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Inflation Expectations and Misallocation of Resources : Evidence from Italy
Ropele, Tiziano; Gorodnichenko, Yuriy; Coibion, Olivier - National Bureau of Economic Research - 2023
Using Italian data that includes both inflation forecasts of firms and external information on their balance sheets, we study the causal effect of changes in the dispersion of beliefs about future inflation on the misallocation of resources. We find that as disagreement increases, so does...
Persistent link: https://www.econbiz.de/10014250207
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Central Banks as Dollar Lenders of Last Resort : Implications for Regulation and Reserve Holdings
Das, Mitali; Gopinath, Gita; Kim, Taehoon; Stein, Jeremy C. - National Bureau of Economic Research - 2022
This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are...
Persistent link: https://www.econbiz.de/10013477280
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Heterogeneous Agent Trade
Waugh, Michael E. - National Bureau of Economic Research - 2023
This paper studies the implications of household heterogeneity for trade. I develop a model where household heterogeneity is induced via incomplete markets and results in heterogeneous price elasticities. Conditional on exposure to trade, heterogeneous price elasticities imply that different...
Persistent link: https://www.econbiz.de/10014421236
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Trading Places : Mobility Responses of Native and Foreign-Born Adults to the China Trade Shock
Autor, David H.; Dorn, David; Hanson, Gordon H. - National Bureau of Economic Research - 2023
from China. Although population headcounts of the foreign-born fell by more than those of the native-born in regions … exposed to the China trade shock, the overall contribution of immigration to labor market adjustment in this episode was small … industries that would later see increased import penetration from China. The foreign-born share of the working-age population in …
Persistent link: https://www.econbiz.de/10013537796
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Temperature Effects on Productivity and Factor Reallocation : Evidence from a Half Million Chinese Manufacturing Plants
Zhang, Peng - 2017
This paper uses detailed production data from a half million Chinese manufacturing plants over 1998-2007 to estimate the effects of temperature on firm-level total factor productivity (TFP), factor inputs, and output. We detect an inverted U-shaped relationship between temperature and TFP and...
Persistent link: https://www.econbiz.de/10012453722
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Misallocation and Manufacturing TFP in China and India
Hsieh, Chang-Tai - 2007
establishments to quantify the potential extent of misallocation in China and India compared to the U.S. Compared to the U.S., we … measure sizable gaps in marginal products of labor and capital across plants within narrowly-defined industries in China and ….S., we calculate manufacturing TFP gains of 30-50% in China and 40-60% in India …
Persistent link: https://www.econbiz.de/10012465360
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Productivity Effects of TVE Privatization : The Case Study of Garment and Metal Casting Enterprises in the Greater Yangtze River Region
Sonobe, Tetsushi - 2003
and widely taking place in China, it is much less known whether and to what extent privatization has improved resource … allocation and productivity. As a first step toward the fuller understanding of the effect of privatization, this study …
Persistent link: https://www.econbiz.de/10012469077
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On the Measure of Distortions
Hopenhayn, Hugo A. - 2014
Abstract The paper considers formally the mapping from distortions in the allocations of resources across firms to aggregate productivity. TFP gaps are characterized as the integral of a strictly concave function with respect to an employment-weighted measure of distortions. Size related...
Persistent link: https://www.econbiz.de/10012458262
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Information, Misallocation and Aggregate Productivity
David, Joel M. - 2014
US, China, and India reveals substantial losses in productivity and output due to the informational friction. Our … estimates for these losses range from 7-10% for productivity and 10-14% for output in China and India, and are smaller, though …
Persistent link: https://www.econbiz.de/10012458327
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Detection and Impact of Industrial Subsidies : The Case of World Shipbuilding
Kalouptsidi, Myrto - 2014
strategy to world shipbuilding, a classic target of industrial policy. I find strong evidence consistent with China having …
Persistent link: https://www.econbiz.de/10012458547