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作者：Hummels, D
作者单位：Purdue University System; Purdue University
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作者：Del Negro, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：The paper applies a factor model to the study of risk sharing among U.S. states. The factor model makes it possible to disentangle movements in output and consumption due to national, regional, or state-specific business cycles from those due to measurement error. The results of the paper suggest that some findings of the previous literature which indicate a substantial amount of inter-state risk sharing may be due to the presence of measurement error in output. When measurement error is prope...
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作者：Moore, MJ; Roche, MJ
作者单位：Queens University Belfast; Maynooth University
摘要：The two-country monetary model is extended to include a consumption externality with habit persistence. The model is simulated using the artificial economy methodology. The 'puzzles' in the forward market are re-examined. The model is able to account for: (a) the low volatility of the forward discount; (b) the higher volatility of expected forward speculative profit; (c) the even higher volatility of the spot return; (d) the persistence in the forward discount; (e) the martingale behavior of s...
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作者：Redding, S
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper proposes a new empirical framework for analyzing specialization dynamics. A country's pattern of specialization is viewed as a distribution across sectors, and statistical techniques for analyzing the evolution of this entire distribution are employed. The empirical framework is implemented using data on 20 industries in seven OECD countries since 1970. We find substantial mobility in patterns of specialization. Over time horizons of 5 years, this is largely explained by forces comm...
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作者：Reinhart, CM; Smith, RT
作者单位：University of Alberta; University System of Maryland; University of Maryland College Park; International Monetary Fund
摘要：During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies, calibrates their potential effectiveness, and assesses their welfare implications in an environment in which the level of capital inflows can be sub-optimal. In addition, motivated by the fact that these types...
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作者：Panagariya, A; Krishna, P
作者单位：University System of Maryland; University of Maryland College Park; Brown University
摘要：The well-known Kemp-Vanek-Ohyama-Wan proposition establishes that if two or more countries form a customs union (CU) by freezing their net external trade vector through a common external tariff and eliminating internal trade barriers, the union as a whole and the rest of the world cannot be worse off than before. Owing to the fact that a Free Trade Area (whose member countries impose country specific external tariff vectors) does not equalize marginal rates of substitution across its member co...
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作者：Francois, P; van Ypersele, T
作者单位：Tilburg University; University of Namur
摘要：We identify cultural goods as goods which are valued differently by consumers at home than by individuals abroad, and which are produced under scale economies. It is shown that restrictions on the trade of cultural goods can raise welfare in both recipient and source countries. (C) 2002 Elsevier Science B.V. All rights reserved.
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作者：Keen, M; Ligthart, JE
作者单位：International Monetary Fund; University of Essex
摘要：A key obstacle to fundamental tariff reform in many countries is the revenue loss that it ultimately implies. This paper establishes and explores a simple and practicable strategy for realizing the efficiency gains from tariff reform without reducing public revenue, showing that for a small economy a cut in import duties (respectively, export taxes) combined with a point-for-point increase in domestic consumption taxes (production taxes) increases both welfare and public revenue. Increasingly ...
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作者：Mitra, D
作者单位：State University System of Florida; Florida International University
摘要：In a bargaining model of endogenous protection, I introduce fixed costs of political-organization that need to be incurred by capitalists prior to actual lobbying. Unlike Maggi and Rodriguez-Clare [J. Pol. Econ. 106(3) (1998) 575] intersectoral capital mobility is disallowed. Nevertheless, I am still able to obtain their main result that a government with low bargaining power vis-a-vis the import-competing lobby precommits to a free-trade agreement. Further, with high fixed organizational cost...
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作者：Ludema, RD
作者单位：Georgetown University; Georgetown University
摘要：This paper uses a model of horizontal multinational enterprises to explore the relationship between transportation costs and trade policy cooperation. Tariffs have the effect of attracting foreign direct investment to the benefit of consumers in the host country. As transport costs fall, the incentive to impose tariffs falls and the benefits to cooperation rise. Thus, in a repeated game in which cooperation is limited by a self-enforcement constraint, a reduction in transport costs facilitates...
