Generalizing the Stolper–Samuelson Theorem: A Tale of Two Matrices

Past attempts to generalize the Stolper–Samuelson theorem have used a matrix of real income terms which are sufficient but not necessary to define a change in utility. One can define a second matrix of terms which are necessary and sufficient for a change in indirect utility. Using this matrix, the paper extends the Stolper–Samuelson theorem to a model of any dimensions and to households which have diversified ownership of factors. The theorem states that there is a positive and a negative element in every row and every column of the matrix showing household responses to changes in goods prices.     

Trade and Personal Distribution of Wealth and Income: Beyond the Stolper–Samuelson Theorem

The effect of international trade on personal distribution of wealth and income is examined via the Stolper–Samuelson Theorem. It is shown that free trade between North and South increases (decreases) wealth and income inequality in the North (South). A concept of three classes – lower, middle and upper – is developed. It is shown that North–South free trade in goods leads to a middle class squeeze in the North and a middle class expansion in the South.     

More Evidence in Favor of the Balassa–Samuelson Hypothesis

This study provides additional evidence of a significant long-run relationship between the relative price of nontradables and real output, consistent with the productivity-bias hypothesis of Balassa and Samuelson. The results, however, also indicate that additional permanent supply shocks, specifically real oil prices, need to be considered. In every case, relative prices are significantly affected by permanent innovations in real output and real oil prices. The general lack of evidence of cointegration, however, points to the possibility that additional long-run determinants of relative prices have been omitted.     

Capital–Labor Ratios and Total Factor Productivity in the Balassa–Samuelson Model

The paper investigates the relationship between sectoral capital–labor ratios and total factor productivity (TFP) in the context of the Balassa–Samuelson model. It is shown that, under certain assumptions, the model implies that both traded- and nontraded-goods sectors' capital–labor ratios should be cointegrated with the traded -goods sector's TFP. Evidence from an intersectoral database for 14 OECD countries broadly supports this implication of the model. In addition to shedding light on the evolution of sectoral capital–labor ratios, the results also alleviate concerns regarding the reliability of capital stock data.     

Reallocation and restructuring: A generalization of the Balassa–Samuelson effect

Despite its strong theoretical position when it comes to explaining inflation in transition economies, the empirical findings of the Balassa–Samuelson (B–S) effect assign only a minor role to structural inflation – to the disappointment of analysts and policymakers. This article points to 3 theory-based contributing factors to these ‘weak’ findings and offers an alternative methodological approach. First, a short-term focus makes B–S prone to underestimating the magnitude of the productivity growth differential. Second, the conventional demand side CPI based definition of sectoral value added reduces the extent to which the productivity growth differential is passed through to inflation. Third, by ignoring the dependence between the 2 main B–S components, a further downward bias to the productivity growth pass through comes about. The key to our proposed alternative methodology centres on an endogenous relation between the productivity growth differential and sector sizes. Together with the long-run supply-side approach this allows us to capture inflation drivers that conventional B–S fails to incorporate. In our extension to the conventional B–S model a reduced productivity growth differential can be compensated by an increased productivity growth pass-through, or vice versa – with the effect of augmenting inflation pressure. Hence, the link between productivity growth differentials and the dynamics of structural inflation is shown to be more complex than previously assumed.     

The Second Welfare Theorem in Economies with Non‐Walrasian Markets

The standard version of the second welfare theorem assumes that market operations produce Walrasian outcomes. Therefore, if there are individuals who can manipulate prices, the conclusion of the second welfare theorem is questionable. In this paper, we address the decentralization of a Pareto‐optimal allocation, when markets are non‐Walrasian. Our objective in this paper is to develop a game which can implement Pareto‐optimal allocations as Nash equilibria of strategic exchange in markets. In this way, we develop a version of the second welfare theorem for economies where markets are strategic.     

对科斯定理的修正

科斯定理使许多人相信,明确产权就会解决外部性问题。J.E.Stiglitz等人对科斯定理提出了质疑。作者通过对镶黄旗的调查发现,在集体经营牧草地时期存在“超额放牧”现象,而在私人经营牧草地时期存在“过度放牧”现象,这对科斯定理提出了挑战。本文认为科斯定理强调了产权的重要性,贡献是巨大的,但也存在局限性,有必要进行修正。本文认为,在解决“过度放牧”等外部性问题时,最有效的方法是采取“产权—政府干预”双约束机制和“事前干预法”。     

对科斯定理的修正

科斯定理使许多人相信,明确产权就会解决外部性问题.J.E.Stiglitz等人对科斯定理提出了质疑.作者通过对镶黄旗的调查发现,在集体经营牧草地时期存在"超额放牧"现象,而在私人经营牧草地时期存在"过度放牧"现象,这对科斯定理提出了挑战.本文认为科斯定理强调了产权的重要性,贡献是巨大的,但也存在局限性,有必要进行修正.本文认为,在解决"过度放牧"等外部性问题时,最有效的方法是采取"产权一政府干预"双约束机制和"事前干预法".     

全球化的两种面孔——狂欢节的珠子与万村的手工艺品

作者通过狂欢节的珠子与万村的手工艺品两个例子,从不同的角度探讨了全球化问题,分析公平交易组织和另类贸易组织的起因、性质与运作。在此基础上,作者提出了借鉴另类贸易组织的问题。     

中国经济低碳转型面临的困境及应对举措

中国经济低碳转型受制于外在环境的逼迫,是在中国处于工业化和城市化加速发展阶段推动的,且低碳技术的开发和储备滞后于发达国家,中国经济低碳转型面临不少困境。为了推动中国经济的低碳转型,政府和企业需制定和实施必要的发展战略,重视和加强低碳技术创新及运用,强化制度创新和制度约束保障功能。     

加入WTO我国会计面临的挑战

入世后,为加快中国经济与世界经济融为一体的进程,必须使我国会计理论与会计实务与国际会计接轨,从而对我国的传统会计提出了新的挑战,本针对会计在会计准则,电子商务的发展,会计假设,会计人员素质及会计教育体制等方面提出了一些设想,以使我国会计最终融入世界会计发展轨道。     

Another direct proof of the Gibbard–Satterthwaite Theorem

This paper provides a new and direct proof of the Gibbard–Satterthwaite Theorem based on induction on the number of individuals.     

Investigating the Balassa‐Samuelson hypothesis in the transition: Do we understand what we see? A panel study

This paper studies the Balassa‐Samuelson (B‐S) effect in the Czech Republic, Hungary, Poland, Slovakia and Slovenia. We use time series and panel cointegration techniques and show that the B‐S effect works reasonably well in the transition economies under study during the period from 1991:Q1 to 2001:Q2. However, we find, that productivity growth does not fully translate into price increases because of the construction of the CPI indexes. We therefore argue that productivity growth will not hinder meeting the Maastricht criterion on inflation in the medium term. In addition, the observed appreciation of the CPI‐deflated real exchange rate is found to be systematically higher compared with the real appreciation the B‐S effect could justify, especially in the cases of the Czech Republic and Slovakia. This can be partly explained by the trend appreciation of the tradable price‐based real exchange rate, increases in non‐tradable prices due to price liberalization and demand‐side pressures and the evolution of the nominal exchange rate determined by the nature of the exchange rate regime and the magnitude of capital inflows. JEL classification: E31, F31, O11, P17,     

A note on Kuhn’s Theorem with ambiguity averse players

Kuhn’s Theorem shows that extensive games with perfect recall can equivalently be analyzed using mixed or behavioral strategies, as long as players are expected utility maximizers. This note constructs an example that illustrates the limits of Kuhn’s Theorem in an environment with ambiguity averse players who use a maxmin decision rule and full Bayesian updating.     

我国渐进式改革面临严重挑战

自20世纪80年代中国的经济改革开始由农村转向城市以后,我们在改革实践中所走的一直是渐进式改革道路。这种渐进式改革道路的形象说法就是“摸着石头过河”。“摸着石头过河”的实质是先试探水的深浅和缓急,根据现状决定改革的推进程度和速度:水浅了就快走,水深了就慢走,水急了就不走,水大了就往回走,这里不好走就从别处绕道走。近20年来,这种渐进式改革方式在我们走向市场经济的过程中发挥了巨大的积极作用,它使     

Debreu's Gap Theorem

Summary Debreu's fundamental result on the existence of utility functions that are continuous with respect to the order topology requires his Gap Theorem. A new proof of this result is given.