摘要:

ABSTRACTSince the development of cointegration and unit root tests, these procedures have been applied widely to the relationship between nominal exchange rates and relative prices. The findings vary considerably for different time periods, exchange rate regimes and test procedures. These results have not previously been the subject of a comprehensive survey or evaluation. Suggestions are offered for the future development of research in this area.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00609.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTDiscriminatory protectionist policies in the 1930s are assumed to have led to a collapse of multilateral trading patterns. This paper examines the trends in bilateralism during the interwar period for a sample of ten countries. The findings show that, with the exception of Germany between 1934 and 1938, the level of bilateralism fluctuated but did not see a significant trend increase in the period of increased protectionism during the 1930s.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00610.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTThe consequences of international firm ownership for strategic trade policy are examined both in a general and in a simple linear model of an international duopoly with two governments using production subsidies as policy instruments. At first sight, the case for strategic trade policy seems to be weakened, because international ownership reduces a government's incentive for rent‐shifting. Closer inspection shows, however, that there are ownership structures leading to optimal policies which induce the duopolists to behave more collusively. This tends to resolve the conflict between national and international rationality in a policy game with retaliation and makes strategic trade policy look more attractiv

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00611.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

ABSTRACTThe paper describes a dynamic general equilibrium monetary economy with technological primitives that are consistent with the possibility of asymptotic equilibrium growth. The paper focuses on the relationship between equilibrium financing constraints on investment goods, transaction costs and economic growth. A generalized growth condition is derived that involves both monetary growth rates and transaction costs. The condition is used to show that (i) although inflation taxes can potentially exert a negative influence on long‐run economic growth, these growth effects cannot in general be arbitrarily large; and (ii) for some monetary growth rates, money is superneutral in contrast to the models of Stockman and Abel. Numerical work indicates that although the welfare and growth effects of decreasing nominal interest rates from a benchmark are large, the costs associated with raising nominal interest rates from benchmark are no

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1995.tb00612.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY