-
作者：Flood, R; Marion, N
作者单位：International Monetary Fund; Dartmouth College
摘要：In this paper, we consider a policymaker in a stochastic environment who pegs the nominal exchange rate and adjusts the peg periodically so as to minimize the flow cost of real exchange-rate misalignment and the fixed cost of peg readjustment. Characterizing the real exchange rate as regulated Brownian motion permits the policymaker's problem to be solved for the optimal size and timing of devaluations. Using cross-sectional data on 80 peg episodes from seventeen Latin American countries over ...
-
作者：Mendoza, EG
作者单位：Duke University
摘要：This paper examines a stochastic endogenous growth model in which terms-of-trade uncertainty affects savings and growth. The model explains the well-known positive link between growth and the mean rate of change of terms of trade,and predicts also that terms-of-trade variability affects growth. Increased terms-of-trade variability results in faster or slower growth depending on the degree of risk aversion, but in either case it reduces social welfare. These growth effects imply that welfare co...
-
作者：Barrett, CB
摘要：The oft-observed inverse relationship between farm size and productivity has elicited several explanations having important policy and theoretical implications. Using advances in the analysis of price risk effects on producer behavior, and a simple two-period model of an agricultural household that both produces and consumes under price uncertainty at the time labor allocation decisions are made, this paper demonstrates analytically that a non-degenerate land distribution and price risk can to...
-
作者：Tsui, KY
摘要：This note is an attempt to explore two issues: (1) the trend of interprovincial inequality in the post-1978 reform era in China; and (2) the factors behind the dynamics of interprovincial inequality. Using recently released provincial gross domestic product (GDP) data, we have shown that interprovincial inequality decreased in the first half of the 1980s, but started to increase in the second half of the 1980s. To understand the impact of sectoral reforms on interprovincial inequality, the ove...
-
作者：Ciccone, A; Matsuyama, K
作者单位：Northwestern University
摘要：We use a dynamic monopolistic competition model to show that an economy that inherits a small range of specialized inputs can be trapped into a lower stage of development, The limited availability of specialized inputs forces the final goods producers to use a labor intensive technology, which in turn implies a small inducement to introduce new intermediate inputs. The start-up costs, which make the intermediate inputs producers subject to dynamic increasing returns, and pecuniary externalitie...
-
作者：Gould, DM; Gruben, WC
摘要：By influencing the incentives to innovate, intellectual property rights protection may affect economic growth in important ways. An important question for many countries is whether stricter enforcement of intellectual property is a good strategy for economic growth. This paper examines the role of intellectual property rights in economic growth,utilizing cross-country data on patent protection, trade regime, and country-specific characteristics. The evidence suggests that intellectual property...
-
作者：Bouis, HE
摘要：A food demand system is proposed based on demand for energy, variety, and tastes of foods. By specifying utility as an explicit function of these characteristics, the entire matrix of demand elasticities can be derived for a foods and one non-food from prior specification of just four elasticities, while avoiding any assumption of separability between foods. This framework can explain why poorest groups often are most price-responsive, but also can account for highest price-responsiveness by m...
-
作者：Fafchamps, M; Helms, B
摘要：This paper investigates the role of demand in rural industrialization. We show that, when increasing returns are present, investment multipliers and multiple equilibria can result from demand for intermediate inputs and non-homothetic preferences, We then examine small-scale industrialization in the Guatemalan highlands. We find large differences in the extent and variety of non-farm production across municipalities and evidence of large entry and transportation costs. But the pattern of non-f...
-
作者：Keller, W
摘要：Recent studies on technological transformation in developing countries emphasize that successful industrialization requires both technological information and a good understanding of its implementation. In an open economy context it is shown that the sustained gains in growth derived from a move towards an open trade regime evaporate as soon as one gives up the arguably inadequate notion of 'technology' as being all-inclusive. In this paper, technology is only implementable as the labor force ...
-
作者：RodriguezClare, A
作者单位：University of Chicago
摘要：Building on three widely accepted premises (productivity gains from the division of labor, efficiency gains derived from the proximity of suppliers and users of certain inputs, the division of labor is limited by the extent of the market) this paper shows that a small, open economy may be caught in an underdevelopment trap in which a shallow division of labor (i.e., a low variety of specialized inputs) is self-reinforcing. In turn, the shallow division of labor leads to a relatively low rate o...
