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

主讲人：Monica Morlacco (USC)

时间：2022年5月27日上午10:00 – 11:30

加入Zoom会议

https://us02web.zoom.us/j/85652645557?pwd=R3hZeGdHS3RxUVRlYXQwQmFwc291Zz09

会议号：856 5264 5557

密码：435879

摘要：

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%.

主讲人简介：

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.