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作者：Hoon, HT
作者单位：National University of Singapore
摘要：This paper develops a dynamic Ricardian model of the world economy exhibiting endogenous wages and equilibrium unemployment. It is shown that international trade serves to give workers an increased stake in job-holding, and, in general equilibrium, leads to higher real earnings and lower equilibrium unemployment. Economic shocks emanating in one country affect the trading partner's equilibrium unemployment rate by shifting the terms of trade. The generality of the results are discussed along t...
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作者：Mehlum, H
作者单位：University of Oslo
摘要：An economic reform programme where inefficient public labour is laid off is considered. The immediate effect is a lowering of wages and increased profitability in the private modem sector. Over time, as capital accumulates in the modem sector, wages and production increases. Big bang reform generates a sharp transitory drop in wages while gradual reform gives a more modest decline. In the presence of a subsistence wage constraint popular resistance can cause the cancellation of big bang reform...
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作者：Cherian, JA; Perotti, E
作者单位：University of Amsterdam; Bank of America Corporation
摘要：The paper analyses asset prices in a context of uncertainty over future government policy. As current policy is maintained, perceived risk abates thus leading to a gradual appreciation of asset prices and a gradual decrease in their conditional variance. Option values computed under this process have time series and the term structure of conditional volatility, which, in general, are downward sloping. In price series without a policy reversal, implied volatility from option prices will exceed ...
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作者：Krishna, P; Mitra, D; Chinoy, S
作者单位：State University System of Florida; Florida International University; Brown University; Stanford University
摘要：In the recent debate over the impact of trade reform on factor markets, it has been argued that trade liberalization will lead to an increase in labor-demand elasticities - thus placing labor markets under increased pressure. Using Turkish plant-level data spanning the course of a dramatic trade liberalization, we test this idea. However, we are unable to find any empirical support for this supposed theoretical link: in most of the industries we consider, we cannot reject the hypothesis of no ...
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作者：Engel, C; Rogers, JH
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Federal Reserve System - USA
摘要：We explore deviations from short-run purchasing power parity (PPP) across European cities, attempting to move beyond a 'first-generation' of papers that document very large border effects. We document two very distinct types of border effects embedded in relative prices. The first is a 'real barriers effect', caused by various barriers to market integration. The second is a sticky-consumer-price cum volatile exchange-rate effect. Both are shown to be important empirically, the second type espe...
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作者：Kalemli-Ozcan, S; Sorensen, BE; Yosha, O
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of Houston System; University of Houston; Tel Aviv University
摘要：We show empirically that regions with a more specialized production structure exhibit output fluctuations that are less correlated with those of other regions (less 'symmetric' fluctuations). Combined with the causal relation running from capital market integration to regional specialization found in an earlier study, this finding supports the idea that higher capital market integration leads to less symmetric fluctuations. This mechanism counterbalances the effect of lower trade-barriers on t...
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作者：Slaughter, MJ
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：In this paper I try to determine whether international trade has been increasing the own-price elasticity of demand for U.S. labor in recent decades. The empirical work yields three main results. First, from 1961 through 1991 demand for U.S. production labor became more elastic in manufacturing overall and in five of eight industries within manufacturing. Second, during this time U.S. nonproduction-labor demand did not become more elastic in manufacturing overall or in any of the eight industr...
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作者：Bacchetta, P; Rose, AK; van Wincoop, E
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作者：Watanabe, K; Watanabe, T; Watanabe, T
作者单位：Bank of Japan; Bank of Japan; Hitotsubashi University
摘要：This paper studies the extent to which the impact of tax policy on consumer spending differs between temporary and permanent, as well as anticipated and unanticipated tax changes. To discriminate between them, we use institutional information such as legal distinction between temporary and permanent tax changes, as well as timing of policy announcement and implementation. We find that the impact of temporary changes is significantly smaller than the impact of permanent changes. We also find th...
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作者：Ranjan, P
作者单位：University of California System; University of California Irvine
摘要：This paper shows how the degree of credit-market imperfections affects the steady-state distributions of income and wealth, human capital investment, and the pattern of comparative advantage. The impact of trade liberalization on the accumulation of human capital depends on how it affects (1) the incentives to accumulate human capital, (2) the borrowing constraints facing human capital accumulation, and (3) the distribution of income and wealth. If the degree of credit market imperfections is ...
