Nam T. Vu

Publications

1. "The Real Effects of Brexit on Labor Demand: Evidence from Firm-level Data." (2025).
   Journal of International Economics with Hang Do, Kiet Duong and Toan Huynh.
   Summary: The 2020 Brexit implementation led exposed firms to reduce their workforce by up to 15.7% relative to firms near the Irish border. Our identification strategy hinges on the de facto separation in EU market access between firms in Great Britain and those in Northern Ireland.
   Working Paper VoxEU Summary
2. "From Russia with Love: International Risk-sharing, Sanctions, and Firm Investments." (2024).
   Economics Letters with Kiet Duong, Toan Huynh, and Anh Phan.
   Summary: Firms connected to sanctioned Russian counterparts use international risk-sharing channels to mitigate the adverse effects of sanctions on investment.
   VoxEU Summary EuroPP
3. "Housing Wealth Reallocation between Subprime and Prime Borrowers During Recessions." (2022).
   Macroeconomic Dynamics with Ayse Sapci.
   Summary: Recessions redistribute housing wealth from subprime to prime borrowers as tightened credit conditions disproportionately affect lower-quality mortgage holders, both empirically and in an estimated DSGE model.
   Online Appendix
4. "Did the American Recovery and Reinvestment Act Help Counties Most Affected by the Great Recession?" (2021).
   Review of Economic Dynamics with Mario J. Crucini.
   Summary: ARRA stimulus spending did reach the counties most affected by the Great Recession, but the relationship between local economic distress and federal funding allocation is weaker than policymakers intended.
   Working Paper Replication Data
5. "Electrification, Telecommunications, and the Finance-growth Nexus: Evidence from Firm-level Data." (2021).
   Energy Economics with Christopher A. Cotter and Peter L. Rousseau.
   Summary: The effect of financial development on firm-level growth depends on the availability of physical infrastructure. In particular, electrification and telecommunications access condition how effectively firms can capitalize on financial deepening.
   Working Paper
6. "Asymmetric Effects of Sectoral Shifts under Low and High Uncertainty." (2021).
   Economic Inquiry with Kimberly A. Berg.
   Summary: Sectoral shifts induce more depressed economic activity under high uncertainty than under low uncertainty, and these effects are not driven solely by recessions. A two-sector DSGE model with stochastic volatility replicates these asymmetric dynamics.
   Working Paper
7. "Price Flexibility and Output Volatility under Menu Costs." (2020).
   Macroeconomic Dynamics
   Summary: Greater price flexibility does not necessarily translate into lower output volatility in a state-dependent pricing model with menu costs. The relationship between the frequency of price adjustment and aggregate output volatility is nonmonotonic and depends on the size of menu costs.
   Working Paper
8. "International Effects of Stock Market Dispersion." (2020).
   Southern Economic Journal with Jiayu Wu.
   Summary: Cross-sectional dispersion in U.S. equity returns affects international business cycle dynamics. A rise in stock market dispersion leads to a decline in output and trade flows in OECD economies, operating as a distinct transmission channel from aggregate market volatility.
   Working Paper
9. "International Effects of Corporate Tax Cuts on Income Distribution." (2020).
   Review of International Economics with Siraj G. Bawa.
   Summary: Corporate tax cuts widen income inequality both within and across borders through differentiated equity holdings. A multi-country DSGE model calibrated to U.S. and Canadian data shows that lower capital mobility barriers, but not lower trade costs, can alleviate the distributional divergence.
   Working Paper
10. "International Spillovers of U.S. Financial Volatility." (2019).
    Journal of International Money and Finance with Kimberly A. Berg.
    Summary: Exogenous shocks to U.S. financial volatility generate significant spillovers to macroeconomic activity abroad.
    Working Paper
11. "Stock Market Volatility and International Business Cycle Dynamics: Evidence from OECD Economies." (2015).
    Journal of International Money and Finance
    Summary: Stock market volatility is a significant driver of international business cycle co-movement.
    Working Paper