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High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications J. Martin and F. Mayneris Discussion Paper 2013-27 High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz October 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. These facts are explained by a lower sensitivity to distance of high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables, the within-product specialization of a country in the production of high-end varieties is likely to affect its export growth and volatility. We show that a higher sensitivity to per capita income tends to increase the volatility of high-end variety exports. However, a lower sensitivity to distance reduces volatility through a greater geographic diversification. Furthermore, we point out that a lower sensitivity to distance allows high-end varieties to benefit more from growth in more distant markets. JEL classification: F14, F43, L15, Keywords: Gravity, Distance, Firm-level data, Growth, Volatility ∗We thank Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, Thierry Mayer, Mathieu Par- enti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski -
A Brief but Thorough Guide to Champagne by Michèle Shah – the Grapes, the Growth, the Processes That Make This Glorious Wine
CHAMPAGNE TOP OF THE POPS A brief but thorough guide to Champagne by Michèle Shah – the grapes, the growth, the processes that make this glorious wine othing is more titillating city of Reims is a good starting point to tour than popping a bottle the Champagne area and has all the feel of of Champagne. Its very a bustling regional capital. The old city is name evokes the tingle of dominated by the 13th century cathedral – one celebration. Known as “the of the great gothic cathedrals of northern France Nwine of kings and the king of wines”, as far – which is a UNESCO world heritage site. The back as the 9th century in the time of the famous combed vineyards of Champagne lie on Emperor Charlemagne, Champagne was a the chalky hills to the southwest of Reims, and rich agricultural area. Today, Champagne is around the town of Epernay. the industry leader in French wine and spirits, The Champagne area is generally divided to the tune of 4.7 billion euros, of which 2.6 into three parts – the Montagne de Reims, billion come from export. the Vallée de la Marne and the Côte des The Champagne appellation today covers Blancs. The Aube region, 110 km to the 33,762 ha, representing 4% of France’s total southeast, is important for wines that go into vineyard area and producing some 309 million many of the non-vintage blends of the major bottles, comprising 13% by volume of world champagne houses. consumption of sparkling wines. Its exports The subsoil in Champagne is reach more than 190 countries, with the main predominantly limestone. -
Wine List Revised 2017.02.22
ARROYO VINO W I N E & SPIRITS LAST BOTTLE S (subject to availability) WHITES 1001 Colosi, Cataratto/Inzolia, Salina Bianco, Sicily, Italy, 2016 48 1002 Claude Riffault, Les Chassiegnes, Sancerre, France, 2018 66 1003 Domaine Anne Gros, Hautes-Côtes de Nuits, France, 2015 81 1004 Livio Felluga, Pinot Grigio, Collio, Italy, 2015 62 1005 Trimbach, Gewurztraminer, Alsace, France, 2015 54 1006 Cascina degli Ulivi, Cortese, Bellotti Bianco, Piedmont, 2017 (Sans soufre) 50 1007 Von Winning, Sauvignon Blanc, Pfalz, Germany, 2016 73 1008 Hiruzta, Hondarrabi Zuri, Getariako Txakolina, Spain, 2017 36 1009 Tolpuddle Vineyard, Chardonnay, Tasmania, Australia, 2017 93 1010 Daniel and Julien Barraud, Pouilly-Fuisse, France, 2013 60 1011 Domaine Billaud-Simon, Mont de Milieu, Chablis 1er Cru, France, 2016 102 1012 Veyder-Malberg, Riesling, Bruck, Wachau, Austria, 2015 (Dry) 110 REDS 3010 Saint Cosme, Syrah, Saint Joesph, France, 2016 88 3011 Donnafugata, Nero d’Avola, Sicily, Italy, 2017 46 3012 Rocca del Principe, Aglianico, Irpinia, Campania, Italy, 2011 44 3013 Hyde de Villaine, Pinot Noir, Sonoma Mountain, California, 2012 152 3014 A Tribute To Grace, Grenache, Vie Caprice, Santa Barbara, 2015 77 3015 Hyde de Villaine, Merlot/Cabernet Sauvignon, Napa Valley, 2012 105 3016 Les Lunes Wines, Carignan, Mendocino County, California, 2016 58 3017 Lioco, La Selva, Pinot Noir, Anderson Valley, 2015 71 3018 Recchia, Valpollicia Ripasso, Le Muriae, Veneto, Italy, 2007 38 3019 Neyers, Cabernet Sauvignon/Merlot, Napa Valley, 2016 65 3001 Curii Uvas y Vinos, -
