Under the rules of the WTO, governments are prohibited from negotiating voluntary export restraints (VERs) but may negotiate price undertakings (i.e. import price minima). While these two policies can have identical effects in models of perfect competition, they can have very different economic...

Voluntary green electricity programs are a rich setting to study private provision of public goods. A defining feature of these programs is the type of subscription mechanism used for enrolling residential customers in the program. We collected primary data on programs’ subscription mechanisms...

India – Solar Cells is one of a growing number of WTO disputes that highlight the continuing tensions between climate change polices (and renewable energy manufacturing initiatives in particular) and established multilateral trading rules. The United States alleged that Indian policies...

This paper argues that order flow can explain exchange rate forecasting errors. A unified theoretical model is developed showing that forecasting errors can be explained by both informational rigidities and portfolio shifts. This is applied to Brazilian data using a unique data set of daily...

Argentina, once a prominent example of the ‘Washington consensus,' took dramatic steps to reduce its integration in the world economy in the aftermath of the peso crisis in 2001. This pattern might suggest that the Argentine government would turn aggressively to contingent protection measures...

The poor performance of macroeconomic exchange rate models in and out-of-sample is well documented in literature. One reason for this result is the impact of ‘scapegoat' effects: that is, participants attach different weights to different macro fundamentals in different periods. On the other...