Author: Keyu Jin
Publisher:
ISBN:
Category :
Languages : en
Pages : 264
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Book Description
The second essay incorporates endogenous factor-proportions trade into an inter-national business cycle setting and demonstrates that the integrated framework substantially improves upon past, standard models that assume exogenously-determined structures of trade in matching key moments of the international business cycle data, resolving the "anomalies" that arise in the standard framework. An additional implication is that the type of trade rather than overall trade between countries matters: countries trading goods that are similar in factor intensity (intraindustry trade) tend to exhibit negative investment comovement while countries whose trade is characterized by more disparate factor content tend to exhibit greater investment comovement. The third essay, on a portfolio perspective of international capital flows, analyzes a useful accounting framework that breaks down the current account to two components: a portfolio reallocation effect and a portfolio growth effect. Past empirical evidence strongly supporting the growth-effect as the main driver of current account dynamics is misconceived. Its remarkable empirical success is driven by the dominance of the cross-sectional variation, which, under conditions met by the data, is generated by an accounting approximation. Finally, this chapter shows that the portfolio reallocation effect is the quantitatively dominant driving force of current account dynamics in the past data.
Author: Takashi Kamihigashi
Publisher: Springer Science & Business Media
ISBN: 3540786767
Category : Business & Economics
Languages : en
Pages : 532
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Book Description
Renowned trade theorist Koji Shimomura passed away in February 2007 at the age of 54. He published nearly 100 articles in international academic journals. The loss of this extremely productive economist has been an enormous shock to the economic profession. This volume has emerged from the great desire on the part of the profession to honor his contributions to economic research. Contributors include authoritative figures in trade theory such as Murray Kemp, Ronald Jones, Henry Wan, and Wilfred Ethier, world-renowned macroeconomists such as Stephen Turnovski and Costas Azariadis, and leading Japanese economists such as Kazuo Nishimura, Makoto Yano, Ryuzo Sato, and Koichi Hamada. This broad range of contributors reflects Koji Shimomura’s many connections as well as the respect he earned in the economic profession. This volume offers the reader a rare opportunity to learn the views of so many renowned economists from different schools of thought.
Author: Bernard Lonergan
Publisher: University of Toronto Press
ISBN: 148758878X
Category : Philosophy
Languages : en
Pages :
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Book Description
Few theologians in history have matched Bernard Lonergan's range of learning. Fewer still have written on the "dismal science" of economics. Rooted so solidly in the concerns of this world, economics is not a discipline we associate with the more rarified pursuit of theology. In this long-awaited volume, Lonergan demonstrates the short-sightedness of this view. This companion volume to For A New Political Economy (Collected Works of Bernard Lonergan, Volume 21) continues the work of bringing together the various elements of Lonergan's economic thought. His economic writings span forty years and represent one of the most important intellectual achievements of the twentieth century. They have previously been inaccessible outside of the Lonergan research community as the majority of them have not been formally published, and exist only as a group of unfinished essays and material for courses on economics taught by Lonergan. Lonergan's economic ideas track a different line of thought from that taken by contemporary economists. Macroeconomic Dynamics: An Essay in Circulation Analysis represents the economic thought of Lonergan at the end of his career. His analysis, while taking a fresh look at fundamental variables, breaks from centralist theory and practice towards a radically democratic perspective on surplus income and non-political control, and explores more fully the ideas introduced in For a New Political Economy. This work will be read not only by economists but also by liberation theologians, political theologians, and others inside and outside of religious organizations interested in social justice issues and alternative approaches to economics.
Author: A.P. Thirlwall
Publisher: Springer
ISBN: 134926931X
Category : Business & Economics
Languages : en
Pages : 325
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Book Description
Sir Roy Harrod was one of the foremost economists of the twentieth century who made pioneering contributions in several branches of economics including: trade cycle theory; growth theory; trade theory; monetary economics; imperfect competition theory, and methodology. This volume arises out of a conference to celebrate the sixtieth anniversary of the publication of his book The Trade Cycle in 1936. After an introductory essay by Walter Eltis, a student of Harrod, this volume contains important essays on the interpretation of Harrod's work in the field of economic dynamics by Danial Besomi and Maurizio Pugno, and in the field of trade and growth by Tony Thirlwall, John McCombie and Luca Bendictis. Finally, Warren Young, in the process of writing Harrod's biography, uses correspondence between Harrod and Haberler to elucidate Harrod's views on trade theory, international monetary reform and inflation.
Author: Wilfred J. Ethier
Publisher: Cambridge University Press
ISBN: 9780521558525
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
This book presents a representative collection of papers on international trade, one of the most dynamic sub-fields in economics. The contributions range over all the major areas of research, including articles on the geographical aspects of international trade by Paul Krugman and Alan Deardorff, on dynamic stochastic economies by Avinash Dixit, and on endogenous growth by Gene Grossman and Elhanan Helpman. In addition to the theoretical contributions, the book also contains work on important policy issues such as auction quotas, discussed by Kala Krishna, and the role of government in economic development, by Anne Krueger. Also included is an assessment by Bill Ethier of the theoretical achievements of a leading authority in international trade theory, Ronald Jones, in whose honour the essays were written.
