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[5月27日] 宏观经济学Workshop

发布日期:2022-05-24 10:33    来源:

Two-Sided Market Power in Firm-to-Firm Trade


主讲人:Monica Morlacco (USC)

时间:2022527上午10:00 – 11:30


会议号:856 5264 5557



Global value chains (GVCs) typically involve large firms exerting bargaining power over the terms of trade. We develop a novel theory of international prices accounting for these features of GVCs and illustrate their effect on the pass-through of trade shocks into import prices. We build a new dataset merging transaction-level U.S. import data with balance sheet data for both importers and exporters to evaluate the model's performance. Our estimated model generates more accurate predictions of pair-level price changes following trade shocks than standard models, improving the estimated impact of the 2018 trade war on aggregate U.S. import prices by 40-60%.



Monica Morlacco is Assistant Professor at University of Southern California. She obtained her PhD at Yale University in 2018. Her research area is international trade and macroeconomics, with a particular focus on market power. Her research has been published on Journal of Monetary Economics.