Risk of window dressing: quarter-end spikes in the Japanese yen Libor-OIS spread

Journal of Regulatory Economics - It is well documented in literature that funding conditions have been subject to the undue influence of distorted incentives of banks to lend and borrow at quarter...     

移动通信室内外空间几何信道模型的分析与比较

针对频率非选择性无线多径衰落信道,基于室外通信环境下的空 心圆模型,提出了一种改进的适应于室内通信环境的空心圆模型。通过推导接收信号的空时 联合分布以及边缘分布概率密度函数,分析和比较了两种空心圆几何信道模型的空时统计特 性。通过空心圆的空心率以及收发机间距的信道参数变化,仿真结果阐明了空心圆模型在圆 盘模型和圆环模型之间过渡的变化机理,以及不同无线通信环境下的信道信息。     

Trade Liberalization and Labor Unions

The present note builds a two-country model of Cournot oligopoly with country-specific labor unions. The impact of trade liberalization on wages and its consequent impact on union behavior and trade patterns are examined. We show that the union with relatively fewer number of firms will face the stronger pressure for wage moderation when trade is liberalized. We use this result to construct a simple example in which a country with higher autarky price becomes a net exporter of that good. We also discuss that our results are critically dependent on the mode of competition between firms.     

Strategic Export Policy in a Differentiated Duopoly: A Note

The purpose of this paper is to further explore how optimal export policies are affected by the nature of oligopolistic competition and the structure of demand. It is shown that (1) the more cost-competitive the home firm is, the higher the optimal level of export intervention becomes; (2) as the goods become better complements, the optimal level of export intervention increases; (3) the nature of the effects of strategic export policies on foreign firms depends on both the mode of competition and the structure of demand.     

A Note on the Distribution of Trade Gains in a Model of Monopolistic Competition

This article examines the relationship between relative country size and the welfare consequences of opening trade in a model of monopolistic competition with trade costs. The findings indicate that if two countries produce differentiated products in trading equilibrium, the rate of welfare changes brought about by opening trade will be equalized across the countries.     

Interconnected communications networks and home market effects

Abstract.  This study develops a model of trade that highlights the effects of the interconnection of country‐specific communications networks as a driving force behind trade in high‐tech products with positive transport costs. By constructing a two‐country model of monopolistic competition with two production factors, it is shown that the locational decisions of firms may magnify the influence of interconnected networks. In a reversal of the standard home market effects, the abundance of unskilled labour in the developing countries can attract high‐tech firms from the developed countries. JEL classification: D43, F12, L13     

On Chamberlinian-Ricardian Trade Patterns

This study provides a simple, many‐industry model of trade which emphasizes the interaction between cross‐country technical heterogeneity (i.e., a Ricardian aspect) and monopolistic competition among producers of differentiated products (i.e., a Chamberlinian aspect) as determinants of trade patterns. It is shown that the emergence of intra‐industry trade is crucially dependent on the shape of the technology index schedule, which is obtained as a step‐function.     

Selective Immigration and Ethnic Economic Achievement: Japanese Americans before World War II

This article examines the determinants of Japanese immigrant economic achievement in the continental United States before World War II. Japanese immigrants to the United States were a select group in terms of their occupational background and education relative to the Japanese population as a whole because of the restrictions imposed on Japanese immigration by both the Japanese and U.S. governments. Furthermore, the selective nature of Japanese immigration contributed to the economic achievement of Japanese Americans before World War II, when their occupational position underwent a dramatic improvement. This finding differs from the standard cultural explanation of ethnic economic achievement.