Working Papers

Monetary Policy and the Redistribution Channel

| 28 June 2017
Monetary, Working Papers | Tags: Income Inequality, Inflation, Interest Rates
This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, ... continue reading

Foreign Trade Barriers and Jobs in Global Supply Chains

and | 27 June 2017
Trade, Working Papers | Tags: Employment, Services Trade
This paper studies the impact of foreign barriers to goods and services trade on domestic jobs that are directly or indirectly related to affected trade flows. ... continue reading

The Impact of Service and Goods Offshoring on Employment: Firm-Level Evidence

, and | 29 May 2017
Trade, Working Papers | Tags: Employment, Services Trade
Advances in communication technology have led to a remarkable increase in the tradability of services, resulting in a substantial increase in offshoring of services over the last two decades. Research investigating how this surge in service offshoring affects employment, has been largely hampered by the ... continue reading

Intellectual Property Boxes and the Paradox of Price Discrimination

| 15 May 2017
Fiscal, Working Papers | Tags: Corporate Taxes, Innovation, Patent Boxes, Tax Competition, Tax Expenditures
This paper considers the methods by which some existing laws and proposals offer different tax rates to different types of capital, a scheme variously known as a patent box, innovation box, or intellectual property box (IP box). It presents a model of international tax competition—what ... continue reading

The Effects of Exporting on Labour Productivity: Evidence from German Firms

| 24 March 2017
Trade, Working Papers | Tags: Employment, Productivity, Services Trade
We revisit the "self-selection vs. learning-by-exporting (LBE)" debate with new evidence on a large panel of German firms of all economic sectors up to the 3-digit NACE level, between 1993-2014, and shed new light on the channels that foster export-induced productivity gains. ... continue reading