The evolution of job stability in Canada: trends and comparisons with U.S. results

Abstract.  Using data from the 1976–2001 Canadian Labour Force Survey, we examine the stability of currently held jobs and find no period‐long drop in job stability. However, job stability declined across the 1980s and rose across the 1990s for workers with less than one year of tenure. When 1987 and 1995 are compared, it can be seen that job stability was steady in Canada but fell slightly in the United States, with the difference concentrated among medium tenured workers. We suggest that this difference was due to a slower recovery in Canada in the 1990s, which caused Canadian workers to be less mobile. JEL classification: J63     

The propagation of U.S. shocks to Canada: Understanding the role of real financial linkages

This paper examines the role of financial frictions in affecting the transmission of U.S. real and financial shocks to Canada using a dynamic stochastic general‐equilibrium model with an active banking sector and financial frictions. We find that the U.S. banking and interbank markets can be a potentially important source of variability of Canadian output and inflation—consistent with the financial crisis. The presence of both the demand and the real supply sides of credit in the model help to capture the stylized facts of both the domestic and the international business cycles.     

Exchange Rate Uncertainty and the Law of One Price

This paper develops a framework for analyzing the impact of exchange rate uncertainty on the Law of One Price. Using the prices of very disaggregated, homogeneous products in a very open economy, Chile, where no institutions exist for hedging exchange risk, it then tests the model in a bivariate GARCH in mean context. Little evidence is found that short-run exchange rate uncertainty consititutes a barrier to goods arbitrage.     

The Canada U.S. free trade agreement: Competitive tradeoffs between foreign direct investment and trade

This paper assesses the impact of the Canada U.S. Free Trade Agreement on exports and foreign direct investment of processed foods. Results indicate that U.S. exports to Canada more than doubled, while Canadian exports to the U.S. nearly doubled after the implementation of the Canada U.S. Free Trade Agreement in 1989. Regression results of the covariance model on panel data show that U.S. and Canadian food processing firms appear to use both exports and foreign direct investments as complementary market access strategies. This research was supported by a grant from the Canadian Embassy. In addition, the authors thank Carolyn Dimitri of the University of Maryland for helpful comments.     

The Law of One Price: further empirical evidence concerning Italy and the United Kingdom

The main purpose of this paper is to perform a disaggregated test on the empirical validity of the Law-of-one-price Hypothesis in the sector of manufacturing for two industrial countries, Italy and the United Kingdom, during the period 1973–80. The findings show that Italian export prices are much less related to British export prices than is usually suggested by contemporary balance-of-payments and exchange rate theoretical literature assuming the Law of One Price.     

美国经济周期稳定化研究述评

近50年来美国经济周期出现了稳定化的趋势,其中二战之后经济周期的波动性比二战之前有明显下降,20世纪80年代中期之后比80年代之前亦有显著下降。引起这种经济周期稳定化的原因是多方面的,美国宏观经济学界对这一现象展开了热烈的讨论。本文对该领域的主要文献进行了梳理,对不同的观点进行了比较,并从美国的争论中得出了对中国有借鉴意义的启示。     

美国企业文化与竞争力

在我们一般的印象中 ,企业文化似乎源于日本 ,而且日本企业界比其他国家的企业界更注重企业文化的建设。但是如果我们仔细研究一下企业文化的历史 ,就会发现企业文化理论始创于美国 ,而不是发端于日本。其产生背景大致是这样的 :二次世界大战后 ,日本企业界咬紧牙关 ,卧薪尝胆 ,在很短的时期内就取得了惊人的经济奇迹 ,向欧美老牌工业帝国发起了咄咄逼人的挑战。面对日本企业界发起的强大挑战 ,美国的企业管理专家们开始研究日本崛起的奥秘所在 ,他们发现日本企业管理方面有一种非常独特的东西 ,就是日本企业比美国企业更注重人本管理 ,更强…     

Time,Arbitrage, and the Law of One Price: The Case for a Paradigm Shift

Consider a Competitive, Efficient, and Frictionless Economy (CEFE) where resources are scarce at any date, and hence money as a valid claim against scarce resources is also scarce. In this economy, there is always price competition, which can at any date generate an unlimited number of arbitrage opportunities. For example, at any date, opportunities can exist to buy and sell each one of the contracts for delivery of the same good or asset at multiple prices currently as well as on an infinite number of future dates. I prove all arbitrage transactions, including “spot” transactions, tie up arbitrageurs’ capital representing money, good or asset such that this capital cannot be used for any other purpose for a non-zero quantity of time. This makes it impossible to exploit all arbitrage opportunities with the scarce capital available at any date and leads to an infinite number of unexploited opportunities and a non-negligible opportunity cost of the capital tied-up in arbitrage transactions, represented by each arbitrageur’s best missed arbitrage opportunity, if no better opportunity exits, hence the breakdown of the law of one price in its standard sense. This helps construct a new paradigm of CEFE which resolves long-standing theoretical, empirical, and experimental puzzles.     

华裔经济学家对美国的贡献——我所了解的五位大师

前言大会主席李又宁提出要我组织一个讨论华裔经济学家对美贡献的专题小组 ,我毫不犹豫地接受了这一任务 ,因为我认为能再次与主席合作是一种荣耀和愉悦 ,尽管我并不是一个历史学家。一开始 ,我挑选小组发言人的标准是兼顾年龄、性别、地域分布、哲学观点诸方面的平衡 ,选几位出类拔萃 ,成就卓然的经济学家。我满怀诚意 ,与几位我认识的最优秀的人选以及一位同样倍受尊敬的讲评人谈了此事。对这次大会的主体目标 ,特别是这一专题小组的及时性 ,他们都热情赞扬 ,为此 ,我深受鼓舞。不久 ,最初受邀发言人之一吴元黎提出 ,他论文的大部分研究和…     

Measuring technological trends: A comparison between U.S. and U.S.S.R./Russian jet fighter aircraft

Measuring and forecasting technological change is a crucial issue from various points of view. This is particularly important in the case of weapon systems as this would enable technological performance and operational capabilities to be assessed in relation to potential threats. This paper measures and compares technological trends in U.S. and Soviet Union/Russian jet fighter aircraft by estimating the relationship between the first flight date and a set of performance and technical characteristics of these aircraft. From the point of view of technological advantage, we find that U.S. jet fighters were, on average, approximately 2 years ahead of the former Soviet Union/Russian jet fighters during the entire jet fighter era. Nevertheless, the technological advantage has swung from one side to the other during specific periods as particular models have been introduced. Finally, the development of 5th-generation jet fighters, in particular the development of the F-22 Raptor, has placed American technology about 20 years ahead of Russian technology, a difference that has never occurred before. This finding casts doubt on the ability of Russia, as the inheritor of the former Soviet Union aircraft industry, to match American technological progress in jet fighter aircraft.     

The U.S. immigration crisis

A review of the factors affecting immigration to the United States is presented. The authors develop the argument that present levels of immigration, particularly illegal immigration, are detrimental to U.S. interests, and that current global population trends will make this situation progressively worse. Stricter controls on immigration are considered.     

美国证券法的默示民事责任对我国的借鉴作用

美国证券法的默示民事责任是指法律没有明确规定,但法官可以根据证券法的立法意图和基本原则而给予当事人民事诉权的民事责任。笔者阐述了美国证券法的默示民事责任产生的原因、理论依据及条件,同时分析了我国证券民事责任的缺点,提出了借鉴美国的默示民事责任来完善我国证券民事责任的方案。     

Care Data Infrastructure: A U.S. Case Study

This essay emphasizes the need to critically evaluate sources of survey data available to assess interactions between paid and unpaid care provision, including the extent of substitutability between unpaid work time and money expenditures. While it focuses on the U.S., it provides a framework for analysis of data infrastructure in other countries that could facilitate international comparisons and policy analysis.     

The Costs of U.S. Hegemony: Military power,military spending,and U.S. trade performance

For David Gordon and his collaborators in the social structures of accumulation (SSA) tradition, the willingness to threaten potential adversaries with military forces capable of acting on a global scale was seen to positively affect the U.S. terms of trade. U.S. hegemony yielded specific supply side benefits as favorable terms of trade reduced relative input prices and boosted profitability. Although Gordon and his co-authors recognize the potential costs of sustaining a large, globally active military apparatus, these costs are not incorporated in the econometric models supporting the SSA theory. This paper attempts to extend the SSA analysis by empirically measuring the effects of both military spending and military power on U.S. trade performance over the 1951–1987 period. It is shown that while military power and spending commitments may have positive effects on the terms of trade, these military variables had direct and indirect negative impacts on the U.S. net export balance and therefore domestic aggregate demand. In the context of a model of U.S. growth performance open to international transactions, the overall effect of the postwar military system on U.S. economic growth was likely negative in the cold-war era     

美元本位制、美元霸权与美国金融危机

美元本位制下,美元霸权表现为中心一外围框架体系.在该体系下,中心国美国与外围国家的权益和义务不对称,地位不对等,而且框架体系本身具有内在的不相容性,这些特征决定了美元本位制的内在脆弱性,由此也使美国落入美元本位制的陷阱,造成美国国内利率下降、消费信用过度扩张、制造业陷入衰退等经济失衡,最后当信用泡沫破灭时,金融危机爆发.     

现代经济学在美国

现代经济学的分析框架由三个重要部分组成：视角（perspective)、参照系（reference）或基准点（benchmark）和分析工具（analytical tools）。效率是经济学家分析问题的着眼点；参照第在分析框架中居于核心位置；分析工具是重要的分析问题的手段。以上对理解现代经济学很重要。数学在经济学中的作用分两个方面：一是在理论分析中的作用，它可以逼你把前提假定写清楚，使你在逻辑推导中少出错，并运用已有的定理把不相通的结论连结起来；二是数学在教学中的作用，它可以以同一标准将经济学知识传授给很多人。但是，数学的作用只能是工具。经济学的思想是最重要的。