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When and how should infant industries be protected?
In: Journal of international economics, Band 66, Heft 1, S. 177-196
ISSN: 0022-1996
International Trade and Innovation
In: University of Chicago, Becker Friedman Institute for Economics Working Paper No. 02, 2022
SSRN
Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier
In: CEPR Discussion Paper No. DP15583
SSRN
Working paper
Dynamic Olley‐Pakes productivity decomposition with entry and exit
In: The Rand journal of economics, Band 46, Heft 2, S. 362-375
ISSN: 1756-2171
We propose an extension of the Olley and Pakes () productivity decomposition that accounts for the contributions of surviving, entering, and exiting firms to aggregate productivity changes. We argue that the other decompositions that break down aggregate productivity changes into similar components introduce some biases in the measurement of the contributions of entry and exit. We apply our proposed decomposition to Slovenian manufacturing data and contrast our results with those of other decompositions. We find that, over a five‐year period, the measurement bias associated with entry and exit is substantial, accounting for up to 10 percentage points of aggregate productivity growth.
Dynamic Olley-Pakes Productivity Decomposition with Entry and Exit
In: NBER Working Paper No. w18182
SSRN
Trade Flow Dynamics with Heterogeneous Firms
In: American economic review, Band 97, Heft 2, S. 356-361
ISSN: 1944-7981
Volatility, Labor Market Flexibility, and the Pattern of Comparative Advantage
In: NBER Working Paper No. w13062
SSRN
The Laffer curve for rules of origin
In: Journal of international economics, Band 150, S. 103911
ISSN: 0022-1996
New Trade Models, New Welfare Implications
In: American economic review, Band 105, Heft 3, S. 1105-1146
ISSN: 1944-7981
We show that endogenous firm selection provides a new welfare margin for heterogeneous firm models of trade (relative to homo geneous firm models). Under some parameter restrictions, the trade elasticity is constant and is a sufficient statistic for welfare, along with the domestic trade share. However, even small deviations from these restrictions imply that trade elasticities are variable and differ across markets and levels of trade costs. In this more general setting, the domestic trade share and endogenous trade elasticity are no longer sufficient statistics for welfare. Additional empirically observable moments of the micro structure also matter for welfare. (JEL F12, F13, F41)
Missing Gains from Trade?
In: American economic review, Band 104, Heft 5, S. 317-321
ISSN: 1944-7981
In a class of trade models which satisfy a constant elasticity gravity equation, the welfare gains from trade can be computed using the open economy domestic trade share and a constant trade elasticity. The measured welfare gains from trade from this quantitative approach are typically relatively modest. In this paper, we suggest a channel for welfare gains that this quantitative approach typically abstracts from: trade-induced changes in domestic productivity. Using a model of sequential production, in which trade induces a reorganization of production that raises domestic productivity, we show that the welfare gains from trade can become arbitrarily large.
SSRN
New Trade Models, New Welfare Implications
In: NBER Working Paper No. w18919
SSRN
Endogenous Entry, Product Variety and Business Cycles
Forthcoming, Journal of Political Economy ; International audience ; This paper builds a framework for the analysis of macroeconomic fluctuations that incorporates the endogenous determination of the number of producers and products over the business cycle. Economic expansions induce higher entry rates by prospective entrants subject to irreversible investment costs. The sluggish response of the number of producers (due to sunk entry costs and a time-to-build lag) generates a new and potentially important endogenous propagation mechanism for real business cycle models. The return to investment (corresponding to the creation of new productive units) determines household saving decisions, producer entry, and the allocation of labor across sectors. The model performs at least as well as the benchmark real business cycle model with respect to the implied second-moment properties of key macroeconomic aggregates. In addition, our framework jointly predicts procyclical product variety and procyclical profits even for preference specifications that imply countercyclical markups. When we include physical capital, the model can simultaneously reproduce most of the variance of GDP, hours worked, and total investment found in the data.
BASE
Endogenous Entry, Product Variety and Business Cycles
Forthcoming, Journal of Political Economy ; International audience ; This paper builds a framework for the analysis of macroeconomic fluctuations that incorporates the endogenous determination of the number of producers and products over the business cycle. Economic expansions induce higher entry rates by prospective entrants subject to irreversible investment costs. The sluggish response of the number of producers (due to sunk entry costs and a time-to-build lag) generates a new and potentially important endogenous propagation mechanism for real business cycle models. The return to investment (corresponding to the creation of new productive units) determines household saving decisions, producer entry, and the allocation of labor across sectors. The model performs at least as well as the benchmark real business cycle model with respect to the implied second-moment properties of key macroeconomic aggregates. In addition, our framework jointly predicts procyclical product variety and procyclical profits even for preference specifications that imply countercyclical markups. When we include physical capital, the model can simultaneously reproduce most of the variance of GDP, hours worked, and total investment found in the data.
BASE