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作者：Rose, AK
作者单位：University of California System; University of California Berkeley
摘要：This paper uses 68 measures of trade policy and liberalization to ask if membership in the World Trade Organization (WTO) and its predecessor the General Agreement on Tariffs and Trade (GATT) is associated with more liberal trade policy. Almost no measures of trade policy are significantly correlated with GATT/WTO membership. Trade liberalizations, when they occur, usually lag GATT entry by many years, and the GATT/WTO often admits countries that are closed and remain closed for years. The exc...
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作者：Maneschi, A
作者单位：Vanderbilt University
摘要：The four numbers in David Ricardo's example of comparative advantage have been traditionally interpreted as unit labor coefficients in the production of wine and cloth in UK and Portugal. A recent interpretation suggests that they represent instead the labor needed to produce the amounts of wine and cloth actually traded. Ricardo's four numbers are shown to yield each country's gains from trade by simply subtracting two of the numbers from the other two. Since the numbers also indicate each co...
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作者：Gourinchas, PO; Tornell, A
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：We propose a new explanation for the foreign exchange forward-premium and delayed-overshooting puzzles. We show that both puzzles arise from a systematic distortion in investors' beliefs about the interest rate process. Accordingly, the forward premium is always a biased predictor of future depreciation; the bias can be so severe as to lead to negative coefficients in the 'Fama' regression. Delayed overshooting may or may not occur depending upon the persistence of interest rate innovations an...
