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作者：GRINOLS, EL; TURNOVSKY, SJ
作者单位：University of Washington; University of Washington Seattle; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper constructs a stochastic general equilibrium model of a small open economy consisting of risk-averse optimizing agents. The stochastic processes describing the rate of monetary growth, government expenditure, private production, and the foreign price level are taken to be exogenous, determining all asset risks and returns, and the equilibrium stochastic process describing the domestic inflation rate and the exchange rate. The model is used to examine the effects of the means and vari...
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作者：BRANCO, F
作者单位：Banco de Portugal
摘要：This paper studies the rationale for giving preference to domestic firms in the award of government contracts when the regulator is interested in maximizing domestic welfare. It is seen that, in the absence of comparative advantages, the regulator should discriminate in favor of the domestic firms, because foreign firms' profits do not enter in domestic welfare. Furthermore, I show that the form of the discrimination function depends on the mechanism being used. In order to simplify the implem...
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作者：BEKAERT, G
摘要：This paper examines time-series properties of exchange rate changes, the forward premium and the forward bias in the context of a variant of Svensson's cash-in-advance model. The model is solved and simulated using realistic forcing processes whose law of motion is estimated from U.S.-Japan data and then approximated by a Markov chain. Although method of moments estimation shows that the over-identifying restrictions implied by the model are not rejected, it fails dramatically in producing a s...
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作者：KOWALCZYK, C
作者单位：National Bureau of Economic Research
摘要：This paper derives trade policy rankings for a country trading with a foreign monopoly firm. It characterizes the first-best policy under decreasing monopoly costs, and it demonstrates that a minimum import requirement implements first-best trade only under constant monopoly costs. The paper shows further that a voluntary import expansion eliminates all gains from trading with the monopoly, and that all quotas and voluntary export restraints are equivalent. Finally, it establishes that a price...
