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I study how cross-country capital market integration affects the gains from trade in a model with financial frictions and heterogeneous, forward-looking firms. The model predicts that misallocation among exporters increases as trade barriers fall, even as misallocation decreases in the...
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reconcile with frictionless capital markets. In this paper, we develop a theory of international capital allocation: a multi …
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features is key for evaluating financial and labor policy reforms since they have a direct impact on the allocation of …
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Bank market power shapes firm investment and financing dynamics and hence affects the transmission of macroeconomic shocks. Motivated by a secular increase in the concentration of the US banking industry, I study bank market power through the lens of a dynamic general equilibrium model with...
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