In this work, we analyse the most recent shifts in trade patterns amid increasing ge-oeconomic fragmentation. We document five facts about the recent reconfiguration of global, US and EU trade flows. First, a broad retreat from globalization is not tak-ing place. Second, selective decoupling...

In this work, we analyse the most recent shifts in trade patterns amid increasing ge-oeconomic fragmentation. We document five facts about the recent reconfiguration of global, US and EU trade flows. First, a broad retreat from globalization is not tak-ing place. Second, selective decoupling...

Industries are not fully geographically concentrated, so that natural disasters can affect the degree of competition in the industry, forcing firms to adapt, and have aggregate consequences. Using administrative data, we show that natural disasters in Italy lead to a persistent decline in...

This paper studies foreign-market entry patterns in the professional services industry. We build a structural model of horizontal foreign direct investment (FDI) with firms that are heterogeneous in terms of service quality. Firms can choose to serve foreign markets via exporting, cross-border...

In recent years empirical studies offer clear evidence on the increasing importance of intra-industry trade in presence of vertically differentiated products. These are goods that, within the same industry, are distinguished by different quality levels. In the new trade theory and in the...

Following the spread of global value chains new statistical tools, the Inter-Country Input-Output tables, and new analytical frameworks have been recently developed to provide an adequate representation of supply and demand linkages among the economies. Koopman, Wang and Wei propose an...

In 2011-2015 global trade volumes have systematically surprised on the downside, to a much larger extent than real GDP. We show that two key features of real trade flows --- their high volatility and their procyclicality --- determine a cyclicality of the income elasticity of trade. This...

In 2011-2015 global trade has disappointed, to a much larger extent than global GDP. We show that two key features of real trade flows - their high volatility and their procyclicality - determine a cyclicality of the income elasticity of trade. This property is such that when real GDP growth is...

This paper attempts to analyse, in a theoretical perspective, the effects of economic fluctuations on the personal distribution of incomes. The framework developed here is logically separated into two building blocks. The first is a macrodynammic model determining wages and profits, I.e. the...

The paper surveys the studies on the cyclical behaviour of real wages published from the twenties onwards. The traditional simple neoclassical model of the labour market suggests that real wages tend to move countercyclically. However, from a theoretical viewpoint, there are few reasons to...