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The Sensitivity of Strategic and Corrective R&D Policy in Oligopolistic Industries
Staiger, Robert W. - 1990
We evaluate the sensitivity of the case for an R&D subsidy in an export sector when the outcome of R&D is uncertain and when the resulting product market is oligopolistic. Investments in R&D are assumed to induce either first order or mean-preserving second order shifts in the distribution of a...
Persistent link: https://www.econbiz.de/10012475801
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Domestic Policies, National Sovereignty and International Economic Institutions
Bagwell, Kyle - 1999
To what extent must nations cede control over their economic and social policies if global efficiency is to be achieved in an interdependent world? This question is at the center of the debate over the future role of GATT (and its successor, the WTO) in the realm of labor and environmental...
Persistent link: https://www.econbiz.de/10012471491
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Multilateral Trade Negotiations, Bilateral Opportunism and the Rules of GATT
Bagwell, Kyle - 1999
Trade negotiations occur through time and between the governments of many countries. An important issue is thus whether the value of concessions that a government wins in a current negotiation may be eroded in a future bilateral negotiation to which it is not party. In the absence of rules that...
Persistent link: https://www.econbiz.de/10012471725
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Strategic Trade, Competitive Industries and Agricultural Trade Disputes
Bagwell, Kyle - 2000
The primary predictions of strategic-trade theory are not restricted to imperfectly-competitive markets. Indeed, these … predictions emerge in a natural three-country extension of the traditional theory of trade policy in competitive markets, once the … theory is augmented to allow for politically-motivated governments, so that the sign of export policy may be converted from …
Persistent link: https://www.econbiz.de/10012470921
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Producers and Predators
Grossman, Herschel I. - 1999
This paper explores a series of general-equilibrium models in which people can choose to be either producers or predators, and in which producers can allocate their resources either to production or to guarding their production against predators. The analysis shows how the ratio of predators to...
Persistent link: https://www.econbiz.de/10012471640
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On the Inception of Rational Bubbles in Stock Prices
Diba, Behzad T. - 1986
Persistent link: https://www.econbiz.de/10012477082
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Rational Bubbles in Stock Prices?
Diba, Behzad T. - 1985
This paper reports empirical tests for the existence of rational bubbles in stock prices. The analysis focuses on a familiar model that defines market fundamentals to be the expected present value of dividends, discounted at a constantrate, and defines a rational bubble to be a self-confirming...
Persistent link: https://www.econbiz.de/10012477310
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The Impossibility of Rational Bubbles
Diba, Behzad T. - 1985
A rational bubble would involve a self-confirming belief that an asset price depends on information that includes variables or parameters that are not part of market fundamentals. The existing literature shows that, if market fundamentals are economically interesting, i.e., forward looking, any...
Persistent link: https://www.econbiz.de/10012477466
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Seigniorage, Inflation, and Reputation
Grossman, Herschel I. - 1984
This paper derives a reputational equilibrum for inflation in a model in which the government obtains valuable seigniorage by issuing fiat money in echange for real resources. One insightful result is that , with contemporaneous perceptionof actual government behavior and immediate adjustment of...
Persistent link: https://www.econbiz.de/10012477581
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Counterfactuals, Forecasts, and Choice-Theoretic Modelling of Policy
Grossman, Herschel I. - 1984
This paper focuses on the problem of formulating an analysis of economic policy that is consistent with rational expectations. Cooley, LeRoy,and Raymon show that the Lucas and Sargent strategy for econometric policy evaluation is itself vulnerable to the logic of the Lucas critique. The present...
Persistent link: https://www.econbiz.de/10012477709