International

Simon Johnson · Lukasz Rachel · Catherine Wolfram

Layer 1: Overview This paper asks what the optimal response of an exhaustible-resource producer is to sanctions in the form of a price cap, and how a sanctioning coalition should set the cap. The …

Ana Fostel · John Geanakoplos · Gregory Phelan

Layer 1: Overview The paper asks why large gross financial flows exist between similarly rich countries (especially the U.S. and Europe), why financial integration raises rather than lowers asset …

Mitali Das · Gita Gopinath · Helene Hall · Taehoon Kim · Jeremy C. Stein

Layer 1: Overview This paper investigates why non-U.S. central banks accumulate large holdings of dollar-denominated foreign exchange reserves, focusing on a previously under-emphasized motive: the …

Réka Juhász (University of British Columbia · CEPR · NBER) · Shogo Sakabe (AI Lab · CyberAgent · Japan) · David E. Weinstein (Columbia University · NBER · CEPR)

Layer 1: Overview Research question and motivation: Why did the First Industrial Revolution (IR) spread to Meiji Japan—and to essentially no other non-Western country—during the first wave of …

Katharina Bergant · Prachi Mishra · Raghuram Rajan · Freddy Pinzon-Puerto

Layer 1: Overview This paper examines how unexpected changes in U.S. monetary policy transmit to cross-border merger and acquisition (M&A) activity globally, covering both the volume of deals and …

Lucas Corrêa-Dias (São Paulo School of Economics-FGV) · Jordan J Norris (New York University Abu Dhabi) · Heitor S Pellegrina (University of Notre Dame)

Layer 1: Overview Food production accounts for roughly one-third of global greenhouse gas (GHG) emissions, and richer nations contribute disproportionately through meat-intensive diets and …

Rodrigo Adão · Costas Arkolakis · Federico Esposito

Layer 1: Overview How do international trade shocks propagate through spatially connected regional labor markets, and how large are the general equilibrium effects that standard shift-share …

Hyejoon Im (Yeungnam University · South Korea) · John McLaren (University of Virginia · USA)

Layer 1: Overview Im and McLaren (2025) ask whether globalization induces governments to weaken labor standards for workers — the so-called “race to the bottom” (RTB) hypothesis. The …

Giorgio Chiovelli (Universidad de Montevideo); Stelios Michalopoulos (Brown University · CEPR · NBER); Elias Papaioannou (London Business School · CEPR); Tanner Regan (George Washington University)

Layer 1: Overview Satellite nighttime lights (luminosity) are the dominant remote-sensing proxy for local economic conditions in low-income countries, yet their accuracy at fine spatial scales and …

Holger Breinlich · Elsa Leromain · Dennis Novy · Thomas Sampson

Layer 1: Overview Research question and motivation. How does import liberalization affect a country’s export performance and welfare? Economic theory (Graham 1923, Ethier 1982, Krugman 1984) …

Maria-Jose Carreras-Valle

Layer 1: Overview This paper documents and explains a previously unreported reversal in U.S. manufacturing inventory trends: after a 25-year secular decline, inventories-to-sales ratios have been …

Andrea Ferrero · Maurizio Michael Habib · Livio Stracca · Fabrizio Venditti

Layer 1: Overview This paper investigates how institutional quality shapes (i) the domestic financial and macroeconomic impact of Global Financial Cycle (GFC) shocks on emerging market economies …

Sebastian Ellingsen

Layer 1: Overview This paper asks whether the location of economic activity adapts to changes in the location of trading opportunities, or whether historical patterns of trade permanently fix where …

Tuo Chen · Chang-Tai Hsieh · Zheng (Michael) Song

Layer 1: Overview Chen, Hsieh, and Song study the use of unofficial non-tariff barriers (NTBs) by China during the U.S.-China trade war of 2018–2019 and in the first year of the Phase 1 purchase …

Frédéric Docquier (LISER · Luxembourg) · Stefano Iandolo (Università degli Studi di Salerno) · Hillel Rapoport (Paris School of Economics · CEPII · LISER · CEPR) · Riccardo Turati (Universitat Autònoma de Barcelona · IZA · RFBerlin) · Gonzague Vannoorenberghe (Université catholique de Louvain)

