TY  - BOOK
AU  - Amiti,Mary
AU  - Kong,Sang Hoon
AU  - Weinstein,David
ED  - National Bureau of Economic Research.
TI  - The Effect of the U.S.-China Trade War on U.S. Investment
T2  - NBER working paper series
PY  - 2020///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - May 2020; Hardcopy version available to institutional subscribers
N2  - We develop a new method of quantifying the impact of policy announcements on investment rates that makes use of stock market data. By estimating the effect of U.S.-China tariff announcements on aggregate returns and the differential returns of firms exposed to China, we identify their effect on treated and untreated firms. We show theoretically and empirically that estimates of policy-induced stock-market declines imply lower returns to capital, which lowers investment rates. We estimate that the tariff actions through 2018 and 2019 will lower the investment growth rate of listed U.S. companies by 1.9 percentage points by the end of 2020
UR  - https://www.nber.org/papers/w27114
UR  - http://dx.doi.org/10.3386/w27114
ER  -