This article reviews the state of the international trade literature on multinational firms. This literature addresses … contract with local producers or distributors? We organize our exposition of the trade literature on multinational firms around … the workhorse monopolistic competition model with constant-elasticity-of-substitution (CES) preferences. On the …

is more vulnerable to contagion if it has a more levered banking system, greater trade exposure, weaker macroeconomic … fundamentals, and larger international portfolio investment liabilities. Countries are less vulnerable, however, if they have … larger international portfolio investment assets (which can provide a buffer against shocks) and are less reliant on debt …

The trade linked to international production networks - supply-chain trade for short - is associated with momentous … global economic changes. This paper presents a portrait of the global pattern of supply-chain trade and how it has evolved …'s supply-chain trade receives special attention. …

globalization affects the size distribution of firms and the patterns of consumption and trade in the global economy. …

In recent decades, growth of overall world trade has been driven in large part by the rapid growth of trade in … intermediate inputs. Much of this input trade involves multinational firms locating input processing in their foreign affiliates … trade in intermediate inputs for further processing between parent firms and their foreign affiliates. We estimate affiliate …

attention to the role of firms when discussing international trade. This paper summarizes key differences between trading and … non-trading firms, demonstrates how these differences present a challenge to standard trade models and shows how recent … "heterogeneous-firm" models of international trade address these challenges. We then make use of transaction-level U.S. trade data to …