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Editors contains: "Johnson, William"

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  1. ; ; (, AEA Papers and Proceedings)
    Johnson, William R (Ed.)
    During the recovery from the COVID-19 pandemic, international shipping and logistics capacity was strained, limiting the quantity of imports. We investigate the impact of an import constraint on inflation, following an increase in domestic demand. Whether the binding import constraint raises inflation depends on how it affects trade intermediation costs. If the binding constraint raises trade costs, then import price inflation also increases. In this case, however, foreign producer price inflation falls and import quantities rise more for inputs than final goods. Both these model results appear counterfactual, which suggests that import constraints may not explain observed import price inflation. 
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  2. ; ; ; (, AEA papers and proceedings)
    Johnson, William (Ed.)
    In this paper we extend our analysis to incorporate the sample back to December 1995, the date at which Mexico began selling Cetes using discriminatory auctions. We analyze the data using a model of multiunit discriminatory auctions with risk-averse bidders and asymmetric information about the bond’s common value. We find that the insurance benefit of discriminatory auctions is substantial. 
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    Accepted Manuscript Full Text Available