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作者：TYBOUT, JR
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作者：VOUSDEN, N; CAMPBELL, N
摘要：This paper offers another explanation for the proposition that protection induces slack. It employs a model of a hierarchic firm in which the firm's owner cannot observe the cost type or the effort level of his manager. A production subsidy, by stimulating output, may increase the marginal information rents that have to be paid to the manager for higher effort. The resulting increase in the firm's marginal cost of effort leads to reduced managerial effort amplifying the intra-firm effort disto...
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作者：FUNG, KC
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作者：GOLDBERG, LS
作者单位：National Bureau of Economic Research
摘要：This paper predicts ex ante probabilities of currency crises and sizes of expected devaluations month by month for Mexico between 1980 and 1986. The forces contributing to speculative attacks on the Mexican peso include domestic fiscal and monetary shocks, external credit shocks and relative price shocks. Reducing domestic credit growth, increasing the uncertainty surrounding this growth, and reducing the size and perhaps increasing the frequency of currency realignments might have greatly red...
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作者：REITZES, JD; GRAWE, OR
摘要：Anecdotal evidence reveals that an import quota is not always filled when the quota is specified in terms of a market-share limit instead of a quantity limit. In a simple Cournot duopoly, we show that imposing a market-share quota eliminates pure-strategy equilibria. Instead, a mixed-strategy equilibrium occurs where the quota is not binding under one of the two equilibrium domestic strategies. Compared with a tariff that restrains the foreign market share to an equivalent level, domestic outp...
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作者：KOWALCZYK, C
作者单位：National Bureau of Economic Research
摘要：This paper derives trade policy rankings for a country trading with a foreign monopoly firm. It characterizes the first-best policy under decreasing monopoly costs, and it demonstrates that a minimum import requirement implements first-best trade only under constant monopoly costs. The paper shows further that a voluntary import expansion eliminates all gains from trading with the monopoly, and that all quotas and voluntary export restraints are equivalent. Finally, it establishes that a price...
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作者：CHEUNG, YW; LAI, KS
作者单位：California State University System; California State University Los Angeles; University of California System; University of California Santa Cruz
摘要：This paper examines the relevance of long-run purchasing power parity (PPP), which allows for measurement errors. during the recent floating exchange rate period. Previous empirical studies generally fail to find support for long-run PPP over this period. In this paper the cointegration property of exchange rates and prices is examined using a maximum likelihood procedure. and we find significant evidence favorable to long-run PPP. Further tests for symmetry and proportionality indicate that t...
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作者：TESAR, LL
摘要：The high correlation between savings and investment, the low cross-country correlation between consumption growth rates and the home bias in investment portfolios have been interpreted as evidence that international financial markets are insufficient for complete risk-sharing. This paper demonstrates that these facts are consistent with complete financial markets when agents face stochastic fluctuations in the output of non-traded goods. Consumer preferences over traded and non-traded goods an...
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作者：RAUCH, J
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作者：BARARI, M; LAPAN, HE
作者单位：Iowa State University; Missouri State University
摘要：This paper uses a Stockman-Dellas type two-country, two-good, stochastic general equilibrium model to consider the effects of commercial policy when asset markets are complete. We show that: (i) import and export tariffs do not have symmetric effects because interstate relative prices depend on the entire tariff structure; (ii) when commercial policy is random and exogenously determined, the ex post comparison of utility across states depends upon whether import or export tariffs are used; and...
