作者：SERVEN, L
摘要：Conventional open-economy aggregate models typically rule out capital goods imports - an assumption that is completely arbitrary. This paper shows that removing such an assumption in a standard intertemporal model with investment subject to adjustment costs has major consequences for the effects of macroeconomic policies and external shocks. Long-run output and the real exchange rate are inversely related. Fiscal policy disturbances and wealth transfers from abroad alter the long-run capital s...
作者：GASTON, N; TREFLER, D
作者单位：University of Chicago; Tulane University; University of Toronto
摘要：We develop a model featuring union-firm bargaining, strategic rivalry between the unionized domestic firm and its foreign competitor, and endogenous protection. The model frames a micro-level empirical study of the role of trade and trade policy in union wage determination. The results indicate that (1) trade flows and trade policy influence wages as much as the domestic factors usually considered, (2) imports and tariffs are negatively correlated with wages, and (3) there is little evidence o...
作者：EICHENGREEN, B; IRWIN, DA
作者单位：University of Chicago; University of California System; University of California Berkeley
摘要：We analyze the impact of commercial and financial policies on the reorientation of trade in the 1930s. We report evidence that commercial policies attenuated prior connections between income growth and trade, and that exchange rate instability marginally discouraged international trade. In contrast, the tendency toward regionalization commonly ascribed to the formation of trade and currency blocs was already evident to a considerable extent prior to the regional policy initiatives of the 1930s...
