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The authors examine the implications for strategic trade policy of different assumptions about precommitment in a two-period Cournot oligopoly game with learning by doing. The inability of firms and governments to precommit to future actions encourages strategic behavior which justifies an...
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We characterise optimal trade and industrial policy in dynamic oligopolistic markets. If governments can commit to future policies, optimal first-period intervention should diverge from the profit-shifting benchmark to an extent which exactly offsets the strategic behaviour implied by Fudenberg...
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This paper employs cohort technique and Consumer Expenditure Survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups. Using these profiles, we estimate a structural model of optimal...
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We offer a duality-based methodology for incorporating multi-sector effects of international trade into open economy macroeconomic models, developing the concepts of the dynamic factor price equalization set and the integrated intertemporal equilibrium. Under this approach, the aggregate...
Persistent link: https://www.econbiz.de/10005504202
The paper shows that the conversion from national currency bank notes to hard-ECU notes is promoted by the provision of an implicit and free currency call option. This wealth effect is caused by the devaluation-proof definition of this currency. Nevertheless, additional transactions and...
Persistent link: https://www.econbiz.de/10005504203