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作者：Papell, DH
作者单位：University of Houston System; University of Houston
摘要：Although there has been much recent work on purchasing power parity (PPP), neither univariate nor panel methods have produced strong rejections of unit roots in US dollar real exchange rates for industrialized countries during the post-1973 period. We investigate the hypothesis that these non-rejections can be explained by one episode, the large appreciation and depreciation of the dollar in the 1980s, by developing unit root tests which account for this event and maintain long-run PPP. Using ...
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作者：Cook, D
作者单位：Hong Kong University of Science & Technology
摘要：In this paper, pro-cyclical market entry acts as an international transmission mechanism for business cycle shocks. In an imperfectly competitive dynamic equilibrium model, an expansion in one open economy leads to additional business formation in a parallel large open economy through demand spillovers. Business formation causes a decline in markups leading to an expansion in employment, production, and investment in both economies. The modeling of the entry decision is critical. Only when the...
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作者：Harrison, A
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
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作者：Goh, AT; Olivier, J
作者单位：Universite Catholique Louvain; National University of Singapore; Hautes Etudes Commerciales (HEC) Paris
摘要：This paper aims at reconciling theoretical models of endogenous growth with the empirical evidence on trade and growth. In particular, we show that the conventional wisdom according to which trade is growth-impairing for a country with comparative advantage in goods with limited opportunities for teaming fails to hold when the imported good is a capital good. The intuition is that the country gains access to cheaper capital goods, which raises investment, output per worker and teaming by doing...
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作者：Ohashi, H
作者单位：University of British Columbia
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作者：Svaleryd, H; Vlachos, J
作者单位：Stockholm School of Economics; Stockholm University
摘要：If protectionist trade policies aim to insure domestic industries against swings in world market prices, the development of financial markets could lead to trade liberalization. Likewise, trade liberalization could lead to the development of financial markets that help agents diversify the added risks. In this paper, we empirically address the hypothesis that there is a positive interdependence between financial development and liberal trade policies. We find a positive and economically signif...
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作者：Hakura, DS
作者单位：International Monetary Fund
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作者：Rutherford, TF; Tarr, DG
作者单位：University of Colorado System; University of Colorado Boulder; The World Bank
摘要：We develop a numerical growth model that quantifies the welfare effects of trade liberalization. Additional intermediate input varieties provide the engine of growth and dramatically magnify the welfare gains from trade liberalization. In our central model, a 10% tariff cut leads to a 10.6% estimated gain in Hicksian EV. Systematic sensitivity analysis shows that there is virtually no chance of a welfare increase less than 3%, but a 6.6% chance of a welfare gain greater than 18%. We show that ...
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作者：Rigobon, R
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Many Latin American countries engaged in disinflation programs based on both exchange rate management and fiscal reforms. In most of the cases, part of the fiscal reform was not implemented and the program had to be abandoned. The aftermath of these programs is not encouraging. In this paper we show that, if the reform process is uncertain and inflation has welfare costs, the optimal exchange rate policy indeed implies the initiation of a disinflation program at the announcement of the fiscal ...
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作者：Ohashi, H
作者单位：University of British Columbia
摘要：This paper investigates the impact of voluntary export restraints (VERs) at the preimplementation stage when exporters have a good prospect for the VERs. Distinctive features of the VCR market in 1978-86 provide a testable hypothesis to analyze the effect of the EC-Japan VERs, which were implemented in the fiscal years of 1983-85. The paper finds consistent evidence that the VERs affected firms' pricing behavior in the U.S. market prior to the VER period, as a result of Japanese exporters' ant...