Luxury Goods and the Equity Premium
Luxury Goods and the Equity Premium YACINE AÏT-SAHALIA, JONATHAN A. PARKER, and MOTOHIRO YOGO∗ ABSTRACT This paper evaluates the equity premium using novel data on the consumption of luxury goods. Specifying utility as a nonhomothetic function of both luxury and basic consumption goods, we derive pricing equations and evaluate the risk of holding equity. Household survey and national accounts data mostly reflect basic consumption and therefore overstate the risk aversion necessary to match the observed equity premium. The risk aversion implied by the consumption of luxury goods is more than an order of magnitude less than that implied by national accounts data. For the very rich, the equity premium is much less of a puzzle. ∗Aït-Sahalia is with the Department of Economics and the Bendheim Center for Finance, Princeton University, and the NBER. Parker is with the Department of Economics and the Woodrow Wilson School of Public and International Affairs and the Bendheim Center for Finance, Princeton University, and the NBER. Yogo is with the Department of Economics, Harvard University. We thank the editor and an anonymous referee, Christopher Carroll, Angus Deaton, Karen Dynan, Gregory Mankiw, Masao Ogaki, Annette Vissing-Jørgensen, and participants at the NBER ME Meeting (November 2001) and the Wharton Conference on Household Portfolio-Choice and Financial Decision- Making (March 2002) for helpful comments and discussions. We thank Jonathan Miller at Miller Samuel Inc. for data on Manhattan real estate prices and Orley Ashenfelter and David Ashmore at Liquid Assets for data on wine prices. Aït-Sahalia and Parker thank the National Science Foundation (grants SBR-9996023 and SES-0096076, respectively) for financial support. -
Champagne Krug Non Vintage 0145
Bin No: 0145 Wine: Champagne Krug Non Vintage Country: France Region: Champagne Producer: Maison Krug Vintage: Non Vintage Colour: White Grape Variety: 33% Pinot Noir - 34% Chardonnay - 33% Pinot Meunier Status: Sparkling, Vegetarian - Vegan Allergens: contains sulphites Dry/Sweet: 2 (1 is dry, 7 is very sweet) abv: 12.0% - bottle size: 75cl Tasting Note: This famous Champagne has an intense bouquet with full round aromas and a superbly rich flavour of roasted hazelnuts ending on a flowery and fresh note. It has an intense bouquet with full round aromas and a superbly rich flavour. Winery information: Joseph Krug wanted to offer his clients the ultimate pleasure experience in Champagne every year, regardless of the vintage. His philosophy was to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. Krug wines show the character and the contrast between the grapes from different plots. Their Krug Grande Cuvée is the archetype of Krugs philosophy of craftsmanship. A blend of around 120 wines from ten or more different vintages, some of which may reach 15 years of age. It is this blending so many vintages that gives Krug Grande Cuvée its unique fullness of flavours and aromas, its incredible generosity and its absolute elegance - something impossible to express with the wines of just a single year. The philosophy is to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. There is no hierarchy in our selection, no plot is favoured over another. A plot may sometimes be smaller than a garden. -
Sparkling Wines] Sparkling W011 • Organic-Unfiltered Prosecco GLERA | ’Terre Di Marca’, Corvezzo [NV] Italy…
drink [sparkling wines] sparkling W011 • Organic-Unfiltered Prosecco GLERA | ’Terre di Marca’, Corvezzo [NV] Italy…. 35. W012 • Champ. Brut CHARDONNAY | ‘Millesime’, Pierre Moncuit [NV] France…. 93. W013 • Champ. Ex. Brut CHARDONNAY | ‘Longitude’, Larmandier-Bernier [NV] France…. 120. W20A • Champ. Ex. Brut CHARDONNAY | ‘Les Grandes Crayères’, Lahore Frères [NV] France…. 154. W20C • Champ. Ex. Brut CHARD | ’Vieilles Vignes du Levant ’, Larmandier-Bernier 2010 France…. 214. W010 • Champ. Ex. Brut CHARDONNAY | ’Les Pierrieres’, Ulysse Collin 2014 France…. 225. W007 • Champ. Brut CHARDONNAY | ‘Dizy-Corne Bautray’, Jacquesson 2004 France…. 475. W009 • Champ. Brut NOIR,MEUNIER+CHARD. | Marie Weiss [NV] France…. 68. W001 • Champ. Ex. Quality Brut NOIR,MEUNIER+CHARD. | Ployez-Jacquemart [NV] France 39. [375ml] W014 • Champ. Brut PINOT NOIR>CHARD. | Gatinois [NV] France…. 88. W005 • Champ. Ex. Brut PINOT NOIR+PINOT MEUNIER | ‘Cuvee 737’, Jacquesson [NV] France…. 155. W002 • Champ. Ex. Brut Rosé NOIR,MEUNIER+CHARD. | Ployez-Jacquemart [NV] France…. 95. W032 • Champ. Ex. Brut PINOT NOIR | Blanc de Noir, ‘Les Maillons’, Ulysse Collin 2014 France…. 215. W008 • Sparkling Rosé GAMAY+POULSARD | ‘Cerdon du Bugey’, Renardat-Fâche [NV] France…. 54. [still white wines] light + crisp W027 •PINOT BLANC | Weissburgunder Trocken, Schäfer-Fröhlich 2015 Germany…. 58. W031 •PINOT GRIGIO | ‘Dessimis’, Vie di Romans 2016 Italy…. 72. W026 •ADOLI GHIS | Antonopoulos 2016 France…. 54. W051 •ALBARIÑO | Bodegas Vina Nora 2012 Spain…. 64. W023 •TREIXADURA | ‘Finca Teira’, Manuel Formigo 2014 Spain…. 42. W025 •BIANCOLELLA | ‘Frasitelli’, D’Ambra 2015 Italy…. 48. W028 •ASSYRTIKO-ASPROUDA | ‘Kamares' Koutsogiorgakis 2016 Greece…. 42. drink [still white wines] sauvignon blanc W020 •SAUVIGNON BLANC | Sancerre, ‘Chavignol’, Yves Martin 2015 France…. 56. W004 •SAUVIGNON BLANC | ‘Two Old Dogs’, Herb Lamb 2017 California…. -
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications Julien MARTIN Florian MAYNERIS Université du Québec à Université Catholique Montréal de Louvain October 2013 G-MonD Working Paper n°35 For sustainable and inclusive world development High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz December 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. In contrast to low-end export(er)s, we find that distance has almost no effect on high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables at the micro-level, specializing in the production of high-end varieties has two macroeconomic implications for countries. First, the sources of a country's aggregate exports volatility are modified. The higher sensitivity to per capita income increases the sensitivity of high-end variety exports to destination-specific demand shocks, and thus their volatility on a given market. However, their lower sensitivity to distance allows for a greater geographic diversification of their exports, which in turn reduces aggregate volatility through a portfolio effect. Second, the lower sensitivity to distance allows high- end varieties to benefit more from demand growth, especially when it arises in distant markets. JEL classification: F14, F43, L15, Keywords: Vertical differentiation, Gravity, Distance, Volatility ∗We thank Nicolas Berman, Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, H´el`eneLatzer, Thierry Mayer, Isabelle M´ejean,Mathieu Parenti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski for useful discussions. -
Wines by the Bottle
