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作者：DINOPOULOS, E; OEHMKE, JF; SEGERSTROM, PS
作者单位：Michigan State University
摘要：This paper develops a dynamic general equilibrium model of international research and development (R&D) competition based on the Heckscher-Ohlin structure of production. We analyze the model's unique steady-state equilibrium in which both R&D expenditures and the rate at which firms discover new superior products are constant over time. The model generates intraindustry trade. interindustry trade, product cycles and multinational corporations even when factor price equalization prevails across...
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作者：HWANG, HS; SCHULMAN, CT
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Texas A&M University System; Texas A&M University College Station
摘要：This paper analyzes a game of strategic trade policy between governments who may choose among quantity controls. subsidies, and non-intervention as policy instruments. Central to the analysis is our view of non-intervention as a distinct policy choice. We derive conditions under which non-intervention is strictly preferred to the alternative instruments. Preferences between non-intervention and the Nash equilibrium subsidy confirm to a simple distance measure involving the Stackelberg leadersh...
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作者：LUDEMA, R
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作者：CANZONERI, MB; DIBA, BT
摘要：Some proponents of a European monetary union worry that capital mobility and currency substitution will result in unmanageable exchange rate volatility during the transition to monetary union. In this paper we analyze stylized models of exchange rate fluctuation in response to monetary disturbances. We find that if monetary policies within the Community are convergent, higher currency substitution either reduces or does not significantly change the volatility of exchange rates unless there are...
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作者：TAYLOR, MS
摘要：A model of endogenous growth and trade is developed that extends the continuum Ricardian model of Dornbusch et al. (1977) to a dynamic framework, generalizes the 'quality ladders' approach of Grossman and Helpman (1991a, b), and complements the work of Krugman (1987) on dynamic Ricardian economies. In contrast to earlier work the model incorporates heterogeneity across industries in research and production technologies, and in the technological opportunity for innovation. The importance of het...
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作者：HARRIGAN, J
摘要：This paper uses a monopolistic competition model and 1983 cross-country data on trade barriers, trade flows, and manufacturing production to estimate the import-reducing effects of trade barriers. Data on non-tariff barriers come from UNCTAD, and data on tariffs and estimated transport costs are also used. While there is great heterogeneity across industries, the general conclusion is that in 1983 tariffs and transport costs were a more substantial barrier to trade in manufactures between deve...
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作者：HSIEH, DA
摘要：This paper uses currency futures prices to test the joint null hypotheses of rational expectations and absence of a time-varying risk premium in the foreign exchange market. We find no linear predictability in the logarithm of futures price changes, either using its own past or past interest differentials. Also we establish that there is no non-linear predictability in log price changes, conditioning on its own past, or past interest rate differentials. Thus, if a time-varying risk premium exi...
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作者：DELGADO, F; DUMAS, B
作者单位：University of Pennsylvania; National Bureau of Economic Research; Duke University
摘要：An exchange-rate system is a contract which commits central banks to intervene in the foreign-exchange market. The design features of the system include: the rules of intervention, the limits placed on exchange rates and the 'crisis scenario' describing possible transitions to new regimes. This paper considers the various trade-offs one faces in designing an exchange-rate system. One of these pertains to the amount of reserves which the central banks must have on hand in order to forestall a s...
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作者：LEVINSOHN, JA
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作者：MENDEZ, JA
摘要：This paper develops new estimates of the welfare and domestic production effects of repealing the US Offshore Assembly Provision (OAP). Although the controversy surrounding the OAP has recently intensified, the only other such estimates of repealing the OAP were developed by Finger (1976). The estimates are developed by applying a partial equilibrium trade model of a two-stage production process to nineteen product categories in which OAP trade was important in 1986. The paper finds that repea...
