Modern trade agreements contain a large number of provisions in addition to tariff reductions, in areas as diverse as services trade, competition policy, trade-related investment measures, or public procurement. Existing research has struggled with overfitting and severe multicollinearity...

Der internationale Dienstleistungshandel spielt eine immer bedeutendere Rolle im Welthandel. Hierbei muss im Gegensatz zu Zollschranken im Warenhandel auf die nicht-tarifären Handelshemmnisse geschaut werden, die oft nur schwer quantifizierbar sind. Der Autor diskutiert Handelsbarrieren, den...

This paper investigates the role that the entry and exit of heterogeneous firms plays in shaping aggregate fluctuations in economic activity. In so doing, it develops a dynamic stochastic general equilibrium model in which procyclical entry and countercyclical exit along a real business cycle...

In a two-country international trade model with oligopolistic competition, we study the conditions on market structure and trade costs under which a merger policy designed to benefit domestic consumers is too tough or too lenient from the viewpoint of the foreign country. Calibrating the model...

Decisions of national competition authorities have important effects on other jurisdictions. We provide a framework to quantify the domestic and cross-border effects of mergers, and to draw conclusions for the coordination of national merger policies. We develop a two-country model with many...

We study the impact of the 2016 Brexit referendum on UK foreign direct investment. Using the synthetic control method to construct appropriate counterfactuals, we show that by March 2019 the Leave vote had led to a 17% increase in the number of UK outward investment transactions in the remaining...

We study stock market reactions to the Brexit referendum on 23 June 2016 in order to assess investors’ expectations about the effects of leaving the European Union on the UK economy. Our results suggest that initial stock price movements were driven by fears of a cyclical downturn and by the...

Der internationale Dienstleistungshandel spielt eine immer bedeutendere Rolle im Welthandel. Hierbei muss im Gegensatz zu Zollschranken im Warenhandel auf die nicht-tarifären Handelshemmnisse geschaut werden, die oft nur schwer quantifizierbar sind. Der Autor diskutiert Handelsbarrieren, den...