ONLINE: The Effect of the U.S.-China Trade War on U.S. Investment
30.11.2020 16:00 – 17:15
GENEVA TRADE AND DEVELOPMENT WORKSHOP / ABSTRACT
We develop a new method of quantifying theimpact of policy announcements on investment rates that makes use of stockmarket data. By estimating the effect of U.S.-China tariff announcements onaggregate returns and the differential returns of firms exposed to China, weidentify their effect on treated and untreated firms. We showtheoretically and empirically that estimates ofpolicy-induced stock-market declines imply lower returns to capital, whichlowers investment rates. We estimate that the tariff actions through 2018and 2019 will lower the investment growth rate of listed U.S. companies by 1.9percentage points by the end of 2020.
Lieu
Bâtiment: IHEID
Webinar GTDW
Organisé par
Faculté d'économie et de managementInstitute of Economics and Econometrics
Intervenant-e-s
Mary Amiti, Federal Reserve Bank of New Yorkentrée libre
Classement
Catégorie: Séminaire
Inscription
Date limite d'inscription: 28.11.2020
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