Two puzzling facts of international real business cycles are 1) weak or negative correlations between the terms of trade and output, and 2) a rise in relative consumption for countries where national goods become relatively more expensive. We show these puzzles either vanish or become much...

The paper focuses on the cost characteristics of Internet technology and on the question whether there are monopolistic bottlenecks in Internet services which justify regulatory intervention into the market. The analysis is prompted by a discussion which followed the MCI and Worldcom merger in...

This paper uncovers new stylized facts on the relation between economic integration and world trade prices. Using export price data combined with data on 32 WTO (World Trade Organization) accessions by developing countries and hundreds of new PTAs (Preferential Trade Agreements), we show that a...