Intersectoral Distortions, Structural Change and the Welfare Gains from Trade
... “wage differentials”. Hagen (1958) demonstrates in a simple two-sector model that a country might lose from trade if the wage differential is paid by the import-competing sector. I show that an appropriately modified version of this result remains true in my multi-country general equilibrium framewo ...
... “wage differentials”. Hagen (1958) demonstrates in a simple two-sector model that a country might lose from trade if the wage differential is paid by the import-competing sector. I show that an appropriately modified version of this result remains true in my multi-country general equilibrium framewo ...
Global MetroMonitor 2 0 1 4
... A. Metropolitan economies with the fastest growth rates in 2014 were concentrated in the developing world. Economic activity and growth in 2014 remained disproportionately concentrated in the world’s major metropolitan areas. The 300 largest metropolitan economies housed 20 percent of both the world ...
... A. Metropolitan economies with the fastest growth rates in 2014 were concentrated in the developing world. Economic activity and growth in 2014 remained disproportionately concentrated in the world’s major metropolitan areas. The 300 largest metropolitan economies housed 20 percent of both the world ...
PDF Download
... the Cohesion Fund. Around 40% of 175 billion euros was spent on infrastructure in this period, of which just under half was allocated to transport and a third to environment. In addition, about 34% and 25% of 175 billion euros were allocated to creating a productive environment for enterprises and t ...
... the Cohesion Fund. Around 40% of 175 billion euros was spent on infrastructure in this period, of which just under half was allocated to transport and a third to environment. In addition, about 34% and 25% of 175 billion euros were allocated to creating a productive environment for enterprises and t ...
Welfare Gains from Financial Liberalization Robert M. Townsend and Kenichi Ueda
... sector is present before liberalization and would hardly be perfect for everyone after liberalization. An important related aspect is that financial sector development can be occurring endogenously, whether or not the exogenous financial sector policies are implemented. Agents are forward-looking, w ...
... sector is present before liberalization and would hardly be perfect for everyone after liberalization. An important related aspect is that financial sector development can be occurring endogenously, whether or not the exogenous financial sector policies are implemented. Agents are forward-looking, w ...
PDF
... agricultural sector, chang~s the 11-percent decrease in re!l;lincome per farm family worker to an increase of 4 percent from 1947-49 to 1955-57. Although adjustment is continuous in a dynamic economy, farm income may decrease substantially when, as in recent years, farm output expands rapidly relati ...
... agricultural sector, chang~s the 11-percent decrease in re!l;lincome per farm family worker to an increase of 4 percent from 1947-49 to 1955-57. Although adjustment is continuous in a dynamic economy, farm income may decrease substantially when, as in recent years, farm output expands rapidly relati ...
NBER WORKING PAPER SERIES PARTIAL ADJUSTMENT WITHOUT APOLOGY Robert G. King
... Engel, and Haltiwanger (1997). There, individual production units are assumed to adjust employment probabilistically, with adjustment probabilities being a function the difference between a target level of employment and actual employment. Aggregating from such adjustment hazard functions, which are ...
... Engel, and Haltiwanger (1997). There, individual production units are assumed to adjust employment probabilistically, with adjustment probabilities being a function the difference between a target level of employment and actual employment. Aggregating from such adjustment hazard functions, which are ...
Are We Underestimating the Gains from Globalization for the United
... available to U.S. consumers. Although an increased choice of goods clearly enhances consumer well-being, standard national measures of welfare and prices do not assign a value to variety growth. This analysis—the first effort to measure such gains—finds that the value to consumers of global variety ...
... available to U.S. consumers. Although an increased choice of goods clearly enhances consumer well-being, standard national measures of welfare and prices do not assign a value to variety growth. This analysis—the first effort to measure such gains—finds that the value to consumers of global variety ...
a study of the long-term movement of the profit rate in
... we represent the Euro-zone with its three largest national economies: Germany, France, and Italy. We are able to construct reasonably reliable and consistent data series for the UK and the US back to the mid-19th century. For Japan, our data series start with 1905. For the Euro-zone economies our da ...
... we represent the Euro-zone with its three largest national economies: Germany, France, and Italy. We are able to construct reasonably reliable and consistent data series for the UK and the US back to the mid-19th century. For Japan, our data series start with 1905. For the Euro-zone economies our da ...
Is Uganda an Emerging Economy?
... well as followers. Maximising the chances of success of the current efforts to revive and sustain growth in Africa, such as those implied by the development co-operation strategy of the OECD (DAC, 1996), demands a closer look at those countries where rapid growth already is under way and those likel ...
... well as followers. Maximising the chances of success of the current efforts to revive and sustain growth in Africa, such as those implied by the development co-operation strategy of the OECD (DAC, 1996), demands a closer look at those countries where rapid growth already is under way and those likel ...
Economic Growth and Spill-over Effects
... basis from 1995.3 This data limitation has rendered it difficult to assess the effects of spillover on TFP growth with confidence, particularly because the R&D stock and total factor productivity (TFP) have both been increasing over the periods covered by the R&D based studies in almost all countri ...
... