Showing 1 - 10 of 55
We examine the productivity of public infrastructure in a general equilibrium context. In our model, infrastructure … to variety. Infrastructure alters factor prices, intermediate prices and the allocation of factors across sectors. The …
Persistent link: https://www.econbiz.de/10013222910
In this paper we examine the effects of publicly financed infrastructure and R&D capital on the cost structure and … dominate while in others changes in technology or relative prices are the main contributors. Publicly financed infrastructure …
Persistent link: https://www.econbiz.de/10013236700
The impact of public infrastructure investment on the productive performance of firms has been an important focus of …. However, detailed evaluation of the infrastructure impact is difficult using existing studies which rely on restricted models …, nonproduction and production labor and energy) use of manufacturing firms to evaluate the contribution of infrastructure to firms …
Persistent link: https://www.econbiz.de/10013227211
Developing countries pay substantially higher transportation costs than developed nations, which leads to less trade and perhaps lower incomes. This paper investigates price discrimination in the shipping industry and the role it plays in determining transportation costs. In the presence of...
Persistent link: https://www.econbiz.de/10012777612
What is the role of transport improvements in globalization? We argue that the nineteenth century is the ideal testing ground for this question: freight rates fell on average by 50% while global trade increased 400% from 1870 to 1913. We estimate the first indices of bilateral freight rates for...
Persistent link: https://www.econbiz.de/10012759104
This paper develops and estimates a model of indivisibilities in shipping and economies of scale in consolidation. It uses highly detailed data on imports for which it is possible to observe the contents of individual containers. In the model, a firm is able to adapt to indivisibility...
Persistent link: https://www.econbiz.de/10012920901
This paper exploits a three-dimensional panel data set of prices on 27 traded goods, over 88 quarters, across 96 cities in the U.S. and Japan. We show that a simple average of good-level real exchange rates tracks the nominal exchange rate well, suggesting strong evidence of sticky prices....
Persistent link: https://www.econbiz.de/10013225810
Recent literature has emphasized the importance of transport costs and infrastructure in explaining trade, access to …, and the general condition of the country's infrastructure …
Persistent link: https://www.econbiz.de/10013233046
The standard source for pre-WWII global freight rate trends is the Isserlis British tramp shipping index. We think it is flawed, and that its sources offer vastly more information than the Isserlis aggregate contains. The new data confirm the precipitous decline in nominal freight rates before...
Persistent link: https://www.econbiz.de/10013292457
We study the returns to owning dry bulk cargo ships. Ship earnings exhibit a high degree of mean reversion, driven by industry participants' competitive investment responses to shifts in demand. Ship prices are far too volatile given the mean reversion in earnings. We show that high current ship...
Persistent link: https://www.econbiz.de/10013078599