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作者：Waelbroeck, P
摘要：The method described by Levinsohn and Feenstra (Journal of International Economics, 1990, 28, 199-215) to identify the set of competitors faced by a differentiated product is modified to deal with the case in which the set of characteristics describing the product includes one or more dummy variables. This is illustrated by an application to the Belgian car market. An algorithm is also proposed in the appendix.
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作者：McKinnon, R
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作者：Jorion, P
摘要：This paper investigates the validity of Real Interest Parity (RIP) for long maturities across the US, Britain and Germany. A standard view, commonly referred to as the Fisher hypothesis, is that, over long horizons, movements in expected inflation dominate movements in nominal interest rates, or that real interest rates are equal. Over the 1973-1991 sample period, however, rejections of conditional RIP occur at all horizons, extending from a quarter to five years. The evidence indicates that t...
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作者：Ethier, WJ; Markusen, JR
作者单位：University of Colorado System; University of Colorado Boulder
摘要：Attempts to add multinational firms to the 'new' trade theories generate predictions about direct investment dramatically at odds with the facts. A failure to treat internalization adequately seems responsible at least in part. Empirical evidence also indicates a close association between multinational firms and knowledge capital; we exploit this to examine the role of internalization and its relation to locational factors. We model a firm which must choose between costly exporting and the pos...
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作者：Frankel, JA; Rose, AK
作者单位：University of California System; University of California Berkeley; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：Previous time-series studies have shown evidence of mean-reversion in real exchange rates. Deviations from purchasing power parity (PPP) appear to have half-lives of approximately four years. However, the long samples required for statistical significance are unavailable for most currencies, and are potentially inappropriate because of regime changes. In this study, we re-examine deviations from PPP using a panel of 150 countries and 45 annual post WWII observations. Our panel shows strong evi...
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作者：Barnett, RC; Ho, MS
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Harvard University
摘要：This paper explores some issues surrounding inflationary finance of government deficits in a two-country world with currency substitution. Each country's monetary policy is assumed to be subordinate to fiscal policy. Private agents, knowing that the monetary authorities cannot commit themselves to fixed policy rules, substitute among the two monies. Each monetary authority is then forced to accomodate the actions of the fiscal authorities and private agents by setting monetary growth rates con...
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作者：Cunha, LCE; Santos, V
摘要：We rationalize the puzzling existence of binding quotas that are not fully utilized. Our model has its roots in Bhagwati (1965, in: R. Baldwin et al., eds., Trade, growth and the balance of payments: Essays in honor of G. Haberler (MIT Press, New York)) on tariffs/quotas equivalence and is related to the IO literature on pre-emption. We study the conditions that lead a monopolist, facing a quota-restricted market, to buy the quota licenses itself and the conditions under which they may remain ...
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作者：Bird, G
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作者：Dekle, R
作者单位：Boston University
摘要：The paper examines the magnitude of the 'saving retention coefficient,' b, in a setting of known near perfect capital mobility, Japanese regions. First, we find that on total regional saving and investment rate data, inclusive of regional government saving and investment, the estimate of b is negative. This negative relationship in the total rates across Japanese regions appears to arise from the strong negative association in the government saving and. Investment rates. Second, on private reg...
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作者：Ellingsen, T; Stole, LA
作者单位：University of Chicago
摘要：Mandated countertrade is a policy to restrict unilateral imports. A country's government thereby in effect commits domestic firms not to purchase from a foreign trading partner unless there are reciprocal sales. We argue that the policy may be a rational response to fundamental contracting failures, our key assumption being that sellers are incompletely informed about buyers' valuations. In line with observed practices, the analysis suggests that an optimal mandated countertrade policy will ta...
