THE TERMS OF TRADE IN THE PRESENCE OF RE-EXPORT TRADE: SOME FURTHER DEVELOPMENTS(*)

Abstract. In this paper we examine the measure of terms of trade changes, adjusted to take re-export trade into account, proposed by Lloyd and Sandilands (1985), and introduce two additional (but very basic) complications: a positive rate of growth and substitutability between imports and the domestic factor(s). We show that in such cases one can no longer establish a precise analogy with the traditional measure, and argue that the very notion of « a terms of trade change » becomes somewhat ambiguous. As an alternative view, we derive a measure of the impact of international price changes on what will be called « trade augmented » productivity; such a measure will be based on the movements of the wage-rate of profit frontier.     

INFLATION AND THE TIMING OF PRICE CHANGES (*)

Consider an oligopolistic industry in which the firms produce perfect substitutes and incur transaction costs of changing price. Under constant inflation, there is an equilibrium in which the firms change their nominal prices at equally spaced time-points. Increasing the inflation rate increases the size of price changes, increases the frequency of price changes, and increases the average real price paid by buyers. The analysis derives its significance from its implications for the welfare costs of inflation: the inflation-induced distortions in relative prices are larger the more sticky nominal prices are; and are larger the greater the tendency for firms to stagger (rather than synchronize) their price changes.     

THE EFFECTS OF LABOUR MARKET FLEXIBILITY IN THE MONETARY THEORY OF PRODUCTION

The aim of the present work is to study the effects of labour market flexibility on aggregate demand, productivity and employment within the theoretical framework of the Monetary Theory of Production. It is shown that labour market flexibility may not produce unidirectional effects on aggregate demand, productivity and employment, the working of the monetary market being decisive in establishing their levels.     

排队论在生产过程时间组织中的应用

文章结合生产过程时间组织中的具体问题 ,运用排队论的基本观点 ,分析研究了零件生产周期确定中应该考虑的加工时间、等待时间以及运输时间 ,为优化生产过程中的移动方式提供了数学依据。     

政府采购理论在实践中的误区

在中国公共财政体系尚未完善的背景下，政府采购行为存在种种误区，甚至异化国有资产流失，当前中国正采取扩大内需的政策，但内需绝对不等于内耗，有关政府采购的一系列问题非常值得研究。     

ON THE UNIQUENESS OF LIMIT CYCLES IN BUSINESS CYCLE THEORY

Abstract. The paper investigates sufficient conditions for the uniqueness of limit cycles in standard business cycle theory. The application of the Levinson/Smith theorem to the generalized Liénard equation reveals that these sufficient yet not necessary conditions usually imply that the uniqueness of limit cycles in, e.g., the Kaldor-model or the Phillips-multiplier-acceteralor model cannot be established without additional restrictive assumptions.     

经济发展阶段划分理论研究述评

经济发展阶段划分理论是经济发展理论研究的重要内容。该理论包括两个基本问题:一是经济发展阶段划分的标准;二是经济发展阶段划分的内容。本文对学术界在这两方面的主要研究成果作了简要评析     

THE KALDOR-PASINETTI PROCESS RECONSIDERED(*)

In this pape we extend Pasinetti's model in two ways: (i) taking into account both direct and indirect taxation we allow the government to own explicitly part of the capital stock and to get profits; (ii) opening the economy to international trade and allowing a non-zero current/capital account balance. We show that such extensions do not violate the essential features of the Cambridge result, provided that the external rate of savings is not affected by some kind of interest rate.     

THE EXPLORATION AND PRODUCTION OF A LONG-LIVED NATURAL RESOURCE(*)

This paper, a synthesis of previous work by the author, examines both the exploration and the production decisions of a firm in a durable natural resource industry, and finds that monopoly power leads to a slowing in the rate of extraction and a reduction in the exploration rate. Thus in a durable resource industry such as gold, the effect of monopoly is multi-plied: less of the resource will be « discovered », and the stock of the re-source will be extracted more slowly so that early-period prices may be kept above the competitive level.