While the renegotiation of the North American Free Trade Agreement has received far more attention, a lesser-known U.S. trade deal has also been reworked. In April of 2017, President Trump proclaimed his displeasure with the Korea-U.S. Free Trade Agreement (commonly referred to as “KORUS”),...

Constitutional scholars, lawyers, and policy analysts have long raised concerns about executive branch overreach on trade policy. The issue exploded into prominence in 2018 when President Trump authorized tariffs on imported steel and aluminum, which his Department of Commerce had identified as...

This article examines protectionism from a number of perspectives. Part One provides some general background information describing present Japanese-American trade policy. Part Two does the same for Korean-American trade policy. Part Three offers some concluding observations

We review theoretical and empirical work on the economic effects of the United States and China trade relations during the last decades. We first discuss the origins of the China shock, its measurement, and present methods used to study its economic effects on different outcomes. We then focus...

We analyze how the product market competition shock due to China’s WTO entry affects local US banks heterogeneously. Using a difference-in-differences empirical strategy, we document that in regions with greater exposure to the shock, loan quality deteriorates and bank profitability declines...

The analysis presented in this study focuses primarily on the LCA manufacturing industries in the United States and Western Europe. It also includes some discussion of Russia’s LCA industry, which is beginning to produce aircraft for export. Although Japan is not a producer of LCA, it is...

We evaluate the effects of state-provided financial incentives for biotech companies, which are part of a growing trend of placed-based policies designed to spur innovation clusters. We estimate that the adoption of subsidies for biotech employers by a state raises the number of star biotech...

Many jurisdictions levy sizable fines and fees (legal financial obligations, or LFOs) on criminal defendants. Proponents argue LFOs are a "tax on crime" that funds courts and provides deterrence; opponents argue they do neither. We examine the fiscal implications of lowering LFOs. Incentives to...

Some recent empirical studies, motivated by Grossman and Helpman's (1994) well-known "Protection for Sale" model, suggest that very few factors (none of them laborrelated) determine trade protection. This paper reexamines the roles that labor issues play in the determination of trade policy. We...