-
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...
-
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 ...
-
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...
-
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 ...
-
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...
-
作者：McCalman, P
作者单位：University of California System; University of California Santa Cruz
摘要：This paper considers the interaction between private information and the Most Favored Nation clause in trade negotiations. It demonstrates that by aggregating uncertainty over a number of trading partners, the Most Favored Nation clause may offer a welfare improvement over a set of bilateral trade negotiations. This improvement is shown to be most pronounced when a large number of countries are involved in negotiations. (C) 2002 Elsevier Science B.V. All rights reserved.
-
作者：Papell, DH
作者单位：University of Houston System; University of Houston
摘要：Although there has been much recent work on purchasing power parity (PPP), neither univariate nor panel methods have produced strong rejections of unit roots in US dollar real exchange rates for industrialized countries during the post-1973 period. We investigate the hypothesis that these non-rejections can be explained by one episode, the large appreciation and depreciation of the dollar in the 1980s, by developing unit root tests which account for this event and maintain long-run PPP. Using ...
-
作者：Cook, D
作者单位：Hong Kong University of Science & Technology
摘要：In this paper, pro-cyclical market entry acts as an international transmission mechanism for business cycle shocks. In an imperfectly competitive dynamic equilibrium model, an expansion in one open economy leads to additional business formation in a parallel large open economy through demand spillovers. Business formation causes a decline in markups leading to an expansion in employment, production, and investment in both economies. The modeling of the entry decision is critical. Only when the...
-
作者：Harrison, A
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
-
作者：Ohashi, H
作者单位：University of British Columbia
摘要：This paper investigates the impact of voluntary export restraints (VERs) at the preimplementation stage when exporters have a good prospect for the VERs. Distinctive features of the VCR market in 1978-86 provide a testable hypothesis to analyze the effect of the EC-Japan VERs, which were implemented in the fiscal years of 1983-85. The paper finds consistent evidence that the VERs affected firms' pricing behavior in the U.S. market prior to the VER period, as a result of Japanese exporters' ant...
