We provide the first empirical evidence on how media-driven narratives influence cross-border institutional investment flows. Applying natural language processing techniques to one-and-a-half million ...

The Trump Administration's tariffs created a wedge between mutually beneficial trades between China's producers and U.S. consumers. Moving production to nearby Vietnam allows firms to jump the tariff ...

We study the source of exchange rate fluctuations using a general equilibrium model accommodating shocks in goods and financial markets. These shocks differ in their induced comovements between ...

We assess the efficacy of systemic risk measures that rely on U.S. financial firms’ stock return co-movements with market- or sector-wide returns under stress from 1927 to 2023. We ascertain stress ...

The field of international trade has undergone significant theoretical and empirical advancements over the last twenty-five years. A key breakthrough has been the emergence of firm-level approaches to ...

We evaluate the economic and environmental consequences of taxes on imported goods based on their carbon content. The analysis uses the simplest possible partial equilibrium framework, with one small ...

Using a newly digitized database encompassing the universe of tariff lines across five US trade policy regimes between 1900 and 1940, we show that price dynamics combine with industry reliance on ...

We formalize the GATT/WTO principle of reciprocity in workhorse quantitative trade models, characterizing reciprocal tariff cuts that hold terms of trade fixed and investigating their labor-market ...

While the trade literature has tended to view export activity and innovation as complementary activities, we present evidence that financial constraints are a reason the two activities can act as ...

This paper shows a cascading mechanism through which international trade-induced deforestation results in a decline of health outcomes in cities distant from where trade activities occur. We examine ...

We provide a general formula for optimal unilateral policies in multi-sector, general-equilibrium Ricardian models with various widely adopted labor market specifications. Sector-specific tariffs are ...

This study utilizes the granular Japanese customs data from 2014 to 2020 to examine the exchange rate pass-through (ERPT) to Japanese import prices. It mainly focuses on the impact of the invoicing ...