WINES BY THE BOTTLE ROSE Rosé, Domaine Rimbert, ‘Le Petit Cochon Bronze’, Languedoc, FR ‘18 Cinsault, Syrah; light and dry, a classic, easy rosé. ................................... 11 / 44 RED Valdiguie, Lioco, Mendocino County, California, ‘17 Mulberry jam, quince paste, mission fig .............................................. 81 Gamay, M. Lapierre, Morgon, Beaujolais, France, ‘18 Masterful Gamay from the family that sparked a movement of sustainable winemaking ........ 80 Barbera, Malvira, Barbera d’ Alba, ‘San Michele’, Piedmont, Italy, ‘16 Velvety, elegant, blueberry, earth .................................................... 68 Pinot Noir, Ankida Ridge, Amherst County, Virginia ‘15 Yes, it’s actually good. It’s better than good. This Pinot turns Virginia naysayers into believers. 100 Nerello Mascalese, Girolamo Russo, Etna Rosso, ‘a Rina’, Siciliy, Italy, ‘17 Rustic red fruits with a smoky underpinning, Russo is raising the bar with his volcanic wines. ... 96 Carignan, Domaine Ledogar, ‘La Mariole’, Languedoc, France, ‘17 Bright acidity, crushed rose petal, ripe red fruit ......................................... 61 Mencia, La Senda Bodegas y Vinedos, Bierzo ‘1984’, Castilla y León, Spain, ‘17 Crushed cherries, orange zest, scrub brush ............................................ 60 Cinsault, Craven, Stellenbosch, Western Cape, South Africa, ‘17 Gently grippy tannin, touch of salinity, cranberry, pomegranate, raspberry .................. 78 Blaufränkish, Gut Oggau, ‘Joschuari’, Burgenland, Austria ‘15 145 A darling of the natural -
Sommelier's Selection
SOMMELIER’S SELECTION WHITE The Viognier grape is famous in Northern Rhône in the appellation of Condrieu, but Château Pesquié creates a stunning, rich and aromatic Viognier grown in Southern Rhône’s Ventoux Mountains. Balanced with a beautiful acidity, this wine pairs fantastically with seafood or fish. Aromas of apricot, pear and white flowers follow through on the palate. 750ml Château Pesquié ‘La Paradou’ Viognier, Rhône, FR 2017 58. RED The Grenache grape hails from Spain, where it is known as Garnacha, but arrived in France in the Middle Ages. Grenache flourishes in the warm climate found in Southern Rhône, where Château Pesquié over-delivers on a medium to full-bodied red wine with light tannins and notes of black pepper, black cherry and blackberry. 750ml Château Pesquié ‘La Paradou’ Grenache, Rhône, FR 2016 58. *limited quantity available BY THE GLASS BUBBLES 6oz 750ml Tawse ‘Spark’ Sparkling Riesling, Niagara, ON 2014 15. 65. Desiderio ‘Jeio’ Brut Rosé, Veneto, IT NV 15. 65. Ducourt Blanc Limé, Bordeaux, FR NV 15. 65. ROSÉ 6oz 9oz 750ml Malivoire ‘Vivant’, Niagara, ON 2016 13. 19. 55. WHITE Reif Estate Unoaked Chardonnay, Niagara, ON NV 10. 14. —. Cave Spring ‘Canoe’ Riesling, Niagara, ON 2017 12. 18. 48. Fontamara Pinot Grigio, Abruzzo, IT 2016 13. 19. 55. Château Pesquié ‘La Paradou’ Viognier, 14. 21. 58. Rhône Valley, FR 2017 Malivoire ‘Small Lot’ Chardonnay, Niagara, ON 2016 15. 22. 60. Kenwood Sauvignon Blanc, Sonoma Coast, CA 2016 16. 23. 62. Prà ‘Otto’ Soave, Veneto, IT 2017 17. 25. 64. Santa Barbara Chardonnay, CA 2016 19. 28. 76. -
Glasses of Wine Sparkling Wine
GLASSES OF WINE SPARKLING WINE CHAMPAGNE Germar Breton 19 Guillaume Sergent, Les Prés Dieu, Blanc de Blancs 2018 24 Charles Heidsieck, Réserve, Rosé 25 Krug, Grande Cuvée, 169ème Edition 45 SHERRY WINE FINO Equipo Navazos, Bota #54, Jerez de La Frontera 10 MANZANILLA Bodegas Barrero, Gabriela Oro en Rama, 9 Sanlúcar de Barrameda OLOROSO Emilio Hidalgo, Gobernador, Jerez de La Frontera 8 ROSÉ WINE SYRAH Château La Coste, Grand Vin, Coteaux d'Aix, 13 Provence, France 2020 MOURVÈDRE Château de Pibarnon, Bandol, Provence, France 2019 15 GLASSES OF WHITE WINE GRÜNER VELTLINER Weingut Jurtschitsch, Löss, Kamptal, Austria 2018 13 RIESLING Weingut Odinstal, Vulkan, Trocken, Pfalz, Germany 2018 29 CHENIN BLANC Domaine du Closel, La Jalousie, Savennières, 20 Loire Valley, France 2018 SAUVIGNON BLANC Vincent Pinard, Grand Chemarin, Sancerre, 22 Loire Valley, France 2018 TOCAI FRIULANO Massican, Annia, Napa Valley, California, 19 United States 2018 MARSANNE J.L. Chave Sélection, Blanche, Hermitage, 21 Rhône Valley, France 2016 SAVAGNIN Domaine de La Borde, Foudre à Canon, 17 Arbois-Pupillin, Jura, France 2018 CHARDONNAY Gérard