Author:
Publisher:
ISBN: 9781321035971
Category :
Languages : en
Pages : 77
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Book Description
This thesis offers a unified framework to analyze both short- and long-run trade dynamics in a consistent manner. It explains "the international elasticity puzzle", a low trade elasticity against temporary shocks and a high trade elasticity against permanent shocks, studied in Ruhl (2008). The model in this paper extends the idea of export sunk costs and uncertainty to more general productivity shock processes by embedding the classical theory of "export hysteresis" into a continuous-time trade model with heterogeneous firms, and considers the effects of both aggregate and idiosyncratic productivity shocks. A sharp analytical characterization of the equilibrium elucidates the microfoundations of trade dynamics linking a static trade model with heterogeneous firms and an international macroeconomic model. Due to the sunk costs and uncertainty, firms do not change their export status against small temporary shocks. Aggregate productivity shocks and export sunk costs explain the elasticity puzzle because of the different adjustments on the extensive margin. If the productivity shocks are idiosyncratic, the economy is in a steady state, with individual firms moving around within a stationary distribution of productivities. Export hysteresis gives rise to a region of firm productivity where both exporters and non-exporters coexist given the same current productivity. The full model incorporates both types of shocks and offers realistic microfoundations of trade dynamics including simultaneous export entry and exit, an evolving productivity density of exporters, and the sluggish trade response to aggregate shocks. The model can be applied to various other settings where both aggregate and idiosyncratic shocks affect heterogeneous agents' dynamic problems.
Author:
Publisher:
ISBN: 9780540786756
Category :
Languages : en
Pages : 532
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Book Description
Author: George Horwich
Publisher: Academic Press
ISBN: 1483267482
Category : Political Science
Languages : en
Pages : 577
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Book Description
Trade, Stability, and Macroeconomics: Essays in Honor of Lloyd A. Metzler provides information pertinent to the fundamental aspects of trade, stability, and macroeconomics. This book covers a variety of topics, including nontraded and intermediate commodities, prices, production, exchange rates, and wages. Organized into five parts encompassing 22 chapters, this book begins with an overview of the theory of international trade and the effect of a tariff or export tax on domestic prices. This text then defines the supply of the international commodities as a function of their prices and of the output of the domestic commodity. Other chapters consider the Stolper–Samuelson analysis of the effects of protection of the distribution of income. This book discusses as well the theory of external–internal balance or the assignment problem as related to macroeconomic policy in an open economy. The final chapter deals with the dynamic allocation of scarce resources. This book is a valuable resource for economists.
Author: Chujian Shao
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this dissertation, I focus on studying three questions about international trade including the interactions between trade and immigration, how trade liberalization influences skill upgrading decisions and the linkages between health investment and trade openness. In the first chapter, I develop a two-country dynamic stochastic general equilibrium model featuring endogenous firm entry, heterogeneous firms and endogenous labor migration to study whether trade and immigration are substitutes or complements and investigate the macroeconomic consequences of low barriers to labor mobility with emphasizing the roles of the extensive margins of production and trade in shaping immigration dynamics. First, the model predicts that trade and immigration potentially act as substitutes, which is consistent with the derivation from the Heckscher-Ohlin model of trade. Second, high-skilled labor migration makes the labor-sending country worse off due to less output and firm entry, and changes in migration costs create asymmetric welfare effects on high-skilled and low-skilled households. Third, the firm entry channel provides new insights into immigration dynamics: (i) more firm establishments demand more immigrants, and (ii) inflows of immigrants induce firm entry and result in higher labor costs in the long run. The second chapter is a joint work with Castiel Chen Zhuang and Qiliang Chen. We observe that India’s average applied effective tariff declines by about 15 percentage points and exports to the Indian market by Chinese manufacturing firms increase a lot from 2004 to 2007, but the change in the average tariff in the rest of the world is nearly zero during the same period. Motivated by this fact, we examine the impact of an Asian trade agreement, APTA, on skill upgrading by Chinese manufacturers. First, we develop a general equilibrium model of trade with heterogeneous firms and endogenous export and employee training decisions to explain firm performance following trade liberalization. Second, we test the theoretical model based on general difference-in-differences estimations, showing that firms facing higher reductions in India’s tariffs increase investment in on-the-job training faster. The effects of trade openness on export participation and training spending of firms are the largest in the middle range of productivity, which is consistent to our model prediction. In the third chapter, my co-author, Qiliang Chen, and I study the interactive effects of trade openness and health investment. There is a positive correlation between trade and health outcomes, and increased exports or imports encourage more healthcare spending. However, there are only few theoretical studies addressing the questions that if trade integration is good for health and if health improvement encourages more trade. We develop a two- country dynamic stochastic general equilibrium model with heterogeneous firms, health capital accumulation and endogenous firm entry and labor supply to analyze what channels affect the interconnection between trade and health. Three main results emerge. First, there is positive association between trade openness and health investment. An increase in health investment boosts both the number of exporters and export values as health improvement stimulates economic growth and increases income. Trade openness increases healthcare spending and the stock of health capital because of the income and product variety effects. Second, the dynamic impacts of changes in aggregate productivity on key variables could be underestimated if workers’ health status and health investment decisions are neglected. Third, health investment could crowd out physical capital investment and new firm entrants.
Author: Rajagopal
Publisher: Nova Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 310
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Book Description
Discusses a research analysis based on survey of literature and statistical analysis of the data available from secondary sources and argues the strategic partnership model developed by analysing the functional gap-map in reference to the political, economic, legal and trade related factors.
