Jozef Konings
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View article: THE IMPACT OF A LARGE DEPRECIATION ON THE COST OF LIVING OF RICH AND POOR CONSUMERS
THE IMPACT OF A LARGE DEPRECIATION ON THE COST OF LIVING OF RICH AND POOR CONSUMERS Open
Using retailer scanner data, we investigate how a sharp and abrupt depreciation of the exchange rate affects consumers' cost of living. We find that the marginal cost of imported goods increased, whereas their retail markups decreased comp…
View article: Price-Cost Margins, Fixed Costs and Excess Profits
Price-Cost Margins, Fixed Costs and Excess Profits Open
This paper provides a new method to estimate price-cost margins in the presence of fixed costs of production. By exploiting properties of the primal and dual sales-based and cost-based Solow residuals, we are able to simultaneously estimat…
View article: The impact of firm-level Covid rescue policies on productivity growth and reallocation
The impact of firm-level Covid rescue policies on productivity growth and reallocation Open
We evaluate the impact of Covid-19 rescue policies on both firm-level and aggregate productivity growth, exit, and creative destruction. Using administrative data on the universe of firms’ support mechanisms in Flanders over 2019–2021, we …
View article: FDI and Superstar Spillovers: Evidence from Firm-to-Firm Transactions
FDI and Superstar Spillovers: Evidence from Firm-to-Firm Transactions Open
Using firm-to-firm transactions, we show that starting to supply a ‘superstar’ firm (large domestic firms, exporters and multinationals) boosts productivity by 8% in the medium-run. Placebos on starting relationships with smaller firms and…
View article: Does a tax deduction scheme matter for jobs and investment by multinational and domestic enterprises?
Does a tax deduction scheme matter for jobs and investment by multinational and domestic enterprises? Open
Many countries have reduced corporate income tax rates or introduced tax deductions, exclusions and credits to attract foreign direct investment. This paper analyzes the introduction of the notional interest deduction (NID) in Belgium, whi…
View article: The granular nature of emerging market economies: The case of Kazakhstan
The granular nature of emerging market economies: The case of Kazakhstan Open
This paper analyzes the granularity hypothesis in a large emerging economy, Kazakhstan. We use a new longitudinal dataset at the firm level and at quarterly frequency between 2012 and 2018 to document the size distribution of firms and to …
View article: Dominant Currencies: How Firms Choose Currency Invoicing and Why it Matters
Dominant Currencies: How Firms Choose Currency Invoicing and Why it Matters Open
We analyze how firms choose the currency of invoicing and the implications of this choice for exchange rate pass-through into export prices and quantities. Using a new data set for Belgian firms, we find currency invoicing to be an active …
View article: Replication Data for: 'Dominant Currencies: How Firms Choose Currency Invoicing and Why It Matters'
Replication Data for: 'Dominant Currencies: How Firms Choose Currency Invoicing and Why It Matters' Open
The data and programs replicate tables and figures from "Dominant Currencies: How Firms Choose Currency Invoicing and Why It Matters", by Amiti, Itskhoki, and Konings. Please see the ReadMe file for additional details.
View article: The impact of electricity prices on European manufacturing jobs
The impact of electricity prices on European manufacturing jobs Open
Increased investment in clean electricity in combination with a rising cost of carbon will most likely lead to higher electricity prices. We examine the impact from changing electricity prices on European manufacturing employment and find …
View article: The Return on Information Technology: Who Benefits Most?
The Return on Information Technology: Who Benefits Most? Open
Information and communication technology (ICT) has continuously reshaped the way in which businesses operate. Yet opinions among economists about the returns to ICT, especially at the aggregate level, are divided. We exploit business-to-bu…
View article: Dominant Currencies: How Firms Choose Currency Invoicing and Why it Matters
Dominant Currencies: How Firms Choose Currency Invoicing and Why it Matters Open
Using new data on currency invoicing for Belgian firms, we analyze how firms make their currency choice, for both exports and imports, and the implications of this choice for exchange rate pass-through into prices and quantities.We derive …
View article: A roadmap for policy choices after the lock-down: the role of supply chains, networks and key strategic sectors
A roadmap for policy choices after the lock-down: the role of supply chains, networks and key strategic sectors Open
This report provides a beginning of a ‘roadmap’ which can guide policy makers in response to the COVID-19 pandemic. The supply chain network has been severely disrupted by the lock-down measures and even with the exit from the lock-down th…
View article: Dominant currencies How firms choose currency invoicing and why it matters. National Bank of Belgium, Working Paper No. 353
Dominant currencies How firms choose currency invoicing and why it matters. National Bank of Belgium, Working Paper No. 353 Open
Large movements in exchange rates have small effects on the prices of internationally traded goods. Using a new dataset on currency invoicing of Belgian firms, we study how the currency of invoicing interacts with firm characteristics in s…
View article: Does a Tax Credit matter for Job Creation by Multinational Enterprises
Does a Tax Credit matter for Job Creation by Multinational Enterprises Open
We analyze the impact of a tax credit on jobs in multinational enterprises. In particular, we exploit the introduction of the 'notional interest deduction' regime in Belgium in 2006, an 'allowance for corporate equity', which aimed to prov…
View article: Local High-Tech Job Multipliers in Europe
Local High-Tech Job Multipliers in Europe Open
Examining employment growth in local labor markets across Europe, this article finds that each worker in a high-skilled occupation creates up to five extra jobs in local less-skilled-intensive services in the same region. However, it is al…
View article: Local high-tech job multipliers in Europe
Local high-tech job multipliers in Europe Open
Examining employment growth in local labor markets across Europe, this article finds that each worker in a high-skilled occupation creates up to five extra jobs in local less-skilled-intensive services in the same region. However, it is al…
View article: Declining Business Dynamism in Belgium
Declining Business Dynamism in Belgium Open
Using 30 years of data from all for-profit firms incorporated in Belgium, we show that business dynamism and entrepreneurship have been declining over recent decades. This decline set in around the year 2000 following a decade of declining…
View article: What Drives Labor Market Polarization in Advanced Countries? The Role of China and Technology
What Drives Labor Market Polarization in Advanced Countries? The Role of China and Technology Open
This paper explores the effects of offshoring, technology and Chinese import competition on labor market polarization in European countries. We find that polarization occurs mostly as a result of polarization within individual industries, …
View article: Did export promotion help firms weather the crisis ?
Did export promotion help firms weather the crisis ? Open
In the global recession of 2009, exports declined precipitously in many countries. We illustrate with firm-level data for Belgium and Peru that the decline was very sudden and almost entirely due to lower export sales by existing exporters…
View article: The Effect of Globalization on Union Bargaining and Price-Cost Margins of Firms
The Effect of Globalization on Union Bargaining and Price-Cost Margins of Firms Open
In recent years, Europe has witnessed an accelerated process of economic integration. Trade barriers were removed, the euro was introduced and ten new member states have joined the European Union. This paper analyzes how this process of in…
View article: International Shocks and Domestic Prices: How Large Are Strategic Complementarities?
International Shocks and Domestic Prices: How Large Are Strategic Complementarities? Open
How strong are strategic complementarities in price setting across firms? In this paper, we provide a direct empirical estimate of firm price responses to changes in prices of their competitors. We develop a general framework and an empiri…
View article: Wages and international rent sharing in multinational firms
Wages and international rent sharing in multinational firms Open
We use a unique firm-level panel data set of multinational parents and their foreign affiliates to analyze whether profits are shared across borders within multinational firms. Using both fixed-effects and generalized method-of-moments est…