摘要:

AbstractSans joint products, relative factor prices do determine relative goods prices. Free trade in goods thus can hope to equalize factor returns when this relationship is monotone and therefore uniquely reversible. However, when joint production obtains, often the same relative factor prices can entail an infinity of relative goods prices depending upon the composition of tastes and demand. In consequence, trade's equalization of goods prices is compatible with factor‐returns inequality. Generic and singular relationships are describe

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1992.tb00002.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

AbstractThis paper argues that the presence of activities which yield outputs jointly does not damage the case for factor‐price equalization. the crucial condition for equalization is similar to that in the no‐joint production case: the number of common activities with independent input vectors that are actively used in both countries at least match the number of factors, and factor endowments lie sufficiently close. Indeed, joint production may increase the range of commodity prices for which factor prices are equalized by commodity tr

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1992.tb00003.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

AbstractThe purpose of this paper is to explode the myth of free trade. Productivity and real wages in the United States rose sharply between 1950 and 1972, but since then real earnings have been falling in spite of a continuous rise in productivity. It turns out that America was more or less a closed economy until 1972, as its trade/GNP ratio was close to 10%; but since then it has become an open economy. the theoretical model shows how real wages may fall in an open economy, but not in a closed economy, in spite of rising productivity.

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1992.tb00004.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

AbstractThis paper presents a simple diagrammatic analysis of an open economy's external adjustment process under habit‐forming individual preferences. the exposition focuses on the consumption side and alms to make transparent the linkage among wealth, past consumption experience, and current consumption. an extension of the standard representative‐agent model to a growing economy of overlapping generations completes the paper. Under habit formation an agent's consumption exhibits a form of hysteresis, in that his current consumption depends on his past consumption experience as well as initial assets. In the overlapping‐generations model aggregate hysteresis disappears in the lon

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1992.tb00005.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

AbstractThe international transmission of tax shocks are analyzed in a two‐country infinite‐horizon representative agent framework. the viability of the tax regimes, arising from the arbitrage conditions characterizing equilibrium in a perfect world capital market, is emphasized. Conditions for both short‐run and long‐run viability are derived, and the two polar regimes of source‐based and residence‐based taxation are discussed. In general, the former is found more likely to satisfy the viability conditions than the latter. With equity financing, the long‐run viability of residence‐based taxation is likely to require the harmonization of tax and/or dividend policy. the main features of the dynamic adjustment paths following a tax increase ar

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1992.tb00006.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

AbstractAgricultural trade impasses have again frustrated the GATT process. Interest in preferential/regional trading blocs is increasing. the paper probes the theoretical and empirical consequences of preferential arrangements instead of multilateral liberalization. It concludes that in a second‐best world preferential arrangements could either improve or decrease global welfare. For agricultural trade, previous experience suggests that in regional groupings such as the EC trade diversion exceeded trade creation. This results from trade distorting domestic policies. Prospects for liberalization of agricultural trade under either GATT or preferential arrangements are limited. the consequences for small agricultural exporters are not positiv

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1992.tb00007.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1992.tb00001.x

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY