This paper extends the partial (PE) and general equilibrium (GE) analyses of Nash and Stackelberg optimum export taxes to a multicountry framework, using a computable general equilibrium (CGE) model of the global cocoa market. There are several important results to report. First, depending on...

This paper studies business cycle interdependence among the industrialized countries since 1958. Using the spillover index methodology recently proposed by Diebold and Yilmaz (2009a) and based on the generalized VAR framework, we develop an alternative measure of comovement of macroeconomic...

We analyse the relationship between export competitiveness and investment in machinery, allowing for imperfect substitution between domestically produced and imported machinery. A translog export price function is estimated for developed, export-oriented developing, and import-substituting...

In order to add realism to the war of attrition model and explain high inflation experiences of countries such as Turkey, Argentina and Brazil, one needs to consider the crucial role played by political elites. In countries with weak institutions and social interest groups, it is rather...

This paper uses the variance-ratio-based multiple comparison test and Richardson-Smith's Wald test procedures to test for martingale property of daily exchange rates of seven major currencies vis-a-vis US dollar. To allow for the possibility that exchange rates are not governed by a single...