Tremblay, Côte de Léchet, 15 Chablis Premier Cru, Burgundy, France 2018 Domaine Larue, Le Trézin, Puligny-Montrachet, 26 Burgundy, France 2018 Racines, Bentrock, Sta. Rita Hills, 38 California, United States 2017 GLASSES OF RED WINE GAMAY NOIR Jean-Claude Lapalu, Vieilles Vignes, Brouilly, 13 Beaujolais, France 2019 PINOT NOIR Domaine Alain Michelot, Vieilles Vignes, 25 Nuits-Saint-Georges, Burgundy, France 2015 Tyler, Dierberg, Block 5, Santa Maria Valley, 29 California, United States 2013 BLAUFRÄNKISCH Markus Altenburger, Leithaberg, Burgenland, 16 Austria 2017 CABERNET FRANC Domaine des Roches Neuves, Franc de Pied, 21 Saumur-Champigny, Loire Valley, France 2018 SYRAH René Rostaing, Ampodium, Côte-Rôtie, 27 Rhône Valley, France 2014 NEBBIOLO G.D. -
House Cocktails | 13
BEER DRAFT ITALY Captain Lawrence “Kolsch” (NY) 7 Almond 22 IPA (Italy) – 375 ml 17 Single Cut “18 Watt” IPA (Queens) 8 Birra del Borgo “Re Ale” (Italy) – 375 ml 14 Ommegang “Glimmerglass” (NY) 8 Grado Plato “Strada San Felice” (Italy) -500 ml 16 Ommegang “Witte” (NY) 8 Greenport “Black Duck” Porter (NY) 8 USA Bellwhether “Liberty Spy” Cider (NY) 12 Oskar Blues “Mama’s Lil Yella” Pils (CO) 7 Founder’s “All Day” IPA (MI) 7 OTHER Stillwater “Cellar Door” (MD) 13 Etienne Dupont Cider (France) 15 Shiner Bock (TX) 7 HOUSE COCKTAILS | 13 L'APICIO SPRITZ SPRING SANCHO wodka, aperol, grapefruit juice & peel mezcal, tequila, green chartreuse, mint, basil ITALIAN ICED TEA DIRTY SPICY MARTINI * campari, vecchia romagna, cynar, fernet, cocchi rosa, miller’s gin, dry vermouth, b & g pepper, lurisia chinotto orchard street bitters NEGRONI BIANCO MANHATTAN IN THE SPRING gin, dry vermouth, cocchi americano, rye, sherry, lucano amaro orange peel THE DERBY GENTLEMAN LUCA MANO FREDDO bourbon, sweet tea simple, mint dill-infused vodka, velvet falernum, cucumber, mint SOL INVICTUS L’APICIO GIN & TONIC solbeso, white rum, greenhook beach plum, dolin blanc greenhook gin, white vermouth, lurisia tonic *A portion of this drinks proceeds will be donated for LES History Month in support of FAB NYC WINE BY THE GLASS SPARKLING “Selim,” De Conciliis NV (Campania, Italy) 13 Rosé Lambrusco “Suoli Cataldi,” Giardino 2013 (Emilia-Romagna, Italy) 12 Riesling “Tuller Vineyard,” Bellwether 2013 (Finger Lakes, NY) 14 WHITE Dry Riesling, Ravines 2013 (Finger Lakes, NY) 13 -
Press Club Retail Price List
PRESS CLUB WINE SELECTION For ordering email Mauro Cirilli - [email protected] PRICE $ CHAMPAGNE 132 66 Roger Coulon Champagne Reserve de L'Hommee 1er Cru [750 ml] 135 67 LilberT-Fils Champagne Blanc de Blancs Grand Cru [750 ml] 76 38 Ayala Champagne Brut Brut Majeur [750 ml] 124 62 Drappier Champagne Non Dosage Zero Dosage [750 ml] 128 64 Tainger Champagne Brut Rosé Pres]ge Rose [750 ml] 96 48 Pierre Paillard Champagne Extra Brut Grand Cru Les Parcelles [750 ml] 124 62 Marion Bosser Champagne Rosé Premier Cru Rose [750 ml] 162 81 Maurice Vesselle Champagne Brut Grand Cru 2004 [750 ml] 720 360 Krug Champagne Brut 2004 [750 ml] 450 225 Duval-Leroy Champagne Brut Femme de Champagne 2000 [750 ml] 110 55 Domaine Jeaunaux-Robin Champagne Extra Brut Le Talus de Saint Prix [750 ml] 120 60 Leclerc Briant Champagne Brut Brut Reserve [750 ml] 98 49 Francis Orban Champagne Extra Brut [750 ml] 106 53 Barnaut Champagne Brut Grande Réserve [750 ml] 160 80 JM Labruyere Champagne Blanc de Blancs Grand Cru [750 ml] 204 102 Henriot Champagne Brut 2008 [750 ml] 154 77 Jacquesson Champagne Brut Cuvee 742 [750 ml] 76 38 Sanger Champagne Brut Voyage 360 [750 ml] 156 78 Bollinger Champagne Brut La Grande Année 2008 [750 ml] SPARKLING WINE 60 30 Domaine Carneros Brut Rose Carneros [750 ml] 24 12 Villa Sandi Rose il Fresco Italy [750 ml] 36 18 Bodkin Sparkling Cuvee Agincourt California [750 ml] 90 45 Hangley Valley Sparkling Classic Cuvée Sussex County England [750 ml] 44 22 Andreola Conegliano Valdobbiadene Prosecco SpumanTe Superiore 2016 Italy [750 ml]