The Economic Effects of Public Housing in Australia*

Public housing provides subsidized shelter to approximately 300 000 families in Australia. This paper provides the first estimates of the effects of the program on die consumption pattern of participants, and of the benefits they derive from U. It also examines the distribution of benefits among participants. The effects of the public housing programs are compared with those under an alternative program of equivalent-value, unrestricted cash grants.     

汇率制度与经济增长:来自亚洲发展中国家和欧洲发达国家的经验研究

汇率制度选择在国际金融学和发展经济学领域都是一个重要课题.已有的理论文献和实证研究文献试图通过研究汇率制度选择对各种宏观经济变量和金融变量的影响来确定一种最优汇率制度,但这两组文献都未能提出令人信服的答案.该文运用雷因哈特和罗格夫(2004)提出的新的汇率制度分类方法,研究汇率制度选择与亚洲新兴发展中经济体和欧洲发展国家经济增长率之间的关系.我们发现了两个有趣的经济规律:第一,对发达的欧洲国家而言,更具弹性的汇率制度带来较高的经济增长率,而经济增长率的差异并非取决于汇率制度选择;第二,对于亚洲新兴经济体而言,更具弹性的汇率制度却会带来较低的经济增长率,并且会导致经济增长出现更大的波动性.我们的发现证实了最优汇率制度选择取决于经济发展水平这一结论.     

汇率制度与经济增长：来自亚洲发展中国家和欧洲发达国家的经验研究

汇率制度选择在国际金融学和发展经济学领域都是一个重要课题。已有的理论文献和实证研究文献试图通过研究汇率制度选择对各种宏观经济变量和金融变量的影响来确定一种最优汇率制度，但这两组文献都未能提出令人信服的答案。本文运用雷因哈特和罗格夫（2004）提出的新的汇率制度分类方法，研究汇率制度选择与亚洲新兴发展中经济体和欧洲发展国家经济增长率之间的关系。我们发现了两个有趣的经济规律：第一，对发达的欧洲国家而言，更具弹性的汇率制度带来较高的经济增长率，而经济增长率的差异并非取决于汇率制度选择；第二，对于亚洲新兴经济体而言，更具弹性的汇率制度却会带来较低的经济增长率，并且会导致经济增长出现更大的波动性。我们的发现证实了最优汇率制度选择取决于经济发展水平这一结论。     

THE EFFECTS OF THE 1996 U.S.‐CANADA SOFTWOOD LUMBER AGREEMENT ON THE INDUSTRIAL USERS OF LUMBER: AN EVENT STUDY

In this article, we analyze whether the Softwood Lumber Agreement between the United States and Canada imposed significant economic costs on industries that use softwood lumber in the United States. To ascertain this impact, we use an event study. Our event study analyzes variations in the stock prices of lumber‐using firms listed at the major stock markets in the United States. We find that the news of events leading to the Softwood Lumber Agreement had significant negative impacts on the stock prices of industries using softwood lumber. The average reduction of stock prices for our sample of firms was approximately 5.42% over all the events considered. (JEL F13, F23)