Publications
Measuring Economic Activity in the Presence of Superstar MNEs
Economics Letters (2023), Vol. 226
with Giorgi Nikolaishvili
In 2015, the Irish economy experienced a 25 percent annual increase in GDP, driven largely by the repositioning of multinational enterprises' intangible assets and their associated revenue streams. We address these distortions in assessing the state of the domestic Irish economy by utilizing a two-step dynamic factor model. We find that real output in Ireland is heavily inflated by the presence these intangible assets and their associated tax minimization schemes. We use our findings to assess the state of the domestic economy and gauge its fiscal position among EU27 member states.
with Giorgi Nikolaishvili
In 2015, the Irish economy experienced a 25 percent annual increase in GDP, driven largely by the repositioning of multinational enterprises' intangible assets and their associated revenue streams. We address these distortions in assessing the state of the domestic Irish economy by utilizing a two-step dynamic factor model. We find that real output in Ireland is heavily inflated by the presence these intangible assets and their associated tax minimization schemes. We use our findings to assess the state of the domestic economy and gauge its fiscal position among EU27 member states.
Household savings constraints, uncertainty and macroprudential policy
Scottish Journal of Political Economy (2021), Vol. 68(2)
with K. McQuinn and C. O’Toole
We investigate the impact of macroprudential policy on Irish households' perception of savings adequacy, with a particular focus on households intending to purchase a home. These measures tighten loan-to-value ratios and raise the entry cost for home purchase. We find that the measures have had a significant impact on savings constraints. Indeed, constrained potential buyers, who are planning to purchase, but not presently saving to buy a home, are the group most affected as the macroprudential rules increase the downpayment size required. Heterogeneous effects across households indicate younger, private renting households, and those with relatively uncertain cash flows.
with K. McQuinn and C. O’Toole
We investigate the impact of macroprudential policy on Irish households' perception of savings adequacy, with a particular focus on households intending to purchase a home. These measures tighten loan-to-value ratios and raise the entry cost for home purchase. We find that the measures have had a significant impact on savings constraints. Indeed, constrained potential buyers, who are planning to purchase, but not presently saving to buy a home, are the group most affected as the macroprudential rules increase the downpayment size required. Heterogeneous effects across households indicate younger, private renting households, and those with relatively uncertain cash flows.
Working Papers
Unconventional Protectionism in Containerized Shipping
Job Market Paper [Latest Version]
Using novel container traffic data at the port level, I document the empty container redistribution and nationally balanced exchange of container units between the US and Rest of the World. Upon preparing a partial equilibrium model of round trip trade, I calibrate and estimate a multi-country baseline scenario of US containerized trade and consider the effect of government intervention in which empty container use is restricted in order to stimulate US export activity. I find that policy backfires, resulting in a reduction in allocated shipping capacity, import price inflation and an overall decline in trade activity on net exporter round trip routes. For routes which exhibit a greater reliance on empty container returns, I find that these backfiring effects are greater in magnitude.
Using novel container traffic data at the port level, I document the empty container redistribution and nationally balanced exchange of container units between the US and Rest of the World. Upon preparing a partial equilibrium model of round trip trade, I calibrate and estimate a multi-country baseline scenario of US containerized trade and consider the effect of government intervention in which empty container use is restricted in order to stimulate US export activity. I find that policy backfires, resulting in a reduction in allocated shipping capacity, import price inflation and an overall decline in trade activity on net exporter round trip routes. For routes which exhibit a greater reliance on empty container returns, I find that these backfiring effects are greater in magnitude.
Firm-Level Productivity and Corruption: A Firm-Level Analysis on Emerging Markets
[Latest Version]
I document significant heterogeneity in the marginal effect of corruption on the underlying fixed costs of firm-level market participation, which in turn drives selection across firms into trade participation. The effect is particularly pronounced for domestically-owned and foreign affiliate firms engaged in trade, suggesting that underlying trade-related fixed costs are the most vulnerable parameters with respect to variation in host-country corruption.
I document significant heterogeneity in the marginal effect of corruption on the underlying fixed costs of firm-level market participation, which in turn drives selection across firms into trade participation. The effect is particularly pronounced for domestically-owned and foreign affiliate firms engaged in trade, suggesting that underlying trade-related fixed costs are the most vulnerable parameters with respect to variation in host-country corruption.
Works in Progress
Container Ports
Second Dissertation Contribution
More details to come.
Cargo Ships & Coastal Smog, Container Queues in SP Bay
Third Dissertation Contribution
Exploits a quasi-natural experimental setting to examine the effect of a logistical change to port queues on local and global vessel emissions. More details to come.
To Be Announced
Pipeline Item
More details to come.