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Accounting for the Evolution of China's Production and Trade Patterns
Huang, Hanwei; Ju, Jiandong; Yue, Vivian Z. - National Bureau of Economic Research - 2024
This paper studies the evolution of China's production and trade patterns during its integration into the global … economy. We document and explain new facts concerning changes in production and exports at the industry and firm levels using … that capital deepening made China's production and exports more capital-intensive, although labor-biased productivity …
Persistent link: https://www.econbiz.de/10014544694
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Are Supply Networks Efficiently Resilient?
Capponi, Agostino; Du, Chuan; Stiglitz, Joseph E. - National Bureau of Economic Research - 2024
production capacity to hedge against supply and demand shocks. But the social benefits of such investments are not internalized … incentivize capacity investment, reduce reliance on spot markets, and enhance competition ameliorate the externality …
Persistent link: https://www.econbiz.de/10014512075
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Intangible Marketing Capital
Bronnenberg, Bart J.; Dubé, Jean-Pierre H.; Syverson, Chad - National Bureau of Economic Research - 2022
We present several empirical facts about trends in marketing investment in the US. We also present estimates of the private value of brands to firms and aggregate intangible brand capital stocks created by these investments. These investments include the creation and maintenance of a brand name...
Persistent link: https://www.econbiz.de/10013334364
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The Antebellum U.S. Iron Industry : Domestic Production and Foreign Competition
Davis, Joseph H. - 2007
This paper presents new annual estimates of U.S. production of pig iron and imports of pig iron products dating back to … 1827. These estimates are used to assess the vulnerability of the antebellum iron industry to foreign competition and the … role of the tariff in fostering the industry's early development. Domestic pig iron production is found to be highly …
Persistent link: https://www.econbiz.de/10012465198
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Liquidity Traps, Prudential Policies, and International Spillovers
Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2022
This paper studies the transmission channels of monetary and macroprudential policies in an open economy framework and evaluates the normative implications for international spillovers and global welfare. An analytical decomposition uncovers the prominent role of expenditure switching for...
Persistent link: https://www.econbiz.de/10013210066
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Sticky Discount Rates
Fukui, Masao; Gormsen, Niels; Huber, Kilian - National Bureau of Economic Research - 2024
We show that firms' nominal required returns to capital (i.e., their discount rates) are sticky with respect to expected inflation. Such nominally sticky discount rates imply that increases in expected inflation directly lower firms' real discount rates and thereby raise real investment. We...
Persistent link: https://www.econbiz.de/10014512092
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The Macroeconomic Impact of Climate Change : Global vs. Local Temperature
Bilal, Adrien; Känzig, Diego R. - National Bureau of Economic Research - 2024
This paper estimates that the macroeconomic damages from climate change are six times larger than previously thought. We exploit natural variability in global temperature and rely on time-series variation. A 1°C increase in global temperature leads to a 12% decline in world GDP. Global...
Persistent link: https://www.econbiz.de/10014544728
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Robots and Workers : Evidence from the Netherlands
Acemoglu, Daron; Koster, Hans; Ozgen, Ceren - National Bureau of Economic Research - 2023
We estimate the effects of robot adoption on firm-level and worker-level outcomes in the Netherlands using a large employer-employee panel dataset spanning 2009-2020. Our firm-level results confirm previous findings, with positive effects on value added and hours worked for robot-adopting firms...
Persistent link: https://www.econbiz.de/10014247929
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Local and National Concentration Trends in Jobs and Sales : The Role of Structural Transformation
Autor, David H.; Patterson, Christina; Van Reenen, John - National Bureau of Economic Research - 2023
have risen by about 9% by 2017. Instead, it fell by 5%. Falling local employment concentration may intensify competition … for recent market entrants. Simultaneously, rising within industry-by-geography concentration may weaken competition for …
Persistent link: https://www.econbiz.de/10014250148
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Short-Term Tax Cuts, Long-Term Stimulus
Cloyne, James; Martinez, Joseba; Mumtaz, Haroon; … - National Bureau of Economic Research - 2022
We study the persistent effects of temporary changes in U.S. federal corporate and personal income tax rates using a narrative identification approach. A corporate income tax cut leads to a sustained increase in GDP and productivity, with peak effects between five and eight years. R&D spending...
Persistent link: https://www.econbiz.de/10013334463