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Carroll, Fuhrer and Wilcox (1994) studied the capacity of consumer sentiment to help explain the behaviour of consumption in the US. Their study was important for at least two reasons. Firstly, since household consumption accounts for about 80% of US GDP fluctuations in consumption may result in...
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We study the pro-competitive gains from international trade in a quantitative model with endogenously variable markups. We find that trade can significantly reduce markup distortions if two conditions are satisfied: (i) there is extensive misallocation and (ii) opening to trade exposes hitherto...
Persistent link: https://www.econbiz.de/10010903372
Over the last few decades there have been significant increases in student enrolments in Australian non-government schools. It has been suggested that this growth has been the outcome of government subsidies to non-government schools. Despite this significant funding school fees have also been...
Persistent link: https://www.econbiz.de/10010903373
Data for measuring poverty and income inequality are frequently available in a summary form that describes the proportion of income or expenditure for each of a number of population proportions. While various discrete measures can be applied directly to data in this limited form, these discrete...
Persistent link: https://www.econbiz.de/10010903374
We study the gains from trade in a model with endogenously variable markups. We show that the pro-competitive gains from trade are large if the economy is characterized by (i) extensive misallocation,i.e., large ineciencies associated with markups, and (ii)a weak pattern of cross-country...
Persistent link: https://www.econbiz.de/10010903375
We consider the canonical directed search framework in which sellers play pure strategies and assume that buyers play strategies that are monotone in prices, can remain inactive and choose to do so whenever their payoff from participating is zero regardless of what the other buyers do. We show...
Persistent link: https://www.econbiz.de/10010903376