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Federal Lands, Opportunity Costs, and Bureaucratic Management
Libecap, Gary D. - 2018
The federal government owns and administers 472, 892,659 acres or 21% of the land area of the lower US, making it both the country's largest land owner and among the largest by a central government among western democracies. This condition is surprising, given that the US generally is viewed as...
Persistent link: https://www.econbiz.de/10012453015
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The Adjustment of Prices and the Adjustment of the Exchange Rate
Engel, Charles - 2001
The purchasing power parity puzzle relates to the adjustment of real exchange rates. Real exchange rates are extremely volatile, suggesting that temporary shocks emanate from the monetary sector. But the half-life of real exchange rate deviations is extremely large -- 2.5 to 5 years. This...
Persistent link: https://www.econbiz.de/10012470168
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Estimating the Rental Adjustment Process
Hendershott, Patric H. - 2000
Rental adjustment equations have been estimated for a quarter century. In the U.S., models have used the deviation of the actual vacancy rate from the natural rate as the main explanatory variable, while in the UK, drivers of the demand for space have dominated the estimation. The recent papers...
Persistent link: https://www.econbiz.de/10012470825
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Monetary Policy in the Open Economy Revisited : Price Setting and Exchange Rate Flexibility
Devereux, Michael B. - 2000
This paper develops a welfare-based model of monetary policy in an open economy. We focus on the extent to which monetary policy should be employed in maintaining the exchange rate. The traditional approach maintains that exchange rate flexibility is desirable in the presence of real...
Persistent link: https://www.econbiz.de/10012471102
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Axiomatic and Economic Approaches to International Comparisons
Diewert, W. Erwin - 1996
The paper considers the problem of choosing a multilateral system of index numbers in order to make aggregate price and quantity comparisons between many countries and regions. The problems involved in choosing functional forms in order to make these comparisons are both theoretically and...
Persistent link: https://www.econbiz.de/10012473289
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Do You Know That I Know That You Know...? Higher-Order Beliefs in Survey Data
Coibion, Olivier - 2018
We implement a new survey of firms, focusing on their higher-order macroeconomic expectations. The survey provides a novel set of stylized facts regarding the relationship between first-order and higher-order expectations of economic agents, including how they adjust their beliefs in response to...
Persistent link: https://www.econbiz.de/10012480640
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The French (Trade) Revolution of 1860 : Intra-Industry Trade and Smooth Adjustment
Becuwe, Stéphane - 2018
The Cobden-Chevalier treaty of 1860 eliminated many French import prohibitions and lowered tariffs between France and Britain. Policy change was largely unexpected and unusually free from direct lobbying. A series of commercial treaties with other nations followed because of the use of the...
Persistent link: https://www.econbiz.de/10012480825
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The Micro-Macro Disconnect of Purchasing Power Parity
Bergin, Paul R. - 2009
This paper reconciles the persistence of aggregate real exchange rates with the faster adjustment of international relative prices in microeconomic data. Panel estimation of an error correction model using a micro data set uncovers new stylized facts regarding this puzzle. First, adjustment to...
Persistent link: https://www.econbiz.de/10012463026
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Pollution, Health, and Avoidance Behavior : Evidence from the Ports of Los Angeles
Moretti, Enrico - 2009
A pervasive problem in the literature on the health costs of pollution is that optimizing individuals may compensate for increases in pollution by reducing their exposure to protect their health. This implies that estimates of the health effects of pollution may vastly understate the full...
Persistent link: https://www.econbiz.de/10012463709
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Adaptation and the Boundary of Multinational Firms
Costinot, Arnaud - 2009
integration is to facilitate adaptation in a world where uncertainty is resolved over time. This paper offers the first empirical … analysis of the impact of adaptation on the boundary of multinational firms. To do so, we first develop a ranking of sectors in … demonstrate that, in line with adaptation theories of the firm, the share of intrafirm trade tends to be higher in less routine …
Persistent link: https://www.econbiz.de/10012463979