Academics, the media, and policymakers have all raised concerns about the implications of human workers being replaced … by machines or software. Few have discussed the implications of the reverse: firms' ability to replace capital with … workers. We show that this flexibility can help new firms overcome uncertainty and increase entrepreneurial entry. We develop …

on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co …-movements of global factors in asset prices and capital flows with commodity prices, international trade and world output as well …

The importance of financial markets and international capital flows have increased greatly since the 1990s. How does …

We study the impact on the skill premium of increases in the quality of goods consumed by households ("trading up …"). Our empirical work shows that high- quality goods are more intensive in skilled labor than low-quality goods and that … household spending on high-quality goods rises with income. We propose a model consistent with these facts. This model accounts …

(QHFT) model, we classify export goods (at the HS 6-digit level of disaggregation) by quality and price competition. We find … a high proportions of quality-competition goods for the major EU countries and lower proportions for Canada, Australia … and China. However, the overlap of these quality-competition goods is not large, which suggests that characteristics of …

We show that international trade in goods is the main determinant of international equity portfolios and offers a …