Risky Gravity
将异质性企业贸易模型与消费资本资产定价模型结合，推导出包含风险溢价的结构性引力方程，并用企业数据证实风险异质性和时变风险溢价对双边贸易流的影响，解释了经济衰退时的贸易崩溃。
Abstract We consider the canonical trade model with heterogeneous firms, love for variety and trade costs, and integrate it in the consumption CAPM model. This yields a structural gravity equation that includes an additional factor related to risk premia. Empirical evidence based on firm-level data confirms the importance of cross-sectional heterogeneity in risk and time-varying risk premia to shape bilateral trade flows. The structural gravity model augmented to account for fluctuations in risk premia offers a compelling explanation for trade collapses during abrupt economic downturns.