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Non-Monetary Exchange Within Firms and Industry
Prendergast, Canice - 1996
This paper considers why non-monetary means of exchange, such as barter and the reciprocation of favors, are chosen by firms despite the usual benefits of monetary transactions. We consider the chosen means of exchange when both monetary and non-monetary exchange mechanisms are available. We...
Persistent link: https://www.econbiz.de/10012473069
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Savings and the Terms of Trade Under Borrowing Constraints
Agenor, Pierre-Richard - 2000
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/10012471007
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Adjusting Output and Productivity Indexes for Changes in the Terms of Trade
Diewert, W. Erwin - 1985
In this paper we employ index number theory in addressing the problem of adjusting real national income and real … domestic product for changes in a country's terms of trade. More specifically, using recent developments in the theory of … only production theory, whereas in the traditional paradigm which treats traded goods as perfectly substitutable with a …
Persistent link: https://www.econbiz.de/10012477521
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The Roles of the Terms of Trade and Nontraded-Good-Prices in Exchange Rate Variations
Stockman, Alan C. - 1984
This paper demonstrates that disturbances to supplies or demands for internationally traded goods affect exchange-rates differently than do disturbances in markets for nontraded goods. The paper develops a stochastic two-country equilibrium model of exchange rates, asset prices, and goods...
Persistent link: https://www.econbiz.de/10012477749
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Current Account Dynamics and the Terms of Trade : Harberger-Laursen-Metzler Two Generations Later
Persson, Torsten - 1983
The current account dynamics is examined for a small open economy which is subject to exogenous changes in its static terms of trade and in world interest rates. The model used is one with overlapping finite-lived generations, which we argue gives rise to a more reasonable saving behaviour than...
Persistent link: https://www.econbiz.de/10012477973
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Real Wages and the Terms of Trade : Alternative Indexation Rules for an Open Economy
Marston, Richard C. - 1982
This paper examines the desirability of wage indexation in an open economy subject to economic disturbances which change the terms of trade and raise the prices of imported goods. Two indexation rules are considered, the traditional form of indexation to the consumer price index and indexation...
Persistent link: https://www.econbiz.de/10012478059
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Transitory Terms-of-Trade Shocks and the Current Account : The Case of Constant Time Preference
Obstfeld, Maurice - 1982
The paper uses an intertemporal perfect-foresight optimizing model to analyze the effect of transitory terms-of-trade shocks on a small open . economy's current-account and utility time profiles. An adverse terms-of-trade shift known to be temporary induces the economy to run down its stock of...
Persistent link: https://www.econbiz.de/10012478277
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Intermediate Imports, the Terms of Trade, and the Dynamics of the Exchange Rate and Current Account
Obstfeld, Maurice - 1980
This paper studies the macroeconomic effects of an increase in the price of an imported intermediate production input. The framework of the analysis is a small open economy with abating exchange rate and endogenous terms if trade, in which saving depends on residents'(variable) rate of time...
Persistent link: https://www.econbiz.de/10012478594
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Optimal Emission Pricing in the Presence of International Spillovers : Decomposing Leakage and Terms-of-Trade Motives
Böhringer, Christoph - 2010
Carbon control policies in OECD countries commonly differentiate emission prices in favor of energy-intensive industries. While leakage provides a efficiency argument for differential emission pricing, the latter may be a disguised beggar-thy-neighbor policy to exploit terms of trade. Using an...
Persistent link: https://www.econbiz.de/10012462752
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Terms of Trade Shocks and Fiscal Cycles
Kaminsky, Graciela L. - 2010
The latest boom in commodity prices fueled concerns about fiscal policies in commodity-exporting countries, with many claiming that it triggered loose fiscal policy and left no funds for a rainy day. This paper examines the links between fiscal policy and terms-of-trade fluctuations using a...
Persistent link: https://www.econbiz.de/10012462872