markets on the cost of macroeconomic volatility there. We find that macroeconomic volatility has a potentially large impact on … even for risk neutral multinationals, as their profit function is non-linear due to price and productivity effects. For … industries with costly capacity, the multinationals would tend to invest in the more stable emerging markets. Higher volatility …

theoretically that volatility in fundamental variables such as the nominal interest rate that drive exchange rate volatility can … investment on exchange rate volatility. It is the first paper to provide empirical evidence that interest rate volatility may …

unfortunately come from comparisons of partial productivity measures of labor or measures of average capital-intensity, with all the … productivity, or lower costs of production …

model in which technical advances are embodied in new capital, investment will translate directly into productivity gains … growth than the sum of the contributions of parent and affiliate employment, and materials; (2) productivity has boomed since … 1992, due to productivity growth in MNCs with Canadian affiliates; (3) the investment elasticity of productivity growth is …

Assessing the productivity gains from multinational production has been a vital topic of economic research. Positive … aggregate productivity gains are often attributed to within-firm productivity improvement; however, an alternative, less … in determining the aggregate productivity gains by exploring their distinct predictions on the distributions of domestic …

-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at … business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks …

We measure the contribution of firm-embedded productivity to cross-country income differences. By firm …-embedded productivity we refer to the components of productivity that differ across firms and that can be transferred internationally, such … face less competition in less-developed countries, suggesting that firm-embedded productivity in those countries is scarce …

finance dependence accentuates the effect of country-level financial development and institutional quality. The theory and …

choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations and external finances affect output volatility through the …