-Alvarez, Juan Carlos - 2020
first-order approximated solution built by perturbation methods accounts for risk. We show that risk matters economically in … a real business cycle (RBC) model with habit formation and capital adjustment costs and that neglecting risk leads to …
Persistent link: https://www.econbiz.de/10012834991
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Bank Bonus Pay as a Risk Sharing Contract
Efing, Matthias - 2019
We argue that risk sharing motivates the bank-wide structure of bonus pay. In the presence of financial frictions that … make external financing costly, the optimal contract between shareholders and employees involves some degree of risk … to rationalize with incentive theories of bonus pay - but support an important risk sharing motive. In particular …
Persistent link: https://www.econbiz.de/10012892088