关键词： Search   Welfare   Trade elasticity   Constrained optimization  

摘要： We add goods-market frictions to a general equilibrium dynamic model with heterogeneous exporting producers and identical importing retailers. Our tractable framework leads to endog-enously unmatched product varieties that reduce welfare, attenuate welfare responses, increase the responsiveness of trade to iceberg costs, and operate mainly through the extensive margin. Quantitative results based on U.S. and Chinese data suggest that reducing international search costs to their domestic levels raises U.S. and Chinese welfare by 5.6% and 4%, respectively. A model with search frictions attenuates ex-ante welfare responses by 85% and changes the trade elasticity from & minus;3.2 to & minus;5.5 relative to a model without search frictions. The trade elas-ticity with respect to search costs is & minus;0.7 and search frictions make the intensive and extensive margins of trade with respect to variable costs about equally important. Our framework pro-vides a baseline for analyzing the aggregate implications of search frictions in models of trade. (c) 2020 Published by Elsevier B.V.

ISBN: (纸本)9787010216799

关键词： consumption externality   Heckscher–   Ohlin   time preference   two‐   country model  

摘要： We first consider a closed model, where households' time discount depends on externality in consumption. We can prove that there is a unique steady state, which is a saddle point. Then we extend the model to a two-country world, and derive the condition on the effects of consumption externality under which there is a unique free trade steady state with saddle-point stability.

关键词： Non-tariff measures   technical regulations   compliance requirement   international trade   technical barriers to trade (TBT)   sanitary and phytosanitary standard (SPS)  

摘要： In this paper, we develop the additional compliance requirement indicator (ACRI) to quantify the extra regulatory requirements that an exporter may face when serving the foreign country's market. The higher the value of ACRI, the greater the difference between the sets of technical measures in the destination and origin countries. Employing the ACRI, we estimate the impact on trade of regulatory burdens via product-level bilateral gravity equations. We find a significant negative impact of regulatory burdens on bilateral trade for a full sample, but the estimated trade effects vary across sectors and depend on the development levels of the trading countries.

关键词： International trade   Social connectedness   Information frictions   Border effects  

摘要： We use de-identified data from Facebook to construct a new and publicly available measure of the pairwise social connectedness between 170 countries and 332 European regions. We find that two countries trade more when they are more socially connected, especially for goods where information frictions may be large. The social connections that predict trade in specific products are those between the regions where the product is produced in the exporting country and the regions where it is used in the importing country. Once we control for social connectedness, the estimated effects of geographic distance and country borders on trade decline substantially. (c) 2020 Elsevier B.V. All rights reserved.

关键词： Internet   International trade   Population   Elasticity   F10   F15   G01  

摘要： Purpose We address the question of how the Internet promotes international trade volume, and especially, whether the global human resources affect the bilateral international trade during the technology development across countries. Design/methodology/approach A dynamic panel causality analysis is carried out to demonstrate empirically that the causality of the Internet diffusion on the international trade volumes. Evidence shows a significant positive effect of the Internet on international trade volume from time-series and cross-sectional regressions. Furthermore, the magnitude of elasticity is discussed. Findings There is strong evidence that the Internet stimulates international trade for all countries. Growth of trade volumes changes over time with heteroscedastic responses. The positive impacts of the growth of GDP are diluted by the growth of global human resources. Originality/value The data on the number of web hosts is not necessarily correlated to where the site is actually located. We contribute to the new Internet measurement which helps to explain the information transferring that stimulates the international trade and examine the global human resources.