Results

CEP discussion paper

Employer market power: models and methods

It is now widely recognized that employers hold some wage-setting power over workers, and several recent reviews cover the resulting surge of research on monopsony. We take a high-level view, introducing the idea of the ...Read more...

Journal article

Journal of Industrial Economics:

Asymmetric pass-through and competition

We study the retail price pass-through of four major tax changes in petroleum products using daily pricing data from gas stations on small Greek islands. We find that (i) the pass-through of the tax hikes is five times h...Read more...

CEP discussion paper

What is the "right" geographic market definition?

This paper examines the "right" geographic definition of relevant markets by analyzing how excise tax pass-through varies with local competition in the retail gasoline market of a large metropolitan city. Using a natural...Read more...

Journal article

International Journal of Industrial Organization:

What is the "right" geographic market definition?

This paper examines the "right" geographic definition of relevant markets by analyzing how excise tax pass-through varies with local competition in the retail gasoline market of a large metropolitan city. Using a natural...Read more...

Journal article

International Journal of Industrial Organization:

VAT pass-through and competition: evidence from the Greek islands

We examine how competition affects VAT pass-through in isolated oligopolistic markets as defined by the Greek islands. Using daily gasoline prices and a difference-in-differences methodology, we investigate how changes i...Read more...

CEP discussion paper

Asymmetric pass-through and competition

We study the retail price pass-through of four major tax changes in petroleum products using daily pricing data from gas stations on small Greek islands. We find that (i) the pass-through of the tax hikes is five times h...Read more...

CEP discussion paper

The organizational economics of school chains

We use the insights of firms' organizational economics to study school chains' organization. We match information on decentralization of activities for approximately 400 chains and 2,000 schools in England to student and...Read more...

CEP discussion paper

Fantastic beasts and where to find them

Fantastic beasts are magical creatures that cannot be seen unless one looks for them with the eye of the wizard, but that still play a significant role in the world. The fantastic beasts we hunt and find in the present p...Read more...

Journal article

Journal of International Economics:

The costs and benefits of rules of origin in modern free trade agreements

Rules of origin offer preferred market access for final goods whose inputs originate mostly within a free trade agreement. Governments often champion such rules for boosting investment. We use a property-rights framework...Read more...

CEP discussion paper

VAT pass-through and competition: evidence from the Greek Islands

We examine how competition affects VAT pass-through in isolated oligopolistic markets as defined by the Greek islands. Using daily gasoline prices and a difference-in-differences methodology, we investigate how changes i...Read more...

Journal article

American Economic Journal: Applied Economics :

Competition and pass-through: evidence from isolated markets

We measure how pass-through varies with competition in isolated oligopolistic markets with captive consumers. Using daily pricing data from gas stations on small Greek islands, we study how unanticipated and exogenous ch...Read more...

CEP discussion paper

The costs and benefits of rules of origin in modern free trade agreements

We study the welfare impact of rules of origin in free trade agreements where final-good producers source customized inputs from suppliers within the trading bloc. We employ a property-rights framework that features hold...Read more...

Journal article

Journal of the European Economic Association:

Vehicle currency pricing and exchange rate pass-through

Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of the transactions in our sample invoiced in neither sterling nor the exporter?s...Read more...

CEP discussion paper

Technology transfer in global value chains

Firm-to-firm relationships in global value chains create opportunities for North-South technology diffusion. This paper studies technology transfer in value chains when contracts are incomplete and in-put production tech...Read more...

Journal article

Journal of International Economics:

Preferential trade agreements and global sourcing

We develop a new framework to study the welfare consequences of preferential trade agreements (PTAs) under global sourcing, incomplete contracts and endogenous matching. We uncover several new channels through which PTAs...Read more...

Journal article

The Journal of Law, Economics, and Organization:

In-house and arms length: productivity heterogeneity and variation in organizational form

This paper analyzes firm boundaries in the US hotel industry. Hotel properties of a given brand are often managed either by a chain employee or by a franchisee. We document that brand properties with the lowest and the h...Read more...

CEP discussion paper

Generalized linear competition: from pass-through to policy

Economic policy and shifts in input market prices often have significant effects on the marginal costs of firms and can prompt strategic responses that make their impact hard to predict. We introduce "generalized linear ...Read more...

