1997

最新文章

• Growth and risk-sharing with incomplete international assets markets AI翻译
  作者：Devereux, MB; Saito, M
  作者单位：Kyoto University
  摘要：This paper develops a general equilibrium model of limited international asset trade in a two-country setting. In the model, only non-contingent claims can be traded in international assets markets. The paper has three main results. First, it establishes a simple and intuitive condition for the existence of a non-degenerate stationary distribution of world wealth; this condition requires the country with the highest expected growth rate under autarky to have the lowest autarky risk-free intere...
• Foreign direct investment and relative wages: Evidence from Mexico's maquiladoras AI翻译
  作者：Feenstra, RC; Hanson, GH
  作者单位：University of Texas System; University of Texas Austin; University of California System; University of California Davis
  摘要：In this paper, we examine the increase in relative wages for skilled workers in Mexico during the 1980s. Rising wage inequality in Mexico is linked to foreign capital inflows. We study the impact of foreign direct investment (FDI) on the skilled labor share of wages in Mexico over 1975-1988. We measure FDI using regional data on foreign assembly plants. Growth in FDI is positively correlated with the relative demand for skilled labor. In regions where FDI has concentrated, growth in FDI can ac...
• Welfare analysis of tariff change with and without international transfers (vol 35, pg 377, 1993) AI翻译
  作者：Nakanishi, N
• Destabilizing effects of exchange-rate escape clauses AI翻译
  作者：Obstfeld, M
  作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK
  摘要：This paper studies policy rules with escape clauses, analyzing as an example fixed exchange rate systems that allow member countries the freedom to realign in periods of stress. While well-designed, escape-clause rules can raise society's welfare in principle, limited credibility makes it difficult to implement such rules in practice. An EMS-type institution that imposes political costs on policymakers who realign may raise welfare, but can also produce equilibria far inferior to an irrevocabl...
• Inflation in open economies AI翻译
  作者：Lane, PR
  摘要：This paper relates the time-consistent inflation rate to the degree of trade openness of an economy. The mechanism linking the welfare effects of monetary surprises (and hence the incentives to inflate) to openness does not rely on a large-country terms of trade effect but rather is due to imperfect competition and nominal price rigidity in the non-traded sector. The empirical evidence supports the main predictions of the model. (C) 1997 Elsevier Science B.V.
• Bayesian learning in an infant industry model AI翻译
  作者：Hoff, K
  摘要：Most analyses of the infant industry argument assume that production early on benefits subsequent production in deterministic fashion. This paper presents an alternative framework for evaluating the infant industry argument that focuses on imperfect information as a barrier to entry. Initial entrants provide information of social value by reducing uncertainty for potential followers about the suitability of local conditions. In contrast to earlier work, I show that factors that increase the in...
• Real exchange-rate prediction over long horizons AI翻译
  作者：Mark, NC; Choi, DY
  摘要：In studying monthly real exchange rates between the US and Britain, Canada, Germany, and Japan from 1961 to 1993, we find that the deviation of the log real exchange rate from its time-varying, long-run equilibrium value contains a statistically significant predictable component at the four-year horizon over a forecast period extending from 1985 to 1993. Fixed-effects regressions employing differentials in productivity, real interest rates, and per capita income display some predictive power b...
• Cost heterogeneity, industry concentration and strategic trade policies AI翻译
  作者：VanLong, N; Soubeyran, A
  作者单位：McGill University; Aix-Marseille Universite
  摘要：We show that if domestic firms do not have identical unit costs, then the interplay between the Herfindahl index of concentration and the elasticity of the slope of the demand curve is of major importance in the determination of optimal trade policies. In some cases, the direction of optimal policy is reversed.
• Russian economic reform at risk - Aslund,A AI翻译
  作者：Goldberg, LS
  作者单位：National Bureau of Economic Research
• Has Latin America's post-reform growth been disappointing? AI翻译
  作者：Easterly, W; Loayza, N; Montiel, P
  作者单位：The World Bank; Williams College
  摘要：After years of poor macroeconomic performance, many Latin American countries undertook ambitious programs of macroeconomic stabilization and structural reform during recent years. The change in policy created high expectations for the region. Some observers question, however, whether actual growth outcomes in several Latin American countries have measured up to such expectations. This paper offers some evidence that the response of economic growth to reforms in Latin America has not been disap...