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Dornbusch, Rudiger; Dantas, Daniel Valente; Pechman, Clarice - 2021

disturbances, such as increased inflation uncertainty or increased variability in the official real exchange rate policy are shown …

Persistent link: https://www.econbiz.de/10013247441

Moscow Black Markets and Official Markets for Foreign Exchange : How Much Flexiblity in Flexible Rates?

Goldberg, Linda S. - 2022

Flexible exchange-rate systems often are not recommended for countries undergoing economic transition. In late 1989, the former Soviet Union instituted exchange-rate flexibility on the limited share of enterprise international transactions channelled through the auction and. later, interbank...

Persistent link: https://www.econbiz.de/10013308348

The Welfare Effects of Ticket Resale

Leslie, Phillip - 2009

We develop an equilibrium model of ticket resale in which buyers' decisions in the primary market, including costly efforts to "arrive early" to buy underpriced tickets, are based on rational expectations of resale market outcomes. We estimate the parameters of the model using a novel dataset...

Persistent link: https://www.econbiz.de/10013155031

Currency Incontrovertibility, Trade Taxes and Smuggling

Braga de Macedo, Jorge - 2010

In the classic analysis of smuggling importers choose the optimal mix of legal and illegal trade, given trade taxes and the technology of detection. This paper introduces an inconvertible currency in the framework, so that illegal trade is valued at a rate higher than the (fixed) official...

Persistent link: https://www.econbiz.de/10012762928

Smuggling, Camouflaging, and Market Structure

Jensen, Richard A.; Thursby, Jerry G.; Thursby, Marie C. - 2021

We examine how market structure and enforcement affect smuggling and welfare in a model where smuggling is camouflaged by legal sales. Conditions are given for when some, but not necessarily all, firms smuggle. With camouflaging, the market price is below the price when all sales are legal, so...

Persistent link: https://www.econbiz.de/10013213087

Traders, Cops and Robbers

Anderson, James E.; Bandiera, Oriana - 2021

Why does illegal trade often flourish without formal enforcement, but sometimes fail? Why do illegal trade-reducing policies often fail? Why do States often appear to tolerate illegal trade? A model of trade with cops and robbers provides answers. `Safety in numbers' is a key element: the...

Persistent link: https://www.econbiz.de/10013245087

Growth Economics and Reality

Brock, William A.; Durlauf, Steven N. - 2021

the perspective of economic theory as well as from the perspective of the historical experiences of the countries under … model specification. Model uncertainty consists of two types: theory uncertainty, which relates to which growth determinants … draws from the same statistical model. We propose ways to account for both theory and heterogeneity uncertainty. Finally …

Persistent link: https://www.econbiz.de/10013222634

Savings and the Terms of Trade Under Borrowing Constraints

Agenor, Pierre-Richard; Aizenman, Joshua - 2021

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond...

Persistent link: https://www.econbiz.de/10013244885

The Time Variation of Risk and Return in Foreign Exchange Markets : A General Equilibrium Perspective

Bekaert, Geert - 2010

This paper investigates the statistical properties of high frequency nominal exchange rates and forward premiums in the context of a dynamic two-country general equilibrium model. Primary focus is on the persistence, variability, leptokurtosis and conditional heteroskedasticity of exchange rates...

Persistent link: https://www.econbiz.de/10013138143

The Nature of Excess : Using Randomized Treatments to Investigate Price Dynamics

Al-Ubaydli, Omar - 2010

This study explores empirically the price dynamics within two distinct market institutions - a double oral auction, which resembles modern asset markets, and a bilateral exchange market, which represents markets that have existed for centuries. To provide a theoretical basis to our...

Persistent link: https://www.econbiz.de/10013138763

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