CEP discussion paper

Exchange rates and consumer prices: evidence from Brexit

This paper studies how the depreciation of sterling following the Brexit referendum affected consumer prices in the United Kingdom. Our identification strategy uses input-output linkages to account for heterogeneity in e...Read more...

CEP discussion paper

Competition and pass-through: evidence from isolated markets

We measure how pass-through varies with competition in isolated oligopolistic markets with captive consumers. Using daily pricing data from gas stations on small Greek islands, we study how unanticipated and exogenous ch...Read more...

CEP discussion paper

Vehicle currency pricing and exchange rate pass-through

Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of transactions in our sample invoiced in neither sterling nor the exporter's cur...Read more...

CEP discussion paper

Preferential trade agreements and global sourcing

We study how a preferential trade agreement (PTA) affects international sourcing decisions, aggregate productivity and welfare under incomplete contracting and endogenous matching. Contract incompleteness implies underin...Read more...

CEP discussion paper

In-house and arms length: productivity heterogeneity and variation in organizational form

This paper analyzes how firms are organized in the U.S. hotel management industry. For most hotel brands, properties with intermediate room occupancy rates are relatively more likely to be managed by company employees ra...Read more...

CEP discussion paper

Internalizing global value chains: a firm-level analysis

In recent decades, advances in information and communication technology and falling trade barriers have led firms to retain within their boundaries and in their domestic economies only a subset of their production stages...Read more...

Journal article

The Review of Economic Studies:

Landing the first job: the value of intermediaries in online hiring

Online markets for remote labour services allow workers and firms to contract with each other directly. Despite this, intermediaries-called outsourcing agencies-have emerged in these markets. This article shows that agen...Read more...

CentrePiece article

Online hiring of offshore workers: the value of intermediaries

`Old boy networks? have not been rendered obsolete by modern communications technology. That is one of the conclusions of a study of global online labour markets by Christopher Stanton and Catherine Thomas. Their researc...Read more...

CEP discussion paper

Landing the first job: the value of intermediaries in online hiring

Online markets for remote labor services allow workers and firms to contract with each other directly. Despite this, intermediaries - called outsourcing agencies - have emerged in these markets. This paper shows that age...Read more...

CEP discussion paper

Debt and incomplete financial markets: a case for nominal GDP targeting

Financial markets are incomplete, thus for many agents borrowing is possible only by accepting a financial contract that specifies a fixed repayment. However, the future income that will repay this debt is uncertain, so ...Read more...

CEP discussion paper

The Determinants of Intrafirm Trade: Evidence from French Firms

How well does the theory of the firm explain the choice between intrafirm and arms' length trade? This paper uses firm-level import data from France to look into this question. We find support for three key predictions o...Read more...

CEP discussion paper

Incomplete Contracts and the Impact of Globalization on Consumer Welfare

We embed a North-South trade model into an incomplete contracts setting where the production of heterogeneous firms can be geographically separated. When a Northern headquarter contracts with a Southern supplier instead ...Read more...

CEP discussion paper

Portfolio Allocation and International Risk Sharing

Recent contributions have shown that it is possible to account for the so-called consumption-real exchange anomaly in models with goods market frictions where international asset trade is limited to a riskless bond. In t...Read more...

CEP discussion paper

Productivity and the Sourcing Modes of Multinational Firms: Evidence from French Firm-Level Data

We investigate the role of a firm?s total factor productivity in its decision to import from their affiliates rather than from independent input suppliers. We propose a slightly modified version of the Antras and Helpman...Read more...

CEP discussion paper

Consumption and Real Exchange Rates with Incomplete Markets and Non-Traded Goods

This paper addresses the consumption-real exchange rate anomaly. International real business cycle models based on complete financial markets predict a unitary correlation between the real exchange rate and the ratio of ...Read more...

CEP discussion paper

Financial Super-Markets: Size Matters for Asset Trade

The paper presents a two-country macroeconomic model in which the number of financial assets is endogenous. Imperfect substitutability of assets and international transaction costs give a comparative advantage to large m...Read more...