The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun

One of the most striking aspects of the recent recession is the collapse in international trade. This paper uses disaggregated quarterly and monthly data on U.S. imports and exports to shed light on the anatomy of this collapse. We find that the recent reduction in trade relative to overall economic activity is far larger than in previous downturns. Information on quantities and prices of both domestic absorption and imports reveals a more than 50% shortfall in imports, relative to what would be predicted by a simple import demand relationship. In a sample of imports and exports disaggregated at the 6-digit NAICS level, we find that sectors used as intermediate inputs experienced significantly higher percentage reductions in both imports and exports. We also find support for compositional effects: sectors with larger reductions in domestic output had larger drops in trade. By contrast, we find no support for the hypothesis that trade credit played a role in the recent trade collapse.2008-2009 Crisis, International Trade

The Role of Financial Factors in the Trade Collapse: A Skeptic's View

This paper explores the role of financial factors in the 2008-9 collapse of U.S. imports and exports. Using highly disaggregated international trade data, we examine whether the cross-sectoral variation in how much imports or exports fell during this episode can be explained by financial variables. To do this, we employ a wide variety of possible indicators, such as standard measures of trade credit and external finance dependence, proxies for shipping lags at the sector level, and shares of intra-firm trade in each sector. Overall, there is very little evidence that financial factors played a role in the collapse of U.S. trade.2008-2009 Crisis, International Trade, Financial Factors

Coulomb drag in quantum circuits

We study drag effect in a system of two electrically isolated quantum point contacts (QPC), coupled by Coulomb interactions. Drag current exhibits maxima as a function of QPC gate voltages when the latter are tuned to the transitions between quantized conductance plateaus. In the linear regime this behavior is due to enhanced electron-hole asymmetry near an opening of a new conductance channel. In the non-linear regime the drag current is proportional to the shot noise of the driving circuit, suggesting that the Coulomb drag experiments may be a convenient way to measure the quantum shot noise. Remarkably, the transition to the non-linear regime may occur at driving voltages substantially smaller than the temperature.Comment: 6 pages, 2 figure

Coulomb drag at zero temperature

We show that the Coulomb drag effect exhibits saturation at small temperatures, when calculated to the third order in the interlayer interactions. The zero-temperature transresistance is inversely proportional to the third power of the dimensionless sheet conductance. The effect is therefore the strongest in low mobility samples. This behavior should be contrasted with the conventional (second order) prediction that the transresistance scales as a certain power of temperature and is almost mobility-independent. The result demonstrates that the zero-temperature drag is not an unambiguous signature of a strongly-coupled state in double-layer systems.Comment: 4 pages, 2 figure

The "Collapse in Quality" Hypothesis

This paper evaluates the hypothesis that during the 2008-2009 collapse in international trade, imports of higher quality goods experienced larger reductions compared to low-quality imports, using data on US imports disaggregated by HS-10 product category and source country. We find little, if any, robust econometric evidence in support of this hypothesis.

Теоретичні аспекти оцінки якості сільськогосподарської продукції

В статті досліджується необхідність, показники та методи оцінки якості продукції загалом і сільськогосподарської зокрема. Аналізується, як якість продукції впливає на всі параметри функціонування підприємства.The necessity, indexes and methods of estimation of quality of products in general and agricultural in particular are considered in the article. The process of influence of quality of products on all parameters of enterprise functioning is analysed

Magnetoconductivity of low-dimensional disordered conductors at the onset of the superconducting transition

Magnetoconductivity of the disordered two- and three-dimensional superconductors is addressed at the onset of superconducting transition. In this regime transport is dominated by the fluctuation effects and we account for the interaction corrections coming from the Cooper channel. In contrast to many previous studies we consider strong magnetic fields and various temperature regimes, which allow to resolve the existing discrepancies with the experiments. Specifically, we find saturation of the fluctuations induced magneto-conductivity for both two- and three-dimensional superconductors at already moderate magnetic fields and discuss possible dimensional crossover at the immediate vicinity of the critical temperature. The surprising observation is that closer to the transition temperature weaker magnetic field provides the saturation. It is remarkable also that interaction correction to magnetoconductivity coming from the Cooper channel, and specifically the so called Maki-Thompson contribution, remains to be important even away from the critical region.Comment: 4 pages, 1 figur

Coulomb drag and heat transfer in strange metals

We address Coulomb drag and near-field heat transfer in a double-layer system of incoherent metals. Each layer is modeled by an array of tunnel-coupled SYK dots with random inter-layer interactions. Depending on the strength of intra-dot interactions and inter-dot tunneling, this model captures the crossover from the Fermi liquid to a strange metal phase. The absence of quasiparticles in the strange metal leads to temperature-independent drag resistivity, which is in strong contrast with the quadratic temperature dependence in the Fermi liquid regime. We show that all the parameters can be independently measured in near-field heat transfer experiments, performed in Fermi liquid and strange metal regimes.Comment: 5 pages, 3 figures + Supplemental Materia