The classic tariff formula states that the optimal unilateral tariff equals the inverse of the foreign export supply elasticity. We generalize this result and show that an intertemporal tariff formula characterizes the efficient tariff in a large class of dynamic heterogeneous agent (HA)...

This paper investigates how state ownership affects firms’ cost of debt by employing a novel quasi-experimental method to examine firm-level data before and after pressured liquidation events in China. Our study seeks to address the issues of heterogeneity and endogeneity when providing causal...