Working Papers

Unconventional Monetary Policy and Inequality – Is Japan Unique?

and | 20 September 2019
Monetary, Working Papers | Tags: Inequality, Japan, Quantitative Easing
For over a decade, but especially since the start of Abenomics in 2013, the Bank of Japan (BoJ) has been increasing the monetary base rapidly by implementing an unconventional monetary policy (UMP). In a 2014 study, we found that Japan’s UMP had increased income inequality. ... continue reading

Firm Heterogeneity in Services Trade: Micro-Level Evidence from Eight OECD Countries

, and | 18 April 2019
Trade, Working Papers | Tags: Services Trade
This paper shows that smaller and less productive firms, as well as first-time exporters are overproportionally affected by services trade barriers using micro-data from Belgium, Finland, Germany, Italy, Japan, Sweden, the United Kingdom, and the United States. ... continue reading

Services Policy Reform and Manufacturing Employment: Evidence from Transition Economies

, and | 13 September 2017
Trade, Working Papers | Tags: Employment, Services Trade
Policy reforms targeting the services sectors are a neglected dimension of the process of structural transformation and economic development. The effects of such reforms on employment across industries as a function of their use of services as intermediate inputs are theoretically ambiguous and remain largely ... continue reading

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