作者：BHAGWATI, J
摘要：The paper analyses the old and new challenges to the theory and policy of Free Trade. The old challenges have sought to undermine the case for Free Trade by citing one or another type of market imperfection. Thus, the postwar period has seen two such challenges: factor market imperfections were analysed in the 1950s to 1970s, product market imperfections in the 1980s. The new challenges are twofold. One comes from the demands for Fair Trade as a precondition for Free Trade; the other, from the...
作者：HALIASSOS, M
作者单位：University System of Maryland; University of Maryland College Park
摘要：Long-run analysis is often based on perfect foresight equilibrium relationships arbitrarily augmented to incorporate stochastic shocks. This paper examines whether perfect foresight models admit interpretations as limits of stochastic economies and reflect long-run behaviour and policy effects. It provides a novel interpretation of such models, specifies consistency criteria for long-run analysis, and proposes metrics for model convergence. Analytical and calibration exercises are conducted to...
作者：MILNE, A
摘要：An error correction specification which nests the linear-quadratic production smoothing and stock-adjustment models of inventories is estimated on US seasonally adjusted 2-digit SIC data. The restriction of the general model to the production smoothing specification is accepted for 4 out of 6 of the production to stock industries and for total non-durables. The estimation results do not suggest any use of inventories to smooth the level of production, but there is evidence of smoothing of the ...
