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作者：Panagariya, A
作者单位：University System of Maryland; University of Maryland College Park
摘要：This paper addresses two questions: (i) can factor content of trade be used to measure the effect of trade on wage inequality in a given year, with tastes and technology constant; and (ii) can it be used to measure the contribution of trade to the change in wage inequality between 2 years, with tastes and technology allowed to change? Deardorff and Staiger (Journal of International Economics, 24 (1988) 93-107) had shown that the answer to the first question can be given in the affirmative prov...
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作者：Svensson, LEO
作者单位：Stockholm University
摘要：The paper examines inflation targeting in a small open economy with forward-looking aggregate supply and demand with microfoundations, and with stylized realistic lags in the different monetary-policy transmission channels. The paper compares strict and flexible targeting of CPI and domestic inflation, and inflation-targeting reaction functions and the Taylor rule. Flexible CPI-inflation targeting does not limit the variability of CPI inflation but also the variability of the output gap and th...
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作者：Betts, C; Devereux, MB
作者单位：University of Southern California; University of British Columbia
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作者：Gallaway, MP; Blonigen, BA; Flynn, JE
作者单位：University of Oregon
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作者：Engineer, M
作者单位：University of Victoria
摘要：This paper develops a model in which two competing fiat currencies may coexist as media of exchange. Domestic currency has lower transactions costs but a higher growth rate than foreign currency, it is used in everyday transactions and has a higher velocity of circulation in equilibrium. In contrast, foreign currency is hoarded for occasional high consumption shocks. A precautionary transactions demand for foreign currency arises because it is a better store of value. The different endogenous ...
