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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：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：MANN, C
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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：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...
