-
作者：Cordella, T; Gabszewicz, JJ
作者单位：Universite Catholique Louvain; Pompeu Fabra University; International Monetary Fund
摘要：We analyze the principle of comparative advantage when agents in the world market are aware of the influence their individual supply exerts on the equilibrium exchange rate of goods, We show that specialization following comparative disadvantage can be an oligopoly equilibrium in a Ricardian economy. Moreover, for a wide class of economies, it is the only one. Nonetheless, when the number of agents in each country increases without limit, the equilibrium in which specialization follows compara...
-
作者：BenDavid, D; Papell, DH
作者单位：Tel Aviv University; University of Houston System; University of Houston
摘要：In light of the substantial movement towards trade liberalization during the postwar period, this paper attempts to determine if, and when, countries experienced statistically significant changes in the paths of their export-GDP and import-GDP ratios. We find that: (1) most trade ratios exhibited a structural break in their time paths; (2) postbreak trade exceeded prebreak trade for the majority of countries; (3) the coincidence in timing between the import and export breaks does not appear to...
-
作者：Noland, M
摘要：It is often argued that technological spillovers or other externalities associated with exports or trade are sector-specific, yet trade and growth linkages are typically examined at the level of macroeconomic aggregates. This paper extends the analysis another level of specificity, analyzing the commodity composition of trade. This paper addresses three interrelated sets of questions. First, have Asian countries exhibited unusually high exports in particular industries'! Has their commodity co...
-
作者：Osang, T; Pereira, A
作者单位：William & Mary
摘要：In this paper, we develop a small open economy model of trade with endogenous growth induced by human capital accumulation to analyze the effects of foreign growth on the domestic growth performance. Stronger foreign growth has the potential to increase domestic growth through a change in the terms of trade. For this to happen, the domestic attitude toward saving, as indicated by the intertemporal elasticity of substitution, plays a crucial role. For economies with sufficiently thrifty consume...
-
作者：Coles, M; Philippopoulos, A
作者单位：University of Essex
摘要：This paper explicitly incorporates exchange rate bands into the Barro-Gordon model of inflation. This is a non-trivial extension. Focusing on Markov-perfect equilibria, we specify the properties of the optimal policy functions, exchange rate dynamics and hence the arguments for and against target zones. The attractiveness of alternative exchange rate regimes (i.e. fixed, flexible and target zones) and the position of exchange rates inside the band depend on the inflationary performance of the ...
-
作者：Willard, KL
-
作者：Bernard, AB; Jensen, JB
摘要：This paper examines plant level evidence on the increase in demand for non-production workers in U.S. manufacturing during the 1980s. The major finding is that increases in employment at exporting plants contribute heavily to the observed increase in relative demand for skilled labor in manufacturing during the period. Exporters account for almost all of the increase in the wage gap between high- and low-skilled workers. Tests of the competing theories with plant level data show that demand ch...
-
作者：Kadiyali, V
摘要：This paper builds a model in the ''new empirical industrial organization'' framework [Bresnahan, T., 1989. Industries and Market Power. In: Schmalensee, R., Willig, R. (Eds.), Handbook of Industrial Organization. North Holland, Amsterdam.] to estimate exchange rate pass-through in price and advertising. Price-cost margins, market structure and firm conduct are estimated endogenously, allowing for precise estimation of the degree of, and reasons for, incomplete pass-through. I demonstrate that ...
-
作者：Papell, DH
摘要：Using panel data methods, we investigate long-run purchasing power parity by testing for unit roots in real exchange rates of industrial countries under the current float. The evidence against the unit root hypothesis is stronger for larger than for smaller panels, for monthly than for quarterly data, and when the German mark, rather than the United States dollar, is used as the base currency. While we find that accounting for serial correlation considerably weakens the evidence against the un...
-
作者：Goldberg, L; Tenorio, R
作者单位：National Bureau of Economic Research; University of Notre Dame
摘要：The market microstructure chosen for foreign exchange markets can influence trading volumes and equilibrium exchange rates. With emerging markets and developing countries increasingly utilizing two-sided auctions, we show that the choice of the discrete 'tatonnement' auction creates incentives for strategic behavior among market participants. Theoretical predictions on strategic under-revelation of demand or supply positions are supported empirically using detailed data from a rare example of ...
