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作者：Krishna, P; Panagariya, A
作者单位：University System of Maryland; University of Maryland College Park
摘要：The received wisdom from the theory of second best is that the presence of distortions in some sectors of the economy would in general require intervention in other sectors as well. This paper offers a simple set of propositions which help unify the results of numerous papers in the international trade literature involving the theory of second best, many of which appear to contradict this theory. The propositions identify how, in optimization problems in economics, pre-imposed quantitative res...
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作者：Engel, C
作者单位：University of Washington; University of Washington Seattle; National Bureau of Economic Research
摘要：Recent tests using long data series find evidence in favor of long-run PPP, These tests may have reached the wrong conclusion. Using artificial data calibrated to nominal exchange rates and disaggregated data on prices, we show that tests on long-run PPP have serious size biases. In the baseline case, unit root and cointegrarion tests with a nominal size of 5% have true sizes that range from 0.90 to 0.99 in 100-year long data series, even though there is a permanent component that accounts for...
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作者：Groen, JJJ
作者单位：Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Pure time series-based tests fail to find empirical support for monetary exchange rate models. In this paper we apply pooled time series estimation on a forward-looking monetary model, resulting in parameter estimates which are in compliance with the underlying theory. Based on a panel version of the Engle and Granger [Engle, R.F., Granger, C.W.J., 1987. Go-integration and error correction: representation, estimation and testing, Econometrica 55, 251-276] two-step procedure we find that the re...
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作者：Kim, SJ; Kim, YJ
作者单位：International Monetary Fund; Dongduk Women's University
摘要：A multi-sector general equilibrium model is presented where education enhances general human capital, which is essential for increasing or maintaining the mobility of workers across industries. The paper shows that international trade, combined with education, can have a positive growth effect by allowing workers to move easily to, and specialize in, the industry with the greatest productivity in each period, which enables an economy to grow in the long run at the growth rate of the industry w...
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作者：Ludema, RD; Wooton, I
作者单位：Georgetown University; University of Glasgow; Centre for Economic Policy Research - UK
摘要：In models of economic geography, plant-level scale economies and trade costs create incentives for spatial agglomeration of production into a manufacturing core and agricultural periphery, creating regional income differentials. We examine tax competition between national governments to influence the location of manufacturing activity. Labor is imperfectly mobile and governments impose redistributive taxes. Regional integration is modeled as either increased labor mobility or lower trade costs...
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作者：Cavallari, L; Corsetti, G
作者单位：Yale University; Sapienza University Rome
摘要：This note generalizes to second generation models of currency crises the arbitrage-based approach first applied by Flood and Garber to first generation models. Deriving policy-switching rules based on the 'shadow exchange rate' facilitates the comparative analysis of the literature. Using the 'shadow rate', we provide and discuss an example of a common mechanism generating multiple equilibria in both first and second generation models. (C) 2000 Elsevier Science B.V. All rights reserved.
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作者：Jeanne, O; Masson, P
作者单位：International Monetary Fund
摘要：This paper investigates the theoretical properties of a class of escape clause models of currency crises as well as their applicability to empirical work. We show that under some conditions these models give rise to an arbitrarily large number of equilibria, as well as cyclic or chaotic dynamics for the devaluation expectations. We then propose an econometric technique, based on the Markov-switching regimes framework, by which these models can be brought to the data. We illustrate this empiric...
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作者：Pizer, SD
作者单位：ABT Associates
摘要：I develop a model where the mode of competition in trade affects wage differentials. Imports undermine wage premia under quantity competition and increase premia under price competition. I test these predictions after combining industry-level data with premia estimated by quantile regressions. Wage premia and imports are positively related for union and negatively related for nonunion workers. As predicted, the positive relationship is limited to unconstrained industry-years, and the negative ...
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作者：Park, JH
作者单位：Wayne State University
摘要：This paper analyzes how changes in the structure and environment of trade agreements between a small and a large country affect the efficient frontier of those self-enforcing agreements and hence, negotiation outcomes. Using the autarky punishment instead of the interior Nash punishment may provide the small country with greater bargaining power. Negotiating direct transfers under free trade instead of reciprocal tariff reductions improves the worst possible negotiation outcome for the small c...
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作者：Fischer, R; Serra, P
作者单位：Universidad de Chile
摘要：We examine the behavior of a country that imposes a minimum standard (MS) on a good produced by a domestic firm and a foreign competitor. Costs rise with the standard, and there is a fixed setup cost of producing at two standard levels. Depending on the size of the foreign market and the fixed setup cost, the domestic firm will lobby for the lowest MS that excludes the foreign firm or for no standard at all. When there is a consumption externality, the MS chosen by the domestic social planner ...
