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作者：Velde, Francois R.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Suppose that the nominal money supply could be cut literally overnight. What would happen to prices, wages, and output? Such an experiment was carried out three times in France in 1724, resulting in a cumulative 45 percent cut. Prices adjusted instantaneously and fully on the foreign exchange market. Prices of commodities and of manufactured goods and industrial wages fell slowly, over many months, and not by the full amount of the nominal reduction. The industrial sector experienced a contrac...
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作者：Antras, Pol; Caballero, Ricardo J.
作者单位：National Bureau of Economic Research; Harvard University; Massachusetts Institute of Technology (MIT)
摘要：The classical Heckscher-Ohlin-Mundell paradigm states that trade and capital mobility are substitutes in the sense that trade integration reduces the incentives for capital to flow to capital-scarce countries. In this paper we show that in a world with heterogeneous financial development, a very different conclusion emerges. In particular, in less financially developed economies (South), trade and capital mobility are complements in the sense that trade integration increases the return to capi...
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作者：Brown, Jennifer; Morgan, John
作者单位：Northwestern University; University of California System; University of California Berkeley
摘要：Theory models of platform competition predict that prices and buyer-seller ratios should be approximately equal on coexisting auction sites. Using field experiments on eBay and Yahoo Auctions, we find evidence that is inconsistent with equilibrium hypotheses and suggest that the market is tipping. Prices on eBay are consistently 20-70 percent higher than those on Yahoo, and eBay attracts two additional buyers per seller. On Yahoo, prices and bidders counts are unaffected by the auction ending ...
