Almost all developed economies at some time during the 1970s seemed supply-constrained. Even much of measured excess capacity was arguably redundant due to energy price shocks, environmental policy, and other structural flux of the 1970s. Little analytical work has been carried out on the...

Employing a 'factor-content' model that relates sectoral growth to regional factor endowments, we find that 1) U.S. state factor endowments are reasonably strong correlates of cross-state sectoral growth in value-added, with patterns that accord well with intuition; 2) that inter-sectoral...

A supergame theoretic price-setting model of collusion is calibrated to data from the North American passenger car market before, during, and after the voluntary restraint arrangements (VRAs) with Japan. Conclusions about whether the model is consistent with the bans from the various regimes...

This paper assesses the place of active trade policy in U.S. industrial change.The growing role of imperfectly competitive multinational corporations provides new arguments for more active U.S. trade policy, as does an increased social consensus that governments should insure what markets do...

This paper is an assessment of three tilts in U.S. trade policy during the 1980s: minilateralism, managed trade, and Congressional activism. It describes their economic and political causes, and whether or not alternative policy directions might have been possible. Taking as given the...

This paper attempts a synthetic census of the calibration/counterfactual style of empirical research on the benefits of trade liberalization with imperfect competition and scale economies. Computable-general-equilibrium studies are surveyed, as are a large number of partial-equilibrium studies...

The General Agreement on Tariffs and Trade (GATT) is a coordination compact. Tariff bindings illustrate a mechanism for making commitments credible. Reciprocity illustrates a means for redistributing cooperative gains. The Most-Favored-Nation (MFN) principle illustrates an attempt to keep...

This paper characterizes and evaluates what has been called variously the new, new-view, strategic or industrial organization approach to international trade and trade policy. This approach analyzes trade in strategic environments,' those in which small numbers of large, self-consciously...

In this paper we investigate relationships between trade, wages, and the rewards to skill for U.S. workers during the period 1981 - 92. We measure U.S. trade flows with three groups of trading partners -- industrial countries, newly industrial countries, and primary producers -- and we estimate...

This paper integrates the contributions to a forthcoming volume of the same title by the authors. The volume analyzes and empirically examines linkages between the real and financial variables that themselves link open economies-- "linkage" thus has a double meaning. Two types of linkages are...