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A puzzle in the analysis of trade policy is why free trade outcomes, which maximize world income, are not more often observed. One reason is that economics agents with special interests affect both the form and level of international protective policies. This paper investigates the dynamic...
Persistent link: https://www.econbiz.de/10005787723
It is shown that steady state Markov perfect equilibria of discrete time, infinite horizon, quadratic, adjustment cost games differ from equilibria of their infinitely repeated counterpart games with zero adjustment costs even though no adjustment costs are paid in the steady state. In contrast...
Persistent link: https://www.econbiz.de/10011940531
A puzzle in the analysis of trade policy is why free trade outcomes, which maximize world income, are not more often observed. One reason is that economics agents with special interests affect both the form and level of international protective policies. This paper investigates the dynamic...
Persistent link: https://www.econbiz.de/10011940546
Persistent link: https://www.econbiz.de/10000855345
Persistent link: https://www.econbiz.de/10001568798
Persistent link: https://www.econbiz.de/10001174008
Persistent link: https://www.econbiz.de/10013400538
This paper examines the transitional dynamics of economic integration in the two country endogenous growth model of Rivera-Batiz and Romer (1991) and in an extension by Rivera-Batiz and Xie (1992). It is shown that, in the absence of knowledge flows across countries economic integration will...
Persistent link: https://www.econbiz.de/10005497214
Strategic interaction among oligopolistic innovators and its implications for economic growth are examined in two dynamic computable general equilibrium models. In each environment, technologies for producing a final good are such that the profits of any intermediate good producer depend on the...
Persistent link: https://www.econbiz.de/10005653004
There are at least two versions of the Law of One Price under the assumptions of perfect competition, no trade barriers, and no transport costs. One version predicts equal prices of competing goods sold in the same country and manufactured by producers located in different countries. Another...
Persistent link: https://www.econbiz.de/10005653024