We analyze how multinational firms reallocate real operations and debt across their affiliates in response to anti-tax avoidance policies. The UK introduced a worldwide debt cap in 2010, generating a quasi-natural experiment that limited interest deductibility for a group of multinational firms....

Recent contributions on offshoring often assume that firms can freely split their production process into separate steps which can be ranked according to the cost savings from producing abroad. We replace this assumption by the notion of a technologically determined sequence of production steps....

The fragmentation of production across borders allows firms to make and export final goods, or to perform only intermediate stages of production by processing imported inputs for re-exporting. We examine how financial frictions affect companies’ choice between processing and ordinary trade -...

This paper proposes a general method to extend a standard input-output (IO) table to incorporate firm heterogeneity when portraying the domestic segment of global value chains in a country. We develop a quadratic optimization model to estimate an extended IO table that reports inter-sector...

Denmark is one of the most developed welfare states, but also a rather capitalistic state with little public ownership outside the traditional fields of the public sector and the natural monopolies of the network industries. The low level of public ownership corresponds to peoples attitude in...

This paper combines representative worker-level data that cover time-varying job-level task characteristics of an economy over a long time span with sector-level bilateral trade data for merchandize and services. We carefully create longitudinally consistent workplace characteristics from the...