作者：BALDWIN, RE
摘要：Productive factors, such as human and physical capital, accumulate, and trade policy can affect their steady-state levels. Consequently, in addition to the usual static effects, trade liberalization has dynamic effects on output and welfare as the economy moves to its new steady state. The output impact of this dynamic effect is measurable and appears to be quite large. The welfare impact of this dynamic effect is also measurable. The size of this dynamic gain from trade depends on the wedge b...
作者：MCCALLUM, BT
作者单位：National Bureau of Economic Research
摘要：In a long-standing controversy over monetary experiences in colonial America, the main substantive issue concerns large and rapid increases in stocks of paper currency that were followed by negligible changes in price levels. The backing theory or anticlassical interpretation is that prices failed to respond to major increases in total money supplies. The quantity theory or classical hypothesis, by contrast, is that specie was exported in amounts that left total money stocks approximately unch...
