Goodwin's predator-prey model predicts clockwise cycles in the employment–distribution space. Qualitative evidence is provided in favour of nonlinear dynamic behaviour for a sample of 67 countries, some of which have cycles similar to those predicted by the model. Predicted centres lie outside...

The large, persistent fluctuations in international trade that can not be explained in standard models by changes in expenditures and relative prices are often attributed to trade wedges. We show that these trade wedges can reflect the decisions of importers to change their inventory holdings....

The large, persistent fluctuations in international trade that cannot be explained in standard models by changes in expenditures and relative prices are often attributed to trade wedges. We show that these trade wedges can reflect the decisions of importers to change their inventory holdings. We...