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作者：O'Connell, PGJ; Wei, SJ
作者单位：Harvard University; Harvard University; Brookings Institution
摘要：This paper examines the evidence for nonlinear price behavior in retail goods prices across U.S. cities. First, a simple continuous-time model is used to explore the types of price behavior that can arise in the presence of market frictions. These frictions could be interpreted as transport costs, but we prefer a broader interpretation in which they operate at the level of technology and preferences. Second, we gather price data from 24 U.S. cities on individual goods like orange juice and too...
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作者：Heinemann, F; Illing, G
作者单位：University of Munich
摘要：Models with multiple equilibria are a popular way to explain currency attacks. Morris and Shin (1998) have shown that, in the context of those models, unique equilibria may prevail once noisy private information is introduced. In this paper, we apply the method of Morris and Shin to a broader class of probability distributions and show-using the technique of iterated elimination of dominated strategies-that their results continue to hold, even if we allow for sunspots and individual uncertaint...
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作者：Conconi, P; Perroni, C
作者单位：University of Warwick
摘要：We describe a model of international, multidimensional policy coordination where countries can enter into selective and separate agreements with different partners along different policy dimensions. The model is used to examine the implications of negotiation tie-in - the requirement that agreements must span multiple dimensions of interaction for the viability of multilateral cooperation when countries are linked by international trade flows and transboundary pollution. We show that, while in...
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作者：Forslid, R; Haaland, JI; Knarvik, KHM
作者单位：Norwegian School of Economics (NHH); Stockholm University
摘要：We use a large-scale CGE-model to simulate the effects of gradual economic integration on the location of industrial production. Our results reveal large differences among industries, Industries with high scale elasticities typically display a non-monotonous relationship between trade liberalisation and concentration, with maximum concentration for intermediate trade costs. Other industries, more driven by comparative advantage, become monotonously more concentrated as trade costs fall. On the...
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作者：Pastine, I
作者单位：Ihsan Dogramaci Bilkent University
摘要：This paper demonstrates that the implications of first-generation speculative attack models do not hold if there is a rational, forward-looking policy maker. The policy maker will be able to avoid predictable speculative attacks by introducing uncertainty into the decisions of speculators. This changes the sudden attack into a prolonged period of increasing speculation and uncertainty. In addition, the model provides useful insights into the viability of temporary nominal anchor policies, and ...
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作者：Richardson, M
作者单位：University of Otago
摘要：This paper demonstrates that, when countries individually choose whether or not to prohibit parallel imports, a global Nash equilibrium involves the permitting of parallel importing into all relevant foreign markets i.e. global uniform pricing. This result is sensitive in a straightforward way to the tariff-setting powers of countries and to the specification of a government's objective function (i.e. political economy considerations). We also show that when countries can prevent 'parallel exp...
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作者：Irwin, DA; Terviö, M
作者单位：Dartmouth College; Dartmouth College; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Efforts to estimate the effects of international trade on a country's real income have been hampered by the failure to account for the endogeneity of trade. Frankel and Romer recently use a country's geographic attributes - notably its distance from potential trading partners - to construct an instrument to identify the effects of trade on income in 1985. Using data from the pre-World War 1. the interwar, and the post-war periods, we find that the main result of Frankel and Romer is confirmed ...
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作者：Ickes, BW
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
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作者：Murray, CJ; Papell, DH
作者单位：University of Houston System; University of Houston
摘要：Rogoff (Journal of Economic Literature 1996;34:647-668) describes the 'remarkable consensus' of 3-5 year half-lives of purchasing power parity deviations among studies using long-horizon data. These studies, however, focus on rejections of unit roots in real exchange rates and do not use appropriate techniques to measure persistence. Our half-life estimates explicitly account for serial correlation, sampling uncertainty and, most importantly, small sample bias. Calculating confidence intervals...
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作者：Delgado, MA; Fariñas, JC; Ruano, S
作者单位：Universidad Carlos III de Madrid; Complutense University of Madrid; Banco de Espana
摘要：This paper examines total factor productivity differences between exporting and non-exporting firms. These differences are documented on the basis of a sample of Spanish manufacturing firms over the period 1991-1996. The paper also examines two complementary explanations for the greater productivity of exporting firms: (1) the market selection hypothesis, and (2) the learning hypothesis. Non-parametric tests are proposed and implemented for testing these hypotheses. Results indicate clearly hi...
