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This paper develops a structural empirical general equilibrium model of aggregate bilateral trade with path dependence of country-pair level exporter status. Such path dependence is motivated through informational costs about serving a foreign market for first-time entry of (firms in) an export...
Persistent link: https://www.econbiz.de/10011392358
We consider the standard spectral estimators based on a sample from a class of strictly stationary nonlinear processes which include, in particular, the bilinear and Volterra processes. It is shown that these estimators, under certain mild regularity conditions are both consistent and...
Persistent link: https://www.econbiz.de/10014067725
This paper uses a sectoral version of the conventional Imperfect substitutes model to motivate a parsimonious estimation of trade elasticities. The elasticities we compute depend directly on the specialization of trade across sectors, which is believed to add econometric precision to our...
Persistent link: https://www.econbiz.de/10012266397
This paper uses a sectoral version of conventional Imperfect substitutes model to motivate a parsimonious estimation of trade elasticities. The elasticities we compute depend directly on the specialization of trade across sectors, which is believed to add econometric precision to our estimates....
Persistent link: https://www.econbiz.de/10012260864
We show that, in heterogeneous-firm international trade models, common forms of heterogeneity and uncertainty drive a (multiplicative random) wedge between the observable exports distribution and the latent distribution of firm productivity. Even if the latter is exactly Pareto distributed, this...
Persistent link: https://www.econbiz.de/10012978180
A large number of recent papers employ value-added trade data alongside traditional gross measures of trade to estimate the impact of various trade costs on bilateral trade. Value-added gravity equations are typically justified by referencing the theoretical and empirical merits of traditional...
Persistent link: https://www.econbiz.de/10015125376
In this paper we study the zero frequency spectral properties of fractionally cointegrated long memory processes and introduce a new frequency domain principal components estimator of the cointegration space and the factor loading matrix for the long memory factors. We find that for fractionally...
Persistent link: https://www.econbiz.de/10009636544