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作者：SIBERT, A
摘要：This paper considers the allocation of seigniorage in a common currency area with an independent central bank. It is shown that if the central bank retains autonomy in the allocation of seigniorage, inflation will be suboptimally high and taxes and government spending will be suboptimally low. Constitutionally mandating the rate of money growth will result in optimal inflation, but taxes and government spending will be too low. As long as consumers do not put too much weight on public good con...
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作者：GRESIK, TA; NELSON, DR
作者单位：Tulane University
摘要：Transfer prices are administered charges for intra-firm transfers of factors of production. For a multinational firm, transfer prices for international transfers provide the means to redistribute costs and increase global profits given variations in national tax and profit repatriation policies. Local regulation of a subsidiary may thus be necessary to limit the welfare costs of strategic transfer pricing. Prusa (Journal of International Economics, 1990, 28, 155-172) characterizes the welfare-...
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作者：VELASCO, A
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作者：QIU, LD
作者单位：University of British Columbia
摘要：When cost is private information in the Brander-Spencer model, the home government is confronted by a decision of choosing between two policy options: a menu of policies and a uniform policy. The former induces separation and so reveals the cost information to the foreign competitors. The latter helps the weak firm by concealing the cost information. The main result from this study is that policy menu is preferred to uniform policy under Cournot competition while the opposite occurs under Bert...
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作者：HARRISON, AE
摘要：Research on productivity often examines the relationship between productivity increases and structural changes in an economy, such as trade policy reform. If, however, policy reforms affect the nature of competition, then the productivity changes associated with trade reform may be mismeasured. Using a panel of manufacturing firms in the Cote d'Ivoire, this paper measures changing profit margins and productivity following a 1985 trade reform. The paper also exploits cross-section differences i...
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作者：WELLISZ, S
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作者：DUMAS, B; SVENSSON, LEO
作者单位：Stockholm University; Hautes Etudes Commerciales (HEC) Paris
摘要：We examine the expected survival time of a unilateral exchange rate target zone, when constraints on monetary policy prevent the central bank from exclusively focusing on defending the target zone. Generally the width of the target zone has a negligible effect on the expected survival time, and the dominant determinants are reserve levels and the degree of real and monetary divergence between the country in question and the rest of the world. For seemingly realistic parameters, the expected su...
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作者：HINDLEY, B
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作者：DIXIT, A; ROB, R
作者单位：University of Pennsylvania; Princeton University
摘要：We consider a dynamic model of labor mobility in a small open economy with stochastic terms of trade. Migration is costly and markets for labor income risk are absent. Risk-aversion slows down the movement of the most productive workers into the risky sector, and speeds up that of the least productive ones. The effect of tariffs and autarky on risk-bearing is examined. A given policy may improve social welfare for some initial conditions and lower it for others. Thus policy design for such an ...
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作者：FENDER, J; YIP, CK
作者单位：University System of Georgia; Georgia State University
摘要：This paper constructs a two country macroeconomic model where prices are set by imperfectly competitive firms and wages by trade unions. Unemployment benefit is nominally rigid in at least one country. The effects of monetary expansion under both fixed and flexible exchange rates, and exchange rate changes under fixed rates, are considered. The results change significantly if it is assumed that in one country unemployment benefit is fully indexed.
