题目：Trade Liberalization, Demand, Markups of Multi-Product Firms

主讲人：樊海潮, (副教授，上海财经大学国际工商管理学院)

时间：2016年5月19日（周四） 13:30

地点：国际经管学院会议室（诚明楼三层）

主办方：国际经济管理学院

Abstract：This paper studies how multi-product firms reallocate resources across product and destination market via adjusting markups during trade liberalization and how this resource reallocation depends on product demand. We first document the stylized facts that products facing higher demand in general present larger markups, and trade liberalization induces ordinary trade firms (that pay import tariffs to import) to increase product markup more for its products facing higher demand, while this markup adjustment pattern is not significant or even ambiguous for processing trade firms (that are not subject to import tariffs). The firm-product-country specific markup is estimated by modifying the methodology as in De. Loecker et. al. (2015), and the product-country specific demand is measured by total export revenue of that product to a specific destination by all countries excluding China. We then extend Melitz and Ottaviano (2008) by incorporating the demand heterogeneity at product-destination level and the changes in firm's importing behavior under trade liberalization. The model predicts that a higher demand attribute induces an incumbent exporter to set a higher markup of the exported product, and input tariff reductions lead to an increase in markup of the exported product. The tariff reduction effect on markup increase is more profound for products facing higher demand attribute. The empirical results using Chinese disaggregate firm-product-country data confirm the model predictions and are robust to various econometric specifications. The results also show that the aforementioned effect of input tariff reduction only applies to ordinary trade through the adjustment of marginal costs, while the similar pattern does not obtain for processing trade observations.

主讲人简介：樊海潮，2013年获得香港科技大学经济学博士学位；并于同年担任上海财经大学国际工商管理学院助理教授；2015年6月评为副教授，博士生导师。樊海潮的主要研究方向有国际贸易、国际金融和宏观经济学。加入上海财经大学以来，在《Review of Economics and Statistics》、《Economic Journal》、《Journal of Comparative Economics》、《经济研究》、《经济学季刊》、《世界经济》等国内外一流期刊上发表多篇文章。