Layer 1: Overview This paper investigates how the skill structure of globalization shocks — rather than globalization per se — drives the long-run evolution of populism across countries, making a …

Lukasz A. Drozd · Marcin Kolasa · Jaromir B. Nosal

Layer 1: Overview This paper evaluates five microfounded pricing-to-market (PTM) mechanisms and one reduced-form aggregator in a two-country DSGE model with volatile exchange rates driven by financial …

Andrés Fernández · Daniel Guzman · Ruy Lama · Carlos Végh

Layer 1: Overview Developing and emerging economies exhibit procyclical fiscal policy on both the spending and taxation sides: government expenditures expand in booms and contract in recessions, and …

Yuriy Gorodnichenko · Debora Revoltella · Jan Svejnar · Christoph T. Weiss

Layer 1: Overview This paper investigates why firms in the European Union exhibit wide dispersion in marginal revenue products (MRP) of capital and labor — a direct indicator of resource misallocation …

Sakai Ando · Tamon Asonuma · Prachi Mishra · Alexandre Sollaci

Layer 1: Overview Sovereign debt restructuring is a central tool for countries in debt distress, yet surprisingly little evidence exists on whether it actually reduces the debt-to-GDP ratio — the …

Katrine Jakobsen · Henrik Kleven · Jonas Kolsrud · Camille Landais · Mathilde Munoz

Layer 1: Overview Research question and motivation: Proposals to tax top wealth (e.g., Saez and Zucman, 2019) face a recurring objection in public debate: that the wealthy will emigrate en masse and, …

Xavier Cirera (World Bank) · Diego Comin (Dartmouth College) · Marcio Cruz (IFC · World Bank Group)

Layer 1: Overview Research question and motivation: How sophisticated are the technologies establishments actually use, and how close are they to the world frontier? Traditional measures (since …

Maximilian Konradt (Imperial College London); Giacomo Mangiante (Bank of Italy)

Layer 1: Overview This paper asks whether carbon pricing through the EU Emissions Trading System (EU ETS) imposes economic costs that are unequally distributed across European regions, and whether …

Thomas Bourany (Columbia University · USA) · Jordan Rosenthal-Kay (Federal Reserve Bank of San Francisco · USA)

Layer 1: Overview This paper asks who wins and loses from climate policies — carbon taxes, renewable subsidies, and carbon tariffs — across 193 heterogeneous countries, and by how much. The motivation …

Maria Alsina-Pujols

Layer 1: Overview This paper asks how the threat of forced climate migration — international displacement driven by climate-induced natural disasters — should alter optimal carbon taxation. The …

Luís A.V. Catão · Jan Ditzen · Daniel Marcel Te Kaat

Layer 1: Overview Research question and motivation: The paper asks how far global factors drive the foreign-borrowing component of advanced-economy banks’ non-core funding, and whether exchange …

RODRIGO BARBONE GONZALEZ · JOÃO BARATA RIBEIRO BLANCO BARROSO · BERNARDUS FERDINANDUS NAZAR VAN DOORNIK

Layer 1: Overview Research question and motivation: Reserve requirements (RRs) were largely abandoned as a monetary tool in advanced economies after inflation targeting, but emerging markets (EMs) — …

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Layer 1: Overview Research question and motivation: Emerging economies have rapidly accumulated foreign-currency (mostly dollar) debt — the dollar share of 14 emerging economies’ foreign debt …

THORSTEN BECK · PETER BEDNAREK · DANIEL TE KAAT · NATALJA VON WESTERNHAGEN

Layer 1: Overview Research question and motivation. The paper asks how exchange rate movements affect the real economy and what role the banking system’s foreign-asset exposure plays in …

Jay Hyun · Ziho Park · Vladimir Smirnyagin

Layer 1: Overview This paper documents a novel channel through which trade shocks propagate across industries: the internal networks of U.S. multisector firms (the working paper circulated as …

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Layer 1: Overview Research question and motivation: How does country-specific uncertainty explain variation in the cross-border funding of banks? Studying this link is practically relevant given …

Marius Clemens · Stefan Gebauer · Tobias König

Layer 1: Overview Research question and motivation: The first two pillars of the European Banking Union (single supervision and single resolution) are in place, but the third pillar — a European …