摘要:

AbstractPostwar “managed‐trade” policies feature low baseline tariffs combined with selective nontariff protection. This paper interprets managed trade as a rational strategy to undermine trade‐liberalization agreements in the absence of credible external enforcement. Analyzing the Kennedy GATT Round, I explore the calculus that led the United States to undermine across‐the‐board tariff reductions selectively by introducing nontariff barriers in industries with rapidly rising import demand. I show empirically that nontariff barrier dynamics across 216 industries support a rational‐cheating interpretation of managed

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00080.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractWe construct a model of economic policy determination by an executive who controls a domestic policy instrument and who can influence, but not completely control, the conduct of trade policy. The executive exploits a polictical linkage between the policies. These circumstances can motivate implementation of a results‐oriented trade policy by the government of a trading partner. We analyze the implications of such a policy under alternative situation

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00081.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis paper develops a model of exchange‐rate dynamics characterized by inflationary expectations held with perfect foresight, sticky wages, and sluggish output adjustment. In this framework monetary expansion initially lowers interest rates because of sluggish output and price adjustment but quite surprisingly produces exchange‐rate overshooting or undershooting. Moreover, after its initial depreciation in the overshooting case, the domestic currency temporarily appreciates beyond its new long‐run equilibrium level. In the undershooting case, the home currency temporarily appreciates away from its new long‐run equilibrium level. Finally, the dynamic real exchange rate‐real interest rate relationship at times become

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00082.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis study investigates the time‐series properties of five real yen exchange rates by testing for stationarity in the context of a single structural shift. It finds that all but one of the series are stationary in conjunction with a trend‐ or mean‐break in the late 1950s or early 1970s. By comparison, most real rates for five other industrialized countries are stationary around a constant mean. These findings suggest that the behavior of the real yen exchange rate is unique among the six currencies in the sample, a difference that may originate in the exceptional productivity performance of the Japanese traded‐goods

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00083.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThe inherent nonstationarity of the variables has led many researchers to use unit root and cointegration methodologies to analyze the PPP hypothesis. The imposition of proportionality and symmetry restrictions has been a common practice yet no explicit hypothesis tests have been conducted to determine the validity of such restrictions. Few of the studies have dealt with the presence of deterministic trends in the data. This study uses a long span of data and explicitly tests the proportionality and symmetry restrictions implied by PPP. A careful treatment of the role of deterministic trends in the data is also included.

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00084.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis paper explores the empirical relationship of net exports, domestic output, and foreign output. It presents evidence supporting a consumption‐smoothing motive for trade in goods. Classical models of the international macroeconomy typically allow for trade in claims on both home and foreign output. This paper lends empirical support to this setup by showing that highly transitory shocks to output cause net exports from the country experiencing the shock to rise. Persistent shocks have opposite effects—a result consistent with the role persistent shocks play in signaling future investment opportunit

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00085.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis paper investigates the interrelationship between a firm's incentive to engage in international predatory pricing and its domestic vertical industry ties in the context of the deep‐pockct theory of predation. The deep pocket stems from a vertically integrated firm's ability to shift funds between its upstream and downstream divisions. enabling it to prey on vertically unintegrated upstream competitors. Vertical integration is shown to function as a cause of and a deterrent to foreign predatory behavio

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00086.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractWe compare foreign direct investment (FDI) and technology licensing as two modes of entry into a foreign market. While direct entry via FDI dissipates rents in the host country, opportunistic competition from a licensee may erode rents in the entrant's other markets. Since FDI increases competition in the host country while licensing stifles it. welfare is higher under FDI than under licensing.

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00087.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00088.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1996.tb00089.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY