منابع مشابه
Trade , Earnings , and Mobility −
Using a large longitudinal data set, we study the effects of increased trade on earnings and mobility in the Swedish labor market in the late 1980s and early 1990s. Earnings respond significantly to changes in industry sales, whether generated by domestic market forces or international trade: Swedish exports (imports) raise (lower) annual earnings, but changes in trade affect earnings just as a...
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Long historical averages of real earnings help forecast present values of future real dividends. With aggregate U.S. stock market data (1871-1986), a vector-autoregressive forecast of the present value of future dividends is, for each year, roughly a weighted average of moving-average arnings and current real price, with between two thirds and three fourths of the weight on the earnings measure...
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The paper documents the behavior of trade prices during the Great Trade Collapse of 2008–09 using transaction-level data from the U.S. Bureau of Labor Statistics. First, the paper finds that differentiated manufactures exhibited marked stability in their trade prices during the large decline in their trade volumes. Prices of nondifferentiated manufactures, by contrast, declined sharply. Second,...
متن کاملTerms of Trade and Global Efficiency Effects of Free Trade
This paper infers the terms of trade effects of Free Trade Agreements (FTAs) implemented in the 1990s. We estimate large FTA effects on bilateral trade volume in 2 digit manufacturing goods from 1990-2002, using panel data gravity methods to resolve two way causality. The terms of trade changes implied by these volume effects are deduced for 40 countries plus a rest-of-the-world aggregate using...
متن کاملPrices, Delay, and the Dynamics of Trade
We characterize the dynamics of trading patterns and market composition when trade is bilateral, finding a trading partner is costly, prices are determined by bargaining, and preferences are private information. We show that equilibrium is inefficient and exhibits delay as sellers price discriminate between buyers with different values. As frictions vanish, transaction prices are asymptotically...
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ژورنال
عنوان ژورنال: Intereconomics
سال: 1971
ISSN: 0020-5346,1613-964X
DOI: 10.1007/bf02926995