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Bartelsman, Eric J. - 1991

providing new evidence helpful for discriminating between different types of externalities. We investigate four-digit level … most important factor in the transmission of externalities. This suggests that transactions externalities accruing … primarily to the seller, and/or activity-driven demand externalities are significant for explaining the short-run behavior of …

Persistent link: https://www.econbiz.de/10012475186

The Role of External Economies in U.S. Manufacturing

Caballero, Ricardo J. - 1989

This paper develops a method for joint estimation of both the degree of internal returns to scale and the extent of external economies. We apply the method in estimating returns to scale indexes for U.S. manufacturing industries at the two-digit level. Overall, we find that only three of the...

Persistent link: https://www.econbiz.de/10012476015

Contingent Reserves Management : An Applied Framework

Caballero, Ricardo J. - 2004

One of the most serious problems that a central bank in an emerging market economy can face, is the sudden reversal of capital inflows. Hoarding international reserves can be used to smooth the impact of such reversals, but these reserves are seldom sufficient and always expensive to hold. In...

Persistent link: https://www.econbiz.de/10012467904

Reach for Yield and Fickle Capital Flows

Caballero, Ricardo J. - 2018

In Caballero and Simsek (2018), we develop a model of fickle capital flows and show that, when countries are similar, international flows create global liquidity and mitigate crises despite their fickleness. In this paper, we focus on the asymmetric situation of Emerging Markets (EM) exchanging...

Persistent link: https://www.econbiz.de/10012453314

Carry Trade and Systemic Risk : Why are FX Options so Cheap?

Caballero, Ricardo J. - 2012

In this paper we document first that, in contrast with their widely perceived excess returns, popular carry trade strategies yield low systemic-risk-adjusted returns. In particular, we show that carry trade returns are highly correlated with the return of a VIX rolldown strategy --i.e., the...

Persistent link: https://www.econbiz.de/10012460016

Optimal interest-rate rules

Giannoni, Marc Paolo; Woodford, Michael - 2002

Persistent link: https://www.econbiz.de/10001731309

Foreign Competition and Innovation

Helpman, Elhanan - National Bureau of Economic Research - 2023

Empirical studies have found that enhanced foreign competition can encourage or discourage innovation. To address this relationship, I examine a market structure in which a small number of large multi-product oligopolists compete with a large number of small single-product firms in the same...

Persistent link: https://www.econbiz.de/10014436971

Resilience in Vertical Supply Chains

Grossman, Gene M.; Helpman, Elhanan; Sabal, Alejandro - National Bureau of Economic Research - 2023

Forward-looking investments determine the resilience of firms' supply chains. Such investments confer externalities on …

Persistent link: https://www.econbiz.de/10014372496

Financial Conditions Targeting

Caballero, Ricardo J.; Caravello, Tomás E.; Simsek, Alp - National Bureau of Economic Research - 2024

We present evidence that noisy financial flows influence financial conditions and macroeconomic activity. How should monetary policy respond to this noise? We develop a model where it is optimal for the central bank to target and (partially) stabilize financial conditions beyond their direct...

Persistent link: https://www.econbiz.de/10015145157

Firm-Specific Capital and the New-Keynesian Phillips Curve

Woodford, Michael - 2005

A relation between inflation and the path of average marginal cost (often measured by unit labor cost) implied by the Calvo (1983) model of staggered pricing --- sometimes referred to as the "new-Keynesian Phillips curve"--- has been the subject of extensive econometric estimation and testing....

Persistent link: https://www.econbiz.de/10012467536