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This paper explores the impact of changes in the composition of government spending on the level of relative prices, interest rates and the current account in a two country, two period Heckacher-Ohlii model. We show that shifting the composition of government spending affects macroeconomic...
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This essay provides a review of two important recent books on economic growth: How the World Became Rich by Mark Koyama and Jared Rubin and Slouching Towards Utopia, by J. Bradford DeLong. Each book is noteworthy for its erudition and breadth. I explore strengths and weaknesses of these books...
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We develop a model of international tariff negotiations to study the design of the institutional rules of the GATT/WTO. A key principle of the GATT/WTO is its most‐favored‐nation (MFN) requirement of nondiscrimination, a principle that has long been criticized for inviting free‐riding...
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