The author develops, and applies a macroeconomic framework to ascertain the influence of domestic disequilibria, and external shocks on inflation dynamics in Uzbekistan. Using quarterly data for the period 1994:01 to 2000:03, he estimates several"long-run"relationships for the goods, money, and...

This paper investigates the incentive system facing importers under a linking arrangement and their likely behavior. It analyzes the impact on imports, consumption, and domestic production and the social costs under the assumption that all the relevant"industries"(production of the product in...

Forecasting has long been a challenge, and will remain so for the foreseeable future. But the analytical instruments and data processing capabilities available through the latest technology, and software, should allow much better forecasting than transport ministries, or regulatory agencies...

This paper reviews 70 estimates of the price elasticity of demand for many different transport modes and market situations. The paper presents figures separately for passenger and freight transport and include estimates of both own-price and mode choice elasticities. It also presents some...

This report expands on a dynamic model of market integration to investigate how information is transmitted across commodities. The author investigates one property of an efficient market : the full use of available information. Studies of spatial price integration simultaneously looks at the...

In the debate about the relationship between trade policy and growth, various measures for trade intervention have been used. The author presents a new measure based on a country's relative price structure and the structure of relative world prices. This measure, he argues, conforms more closely...

The"simultaneous ascending auction"was first introduced in 1994 to sell licenses to use bands of radio spectrum in the United States. Much of the attention devoted to the auction came from its role in reducing federal regulation of the radio spectrum and allowing market values, rather than...

This paper shows that market-based financial instruments are better suited to manage external price risk for a country that is a price taker in world commodity markets. This is especially the case for mineral and energy price risks where financial instruments (such as commodity swaps) exist for...

India's government procures agricultural products such as rice, wheat, and sugar at below-market prices and sells them in both urban and rural ration shops. The rest of such crops is sold in the open market. This creates a two-tier price system for consumers and producers. Many (including...

This paper provides new survey evidence showing that loss aversion and reference dependence are important in shaping people's perception of trade policy. Under the assumption that agents'welfare functions exhibit these behavioral elements, we analyze a model with a welfare-maximizing government...