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Global Value Chains and Effective Exchange Rates at the Country-Sector Level

Patel, Nikhil - 2014

The real effective exchange rate (REER) is one of the most cited statistical constructs in open-economy macroeconomics. We show that the models used to compute these numbers are not rich enough to allow for the rising importance of global value chains. Moreover, because different sectors within...

Persistent link: https://www.econbiz.de/10013052107

Microeconomic Origins of Macroeconomic Tail Risks

Acemoglu, Daron - 2015

We document that even though the normal distribution provides a good approximation to GDP fluctuations, it severely underpredicts “macroeconomic tail risks,” that is, the frequency of large economic downturns. Using a multi-sector general equilibrium model, we show that the interplay of...

Persistent link: https://www.econbiz.de/10013030060

Agglomeration : A Dynamic Approach

Hanlon, William Walker - 2015

This paper studies the sources of agglomeration economies in cities. We begin by introducing a simple dynamic spatial equilibrium model that incorporates spillovers within and across industries, as well as city-size effects. The model generates a dynamic panel-data estimation equation. We...

Persistent link: https://www.econbiz.de/10013031569

Complementarities and Comovements

Shea, John - 2021

Short-run interindustry comovement may be due either to common shocks or to complementarities that propagate shocks across sectors. This paper assesses the importance of input-output linkages, aggregate activity spillovers, and local activity spillovers to comovement in postwar US manufacturing....

Persistent link: https://www.econbiz.de/10013221096

Comovement in Cities

Shea, John - 2021

Recent research has shown that industries that locate together in space also move together over the business cycle, and that this correspondence between spatial and temporal comovement is important to aggregate volatility. This paper asks whether this correspondence is due to local common shocks...

Persistent link: https://www.econbiz.de/10013221297

Competitors, Complementors, Parents and Places : Explaining Regional Agglomeration in the U.S. Auto Industry

Cabral, Luis M. B. - 2018

Taking the early U.S. automobile industry as an example, we evaluate four competing hypotheses on regional industry agglomeration: intra-industry local externalities, inter-industry local externalities, employee spinouts, and location fixed-effects. Our findings suggest that inter-industry...

Persistent link: https://www.econbiz.de/10012937840

The Gravity Equation in International Trade : An Explanation

Chaney, Thomas - 2013

The gravity equation in international trade is one of the most robust empirical finding in economics: bilateral trade between two countries is proportional to size, measured by GDP, and inversely proportional to the geographic distance between them. While the role of size is well understood, the...

Persistent link: https://www.econbiz.de/10013077965

The Network Origins of Large Economic Downturns

Acemoglu, Daron - 2013

This paper shows that large economic downturns may result from the propagation of microeconomic shocks over the input-output linkages across different firms or sectors within the economy. Building on the framework of Acemoglu et al. (2012), we argue that the economy's input-output structure can...

Persistent link: https://www.econbiz.de/10013078828

The Impact of Globalization on Pre-Industrial, Technologically Quiescent Economies

Williamson, Jeffrey G. - 2000

This paper uses a new pre-1940 Third World data base documenting real wages and relative factor prices to explore their determinants. There are three possibilities: external price shocks, factor endowment changes, and technological change. As the paper's title suggests, technological change is...

Persistent link: https://www.econbiz.de/10014158843

Globalization and Global Crises : Rest of the World vs. Israel

Razin, Assaf - 2021

Post WWII globalization forces are facing headwinds in the form of global crises-the “The Great Recession” and the “The … Pandemic Recession”. Israel’s trade and financial globalization, however, is steadily rising. The pandemic-induced slump in …. The paper provides an overview of the new globalization trends in the world and in Israel, with emphasis on the role of …

Persistent link: https://www.econbiz.de/10013250932