This paper investigates the effect of merger-driven market concentration on the markups of non-merging rival firms in Europe's paper manufacturing industry. Using a representative data set of 400 independently-owned companies spanning a ten-year period, we aim to disentangle the impact of...

This paper develops an open economy firm-heterogeneous model where the combination of market rigidities and exchange rate uncertainty acts like a barrier to trade and modifies a firm's optimal choice in terms of production and pricing. The existence of price and labor rigidities, coupled with...

This paper analyzes the effects of local externalities on the probability of starting a new economic activity. We use firm-level data and geographic information on French zip-codes for 1993-2002. Poisson and Negative Binomial panel data models are estimated as they naturally allow for large sets...

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...

En un marco teórico simplificado, modelizamos las interacciones estratégicas entre los productores de la OPEP y los no pertenecientes a la OPEP y sus implicaciones para el mercado global de petróleo. Dependiendo de las condiciones del mercado, la OPEP puede considerar óptimo actuar como...

Containment measures of COVID-19 have generated a chain of supply and demand shocks around the globe with heterogeneous fallout across industries and countries. We quantify their transmission via foreign trade with a focus on the euro area where deep firms integration within regional supply...

In a simplified theoretical framework we model the strategic interactions between OPEC and non-OPEC producers and the implications for the global oil market. Depending on market conditions, OPEC may find it optimal to act either as a monopolist on the residual demand curve, to move supply...