Tariffs and Welfare in an Imperfectly Competitive Overlapping-Generations Model

The effect of a tariff is analyzed in a two-sector model in an uncertain-lifetimes framework. One of the sectors is monopolistically competitive. It is shown that while a tariff leads to a consumption boom and possibly a current-account surplus, its welfare effects depend on whether the homogeneous good or the differentiated good is exported by the small open economy. Welfare improves if the differentiated good is nontraded but deteriorates if the homogeneous good is nontraded.     

Cross-Border Pollution,Terms of Trade,and Welfare

We construct a two-good general equilibrium model of international trade for two small open economies where pollution from production is transmitted across borders. Governments in both countries impose emission taxes non-cooperatively. Within this framework, we examine the effect of changes in the degree of cross-border pollution on Nash emission taxes, emission levels and welfare. We do so under two scenarios: when changes in cross-border pollution do not affect domestic pollution (non-strategic) and when they do (strategic). We also examine the effect of changes in international terms of trade on pollution and welfare when cross-border pollution is non-strategic.      

Effects of Unilateral Climate Policy on Terms of Trade,Capital Accumulation,and Welfare in a World Economy

We present a two-good, two-country overlapping generations model where emissions arise from production and each country has a domestic emission permit system. When one country unilaterally reduces her cap on emissions, her output available for domestic and foreign consumption diminishes more than in the other country. With unchanged consumption expenditure shares for both goods the domestic terms of trade improve, while capital stocks decline in the reducing and less strongly in the non-reducing country. Improving terms of trade in the reducing country and falling capital stocks lead in total to welfare losses in both countries. However, if the country which unilaterally reduces her emission permits is a net creditor to the world economy and the Golden Rule applies, her own welfare loss remains below that of the non-reducing country.     

Tradeable Emission Permits Regulations in the Presence of Imperfectly Competitive Product Markets: Welfare Implications

In the present paper, we analyse the interaction of a competitive market for emission permits with an oligopolistic product market. It is well known that a competitive permits market achieves the cost minimizing distribution of abatement effort among the polluting firms for a given reduction in emissions. However, when the product market is oligopolistic, it may redistribute production inefficiently among firms. It has been suggested that this inefficiency can outweigh the gains obtained from using emission permits instead of command and control. Although this argument is clearly correct under full information, it is shown in the present paper that it reverses under incomplete information. In particular, it is shown that when tradeable emission permits are specified according to the standard textbook example, they yield higher social welfare than the command and control regulation.     

Dynamic and Comparative Static Analysis of Imperfectly Competitive International Fishery

A dynamic system for change of fish stock is formulated assuming that two asymmetric rival countries harvest fish from a common fishing ground and sell it in an imperfectly competitive market. The existence of a unique stable steady state is examined based on the dynamic system. Comparative static analysis is conducted in relation to changes in national fishing management policies to explore, among other things, rent-shifting from one country to another.     

发展循环经济迈向贸易强国

我国对外贸易的快速发展使我国成为贸易大国,但是如何从贸易大国走向贸易强国是一个非常值得研究的课题,发展循环经济是我国实现贸易强国目标的一个途径.作为一种新型的经济形态,循环经济是以资源的高效利用和循环利用为核心,以"减量化、再利用、资源化"为原则的一种生态经济.因此,循环经济为改变我国对外贸易结构存在的问题,实现可持续发展提供了理论依据.     

知识经济时代国际贸易的发展趋势及对策

知识经济是建立在知识和信息的生产、分配和使用基础之上的经济形态。在知识、技术和全球化力量的推动下，全球国际贸易出现了新的发展趋势和特点。为迎接知识经济的挑战，我国必须调整对外贸易战略，加大科技创新，大力发展知识型服务贸易，推行网络贸易及实施“走出去”战略。     

贸易条件影响生产率吗?——基于中国制造业面板数据的实证研究

从总体上看,1998年～2009年间中国制造业贸易条件没有出现恶化趋势;中国全要素生产率(TFP)是增长的,但主要源于技术进步,而技术效率的提高则相对缓慢。实证研究显示:贸易条件与TFP之间存在着协整关系;贸易条件变动是TFP变动的格兰杰原因;贸易条件的改善能够提升TFP,但影响有限。     

Welfare Analysis of a Fiscal Reconstruction Policy in an Overlapping Generations Economy with Public Investment

Constructing an endogenously growing overlapping generations model with public investment, we examine the welfare effects of a fiscal reconstruction policy. In this paper we define a fiscal reconstruction policy as a policy where the government reduces its spending level without changing the tax revenue and allocates the surplus of the revenue to redeem public debt. We show that if government spending is not productive it is possible that a fiscal reconstruction policy improves the utilities of both the current and future generations, while if government spending is productive it can harm the utilities of both generations. Received February 26, 2002; revised version received July 8, 2002 Published online: February 17, 2003     

民营经济发展中地方政府行为探析--兼谈温州民营经济的发展

改革开放以来,温州已成为发展民营经济的积极领跑者。温州区域经济是典型的以民营经济作为主要增长点,在民营经济占温州国内生产总值和工业总产值绝对优势的情况下,从1978年到2001年,温州全市国内生产总值按可比价计算翻了4．8番,工业总产值按可比价计算翻了7．3番,市财政收入1978年仅为1．35亿元,2001年为95．1亿元,2002达到126．26亿元。     

Growth and Welfare Effects of Monetary Expansion in an Overlapping-generations Economy

This paper studies the relation between money supply and the long-run economic growth in the context of an endogenous growth model with overlapping generations. We present detailed analyses of growth and welfare effects of monetary expansion under alternative money supply rules. It is shown that, although monetary expansion has a growth-enhancing effect in the long run, in general it is not a Pareto-improving policy. We also pay much attention to the presence of multiple equilbria in endogenous money supply regimes.
JEL Classification Numbers: E51, E62, O42.     

Fiscal Policy and Welfare in a Small Open Economy with Imperfect Competition

This paper considers the effects of fiscal policy in a two-sector small open economy, with unionized labour markets, and heterogeneous types of imperfect competition in the product markets. By making the marginal propensity to import endogenous, the paper shows that there is no robust or general relationship between the balanced-budget multiplier and the degree of imperfect competition. The fiscal multiplier with distortionary taxes can be positive or negative, depending on the size of the importables sector and the foreign firm's market share. The normative rule for fiscal policy depends on the size of the fiscal multiplier. An increase in economic activity is insufficient by itself to induce the government to over-supply public goods relative to the Walrasian case.     

Foreign Aid,Wage Inequality,and Welfare for a Small Open Economy with Tourism

While the welfare effect of foreign aid has been extensively analyzed, the impact on the distribution of income has received less attention. At the same time, there has been recent work on tourism where it is complementary to aid in improving welfare. By combining these two strands, this paper concentrates on wage inequality in developing countries. We find that an increase in aid in the form of tied aid can lower the relative price of nontraded goods. The rent extracted from tourists declines, reducing welfare of domestic residents. In addition, the fall in the nontradable price can widen the wage inequality between skilled and unskilled workers. Thus, increased foreign aid may have detrimental effects on national welfare and the distribution of income. Rising wage inequality is confirmed by numerical simulations.     

On Terms of Trade and Capital Accumulation

This paper studies, within an OLG general equilibrium framework, the role of relative factor intensities in determining the relationship between the terms of trade and the capital stock. It shows that a diversified production equilibrium can be characterized by a positive association between these two variables if the investment sector is more labor-intensive and sector technologies are relatively dissimilar. Therefore, capital accumulation and terms-of-trade improvements do not require an import sector growing faster than the export sector when the latter is more capital-intensive. Large Stolper–Samuelson effects on factor incomes drive the results.     

Commodity Prices and the Terms of Trade

On combining national terms-of-trade data for developing countries with world prices of internationally traded primary commodities, it is found that variation in the world prices of three or fewer key exported commodities account for 50% or more of the annual variation in the terms of trade of a typical developing country. A considerable fraction of the variation is specific to a particular commodity and, given that the overall importance of primary commodities differs across developing countries, it is possible to account for much of the heterogeneity across them. It is concluded that commodity price fluctuations should be central features of two related literatures: studies of business cycle transmission across developing and industrialized nations, and empirical work aimed at constructing perpetual claims on developing country incomes as suggested by Shiller in 1995.     

发展企业集群是提升区域经济竞争力的有效途径

本文分析了企业集群在区域经济发展中的作用 ,阐明了企业集群的产生条件 ,并对如何发展企业集群 ,提升区域经济的竞争力提出了对策。     

发展非公有制经济与效率公平原则的正相关性

运用经济学的相关理论，从所有制结构的调整对经济增长的效率与收入和公平原则入手进行实证分析可发现，非公有制对整个经济的技术效率具有正向效应；非公有经济比重增长会使居民的收入差距有所扩大；大力发展非公有制经济与效率公平原则具有正相关性。这样可为“进一步巩固和发展公有制经济，鼓励、支持和引导非公有制经济发展”提供理论与实践的诠释。     

The Welfare and Employment Effects of Centralized Public Sector Wage Bargaining

In many countries, the government pays almost identical nominal wages to workers living in regions with notable economic disparities. By developing a two‐region general equilibrium model with endogenous migration and search frictions in the labor market, I study the differences in terms of unemployment, real wages, and welfare between a regional wage bargaining process and a national one in the public sector. Adopting the latter makes residents in the poorer region better off and residents of the richer region worse off. Private sector employment decreases in the poorer region and it increases in the richer one. Under some conditions, the unemployment rate in the poorer region soars.     

Real Gross Domestic Product and the Terms of Trade

Since their inception in the early 1960s, constant price national accounts have contained a measurement inconsistency in the expenditure accounts which flows through to the production accounts. The inconsistency has the effect of excluding changes in the terms of trade (the ratio of export prices to import prices) from real gross domestic product, so that it is unequal to real gross domestic income, which includes them. In economies, such as those of Australia and Canada, that experience substantial changes in the terms of trade, a real gross domestic product excluding those effects becomes a misleading guide for macroeconomic analysis and policy.     

The Effectiveness of Distributive Policy in a Competitive Economy

I consider an abstract social system made of individual owners endowed with nonpaternalistic interdependent preferences, who interact by means of individual gifts and by exchanges on competitive markets. The existence of equilibrium is established. I identify the set of allocations that are decentralizable in the sense that they are general equilibria for some vectors of market prices and initial endowments. This set is characterized in a simple way from the social endowment and individual market and distributive preferences. Decentralizable allocations are all accessible to distributive policy, unless public transfers are confined to some neighborhood of 0. In the latter case, distributive policy remains free to perform local redistributions of wealth across the components of the graph of equilibrium gifts.