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作者：Facchini, G; Willmann, G
作者单位：Stanford University
摘要：Duty free zones have been established in many countries and duty free shops can be found in every major international airport. This paper investigates their welfare effect, in the tradition of the Pareto gains from trade literature. Using the dual approach developed in Dixit and Norman (1980), we show that the introduction of a duty free zone leads to Pareto gains over autarky. Compared to free trade, its welfare impact depends on the redistribution mechanism accompanying free trade. We show t...
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作者：Glass, AJ; Saggi, K
作者单位：Southern Methodist University; University System of Ohio; Ohio State University
摘要：We examine the consequences of foreign direct investment (FDI) policies in a general equilibrium setting with several oligopolistic industries. By shifting labor demand across countries, FDI raises the wage in the host country and lowers the wage in the source country, thereby raising profits of source country firms at the expense of host country firms. The extent of cross-ownership of firms, the relative number of firms and the relative supply of skilled labor alter the impact of FDI policy o...
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作者：Herrendorf, B
作者单位：University of Warwick; Centre for Economic Policy Research - UK
摘要：This paper shows that if the cost of importing foreign inflation and real exchange rate shocks are not too high, then the equilibrium nominal exchange rate regime for a country with a credibility problem is a peg, under which credibility is higher and inflation is lower than under a float. This holds true although devaluations of the pegged rate are assumed to be costless. The reason is that as realized inflation is not perfectly controllable, planned inflation under a float is private informa...
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作者：Gençay, R
作者单位：University of Windsor
摘要：This paper investigates the predictability of spot foreign exchange rate returns from past buy-sell signals of the simple technical trading rules by using the nearest neighbors and the feedforward network regressions. The optimal choices for nearest neighbors, hidden units in a feedforward network and the training set are determined by the cross validation method which minimizes the mean square error. Although this method is computationally expensive the results indicate that it has the advant...
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作者：Boileau, M
作者单位：University of Toronto
摘要：Standard two-country dynamic general equilibrium models grossly underpredict the volatility of net exports and the terms of trade. We analyze whether trade in capital goods (equipment) can explain this failure. Trade in equipment accounts for about half of the trade balance of G7 countries and most of its fluctuations over the 1971-1990 period. Simulation results show that a standard model with trade in final goods generates a volatility of 0.10 for net exports and 0.52 for the terms of trade,...
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作者：Davidson, C; Martin, L; Matusz, S
作者单位：Michigan State University; Michigan State University's Broad College of Business
摘要：We argue that trade economists should begin to seriously consider environments in which unemployment is carefully modeled. We introduce such a model, derive several results, and compare them to results derived in full employment models. We argue that some traditional results are probably too narrow (the determinants of comparative advantage) and that some results do not generalize to models with unemployment (the link between trade and income distribution for employed factors). We also show th...
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作者：Kim, S
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper suggests an identified VAR model that identifies monetary policy actions for the G-7 countries without encountering empirical puzzles such as the price puzzle and the liquidity puzzle. Using the model, the effects of monetary policy shocks are examined for the postwar period. Monetary policy shocks have significant effects on output in the short run. However, the contribution of monetary policy shocks to output fluctuations is relatively small - monetary policy shocks are not the ma...
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作者：Eicher, TS
作者单位：University of Washington; University of Washington Seattle
摘要：Within an endogenous growth framework, we examine dynamic gains from trade for parametrically distinct countries. In the absence of international spillovers or factor mobility, previous endogenous growth models generally imply that trade in goods must amplify differences in (1) factor endowments, (2) rates of technical change and (3) economic growth. Even the dynamic HOS model suggests that trade intensifies differences in endogenous factor endowments. In contrast, we present a model where tra...
