| 31. |
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| 32. |
- Herberg, Horst
(författare)
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Stagflation as a Consequence of an Expansionary Monetary or Fiscal Policy under Flexible Exchange Rates
- 1978
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- It is common belief that an expansionary monetary or fiscal policy in an open pr closed economy will lead to a rise in product prices and/or ouput and employment. It is shown in this paper that under flexible exchange rates such a policy will be generally effective, i.e. change some or all important real domestic variables, and that it may even be stagflationary, i.e. depress output and employment at home and abroad while pushing up prices.
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| 33. |
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| 34. |
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| 35. |
- Jones, Ronald W.
(författare)
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Demand Behavior and the Theory of International Trade
- 1979
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The theory of international trade has long been recognized as a rich field of application for general equilibrium models that are sufficiently simple to reveal the crucial role of demand and supply in affecting prices and outputs in a single market or in a few interrelated markets. Although the importance of both blades of the Marshallian scissors has frequently been noted, I think it is fair to say that the role of supply has been singled out for prime consideration, especially in the classical developments of comparative advantage theory associated with Ricardo and Graham, and in the voluminous literature on Heckscher-Ohlin models with its emphasis on relatice factor abundance and factor intensities. There are, however, some traditional questions in trade theory in which the specification of demand behavior assumes central importance. The possibility that growth may be immiserizing is one of these. The effect of transfer payments on the terms of trade is another. Perhaps even more basic is the concern with stability in equilibrium and the possibility of multiple free trade equilibria in commodity markets and markets for foreign exchange. It was this issue that Egon Sohmen addressed in his first publication, "Demand Elasticities and the Foreign-Exchange Market." In this paper I intend to discuss the importance of demand for some propositions in trade theory by explicitly considering two "extreme" forms of demand behavior and one "intermediate" form. My focus is on the degree of substitutability between commodities that consumer express in their utility functions. In one extreme case indifference curves are right-angled (and homothetic), displaying no leeway for sudstituting a commodity that has become cheaper for a commodity that has not. At the opposite extreme is the case of parallel, linear indifference curves. The intermediate case is the assumption of Cobb-Douglas utility functions whereby smooth and continuous substitution in demand is always possible and indifference curves do not hit the axes. Figure 1 illustrates these three cases. Each is amenable to simple expressions and numerical illustration, thus making it feasible in what follows to suggest exercises whereby the trade theory propositions I wish to discuss can easily be illustrated. Section I of the paper discusses the issue of stability and uniqueness of equilibrium which was of concern to Sohmen. Section II concentrates on the Cobb_Douglas form of the utility function to illustrate the crucial distinction in trade theory between demand elasticities and import demand elasticities. In Section III I illustrate how in a Ricardo-Graham model of world trade with many countries and commodities these simple forms of the demand functions delimit possible gains from free trade. Finally, in Section IV, I consider the question of technical progress in a Ricardian model in order to illustrate how the pattern of potential country gains or losses depends crucially in the nature demand, as illustrated by these three cases.
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| 36. |
- Katz, Katarina, 1953-
(författare)
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Familjen under senkapitalismen
- 1974
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Ingår i: Rådsmakt. - Stockholm. - 0346-024X. ; 6-7
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Tidskriftsartikel (populärvet., debatt m.m.)
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| 37. |
- Kleiman, Ephraim, et al.
(författare)
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The Measurement of Welfare Loss from Tariffs : Some Further Explorations
- 1973
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Wide currency has been gained in recent years by the so-called "triangles method" for estimating the welfare impact of the imposition of a tariff or its removal. While this approach faces a few well-knnown conceptual problems, it seems that no better substitute has yet been devised for this purpose. In the present paper we shall adopt this method, overlooking its difficulties, and attempt to widen its scope by applying it to issues which seem to have hitherto been subject to only little exposition. Three topics will be dealt with. The first, that of the welfare impact of a customs union, relates the measurement of the resultant gains or losses to the theoretical concepts of trade creation and trade diversion. The second, that of the welfare impact of tariffs imposed on the import of a capital good, incorporates into the analysis the treatment of the dynamic process of adjustment: it will be shown that though protection of a capital good does not affect the eventual size of the capital stock, it causes a welfare loss through its effect in the adjustment path. Finally, we analyze the welfare loss in an industry where protection results in a negative value added, so that the estimated effective rate of protection is negative. It will be shown that while the effective rate itself does not appear in the loss measure, all the components of which it consists participate in determining the size of the loss. First, however, to provide a suitable framework, we shall briefly reconstruct the basic skeleton of the method under consideration.
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| 38. |
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| 39. |
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| 40. |
- Kreinin, Mordechai E.
(författare)
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Effect of European Integration on Trade Flows in Manufactures
- 1979
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper provides empirical estimates of the "static" effect of European integration on trade flows in manufactured products. Folloeing a general discussion of the topic in section A, section B presents statistical tabulations of trade flows accompanied by a measure of increased intra-industry specialization within Europe. Section C is devoted to a survey of the approaches used in measuring trade creations and diversion resulting from regional integration (in the Viner-Meade tradition), while section D presents empirical estimates of these effects, each calculated by two or more methods.
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