We develop an empirical framework that allows us to account for producer-country, industry, and demand shocks as drivers of volatility at the industry level in open economies. Our methodology separately accounts for demand shocks originating in the home and foreign markets. Using a panel of...

We analyze how trade affects aggregate volatility using a multi-country, multiindustry, and multi-destination framework. We decompose aggregate output growth risk into destination risk, origin risk, and idiosyncratic risk (and their covariances). We then use this framework to run counterfactuals...

We analyze how trade affects aggregate volatility using a multi-country, multiindustry, and multi-destination framework. We decompose aggregate output growth risk into destination risk, origin risk, and idiosyncratic risk (and their covariances). We then use this framework to run counterfactuals...

We evaluate the expected impact of the anticipated International Maritime Organization’s regulatory regime that will cap CO2 emissions from global maritime shipping. Focusing on U.S. imports---for which we compile granular vessel, route, emission, and trade data---we structurally estimate a...

We evaluate the expected impact of the International Maritime Organization’s 2023 regulatory regime (IMO2023) that caps CO2 emissions from global maritime shipping. Focusing on U.S. imports—for which we compile granular vessel, route, emission, and trade data— we structurally estimate a...

Developing countries pay substantially higher transportation costs than developed nations, which leads to less trade and perhaps lower incomes. This paper investigates price discrimination in the shipping industry and the role it plays in determining transportation costs. In the presence of...