Similar Search Results

Taylor, Alan M. - 2021

This paper investigates purchasing-power parity (PPP) since the late nineteenth century. I collected data for a group of twenty countries over one hundred years, a larger historical panel of annual data than has ever been studied before. The evidence for long-run PPP is favorable using recent...

Persistent link: https://www.econbiz.de/10013226912

Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float : An Impulse-Response Analysis

Bayoumi, Tamim; Eichengreen, Barry - 2021

We use time-series methods to estimate a simple aggregate-supply aggregate-demand model in order to analyze the comparative performance of fixed- and flexible-exchange-rate systems and test competing hypotheses designed to explain shifts between exchange-rate regimes. The paper provides a...

Persistent link: https://www.econbiz.de/10013226928

Policy Evaluation in Uncertain Economic Environments

Brock, William A.; Durlauf, Steven N.; West, Kenneth D. - 2021

This paper develops a decision-theoretic approach to policy analysis. We argue that policy evaluation should be conducted on the basis of two factors: the policymaker's preferences, and the conditional distribution of the outcomes of interest given a policy and available information. From this...

Persistent link: https://www.econbiz.de/10013226952

How Did the Dollar Peg Fail in Asia?

Ito, Takatoshi; Ogawa, Eiji; Sasaki, Yuri Nagataki - 2021

In this paper we have constructed a theoretical model in which Asian firms maximize their profit, competing with Japanese and US firms in their markets. The duopoly model is used to determine export prices and volumes in response to the exchange rate fluctuations vis-...-vis the Japanese yen and...

Persistent link: https://www.econbiz.de/10013226986

Social Security, Demographic Trends, and Economic Growth : Theory and Evidence from the International Experience

Ehrlich, Isaac; Kim, Jinyoung - 2021

The worldwide problem with pay-as-you-go (PAYG) social security systems isn't just financial. This study indicates that these systems may have exerted adverse effects on key demographic factors, private savings, and long-term growth rates. Through a comprehensive endogenous-growth model where...

Persistent link: https://www.econbiz.de/10013227017

Was it Stolper-Samuelson, Infant Industry or Something Else? World Trade Tariffs 1789-1938

Williamson, Jeffrey G. - 2021

reports a set of world tariff facts for the 150 years between 1789 and 1938 that have not been well appreciated. First, tariff … industrially-lagging Europe, and more steeply even in Asia. Furthermore, after world tariff rates rose between 1865 and 1900, they … world tariff facts come from two sources: Stolper-Samuelson -- scarce factors should lobby for protection when exposed to …

Persistent link: https://www.econbiz.de/10013227023

The Role of Foreign Direct Investment in International Capital Flows

Lipsey, Robert E. - 2021

absorbing much of the world's supply, especially in the late 1980s, and then reverted to its earlier net supplier role. Direct …

Persistent link: https://www.econbiz.de/10013227036

International Comparisons of Educational Attainment

Barro, Robert J.; Lee, Jong-Wha - 2021

Many theories of economic growth stress the role of human capital in the form of education, but empirical studies have been hampered by inadequate data. We describe a data set on educational attainment that we have constructed for 129 countries over five-year periods from 1960-1985. We use...

Persistent link: https://www.econbiz.de/10013227046

Exchange Rate Regime Choice in Historical Perspective

Bordo, Michael D. - 2021

Exchange rate regime choice has evolved considerably in the past 100 years. At the beginning of the twentieth century the choice was obvious - - join the gold standard, all the advanced countries have done it. Floating exchange rates and fiat money are only for profligate countries. At the...

Persistent link: https://www.econbiz.de/10013227187

Interpreting the Tariff-Growth Correlation of the Late Nineteenth Century

Irwin, Douglas A. - 2021

Recent research has documented a positive relationship between tariffs and growth in the late nineteenth century. Such a correlation does not establish a causal relationship between tariffs and growth, but it is tempting to view the correlation as constituting evidence that protectionist or...

Persistent link: https://www.econbiz.de/10013227191