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作者：CHEUNG, YW; LAI, KS
作者单位：California State University System; California State University Los Angeles; University of California System; University of California Santa Cruz
摘要：This paper examines the relevance of long-run purchasing power parity (PPP), which allows for measurement errors. during the recent floating exchange rate period. Previous empirical studies generally fail to find support for long-run PPP over this period. In this paper the cointegration property of exchange rates and prices is examined using a maximum likelihood procedure. and we find significant evidence favorable to long-run PPP. Further tests for symmetry and proportionality indicate that t...
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作者：TESAR, LL
摘要：The high correlation between savings and investment, the low cross-country correlation between consumption growth rates and the home bias in investment portfolios have been interpreted as evidence that international financial markets are insufficient for complete risk-sharing. This paper demonstrates that these facts are consistent with complete financial markets when agents face stochastic fluctuations in the output of non-traded goods. Consumer preferences over traded and non-traded goods an...
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作者：RAUCH, J
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作者：BARARI, M; LAPAN, HE
作者单位：Iowa State University; Missouri State University
摘要：This paper uses a Stockman-Dellas type two-country, two-good, stochastic general equilibrium model to consider the effects of commercial policy when asset markets are complete. We show that: (i) import and export tariffs do not have symmetric effects because interstate relative prices depend on the entire tariff structure; (ii) when commercial policy is random and exogenously determined, the ex post comparison of utility across states depends upon whether import or export tariffs are used; and...
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作者：ANDERSON, JE
摘要：Domino dumping [Anderson (American Economic Review, 1992, 82, 65-83)] arises when exporting firms dump to obtain more export licenses in the future when there is a positive probability of a future VER. Anti-dumping policy may then be in the public interest for the importing country, via lowering the probability of a VER. Increased enforcement may perversely lead to a rise in dumping. Also it may increase the probability of a VER and may reduce the probability of free trade. It is possible for ...
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作者：WRIGHT, DJ
摘要：In this paper, an information asymmetry concerning technology type and the cost of operating across national boundaries interact with location considerations to determine whether international technology transfer occurs via the export of goods, subsidiaries, or licensing. It is shown that market share restrictions and per-unit royalties can signal technology type and make licensing the most attractive option. In addition, it is shown that policies which restrict the mode of technology transfer...
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作者：GAGNON, JE
摘要：Theoretical research has shown that under reasonable assumptions exchange rate variability ought to depress the level of trade. This paper builds a theoretical model designed to exaggerate the negative effect of exchange rate variability on trade in order to calibrate an upper bound to the potential size of this effect. Numerical analysis demonstrates that exchange rate variability of the magnitude currently observed among industrial countries has an insignificant effect on the level of trade....
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作者：MANN, C
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作者：KINDLEBERGER, C
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作者：KLEIN, MW; LEWIS, KK
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：This paper provides a framework for evaluating how market participants' beliefs about foreign exchange target zones change as they learn about central bank intervention policy. We generalize the standard target-zone model to allow for intra-marginal intervention. Intra-marginal intervention implies that market participants' beliefs about the target zone can be determined from their beliefs about the likelihood of intervention. We then estimate a daily probability of intervention model for the ...
