教育培训——高端人才的孵化器

我很高兴能代表蒙特雷国际学院参加这次会议。蒙特雷学院是北京WTO事务中心的合作伙伴，我非常感谢北京WTO事务中心在这期间做出的杰出工作。     

ALL ECONOMIC FREEDOM IS NOT CREATED EQUAL: EVIDENCE FROM A GRAVITY MODEL

This article analyzes the differential impacts of different types of economic freedom on bilateral trade flows between the United States and 122 countries over 10 years. A gravity model of trade is employed to investigate how various freedom indices assembled by the Fraser Institute impact the volume of trade, exports, and imports. The main findings of the article are that each of the freedom indices impact heterogeneously across the measure of trade flows, with the changes in Regulation having the biggest impact on trade. All combinations of freedom are used to find the mixture of freedom which yields the largest trade gains. The largest gains from trade generally combine Business Regulation in a variety of different configurations. The smallest gains, or losses, to trade arise with augmented monetary independence. (JEL D02, F14, F55)     

Leadership and Its Consequences: Technical Change in the Longshore Industry

The leadership of the two U.S. longshore unions used different strategies when faced with technical change during the period 1959–89. One union used its market power to maintain membership and increase wages and benefits; the other concentrated on wages, benefits, and adjustment mechanisms. The first strategy was economically superior in the short run, but led to reduced wages and employment in the long run.     

Industry Returns and the Fisher Effect

We investigate the cross-sectional relation between industry-sorted stock returns and expected inflation, and we find that this relation is linked to cyclical movements in industry output. Stock returns of noncyclical industries tend to covary positively with expected inflation, while the reverse holds for cyclical industries. From a theoretical perspective, we describe a model that captures both (i) the cross-sectional variation in these relations across industries, and (ii) the negative and positive relation between stock returns and inflation at short and long horizons, respectively. The model is developed in an economic environment in which the spirit of the Fisher model is preserved.