December 1998 <p> How does the economy react to the arrival of a new major technology? The existing literature on General Purpose Technologies (GPTs) has studied the role that mechanisms like secondary innovations, diffusion, and learning by firms play in the adjustment process. By contrast, we...</p>

Book delves with the puzzle that assets play important role in the theory of international finance but hardly any any role in the theory of international trade. Where this dichotomy comes from? Main feature is that trade in assets may interact in an important ways with trade in goods and...

This paper develops a new framework for examining the determinants of wage distributions that emphasizes within-industry reallocation, labor market frictions, and differences in workforce composition across firms. More productive firms pay higher wages and exporting increases the wage paid by a...

Recent research has emphasized firm heterogeneity as a source of comparative advantage. Combining this approach with labor market frictions and worker heterogeneity provides a framework for studying the impact of trade on unemployment and inequality. This paper reviews this approach and reports...

We study a two-country two-sector model of international trade in which one sector produces homogeneous products while the other produces differentiated products. The differentiated-product industry has firm heterogeneity, monopolistic competition, search and matching in its labor market, and...

Market Structure and Foreign Trade presents a coherent theory of trade in the presence of market structures other than perfect competition. The theory it develops explains trade patterns, especially of industrial countries, and provides an integration between trade and the role of multinational...

The effects of a government's budget on society and the political economy are of considerable concern to economists as well as to consumers and taxpayers. The original contributions in this book analyze all of the budget's components expenditures, revenues, the deficit - with a special emphasis...

Centering on questions of the potential optimality of some trade protection, these original contributions present research at the frontier of international trade and trade policy. They expand and test the new trade theory that has developed during the last decade, incorporating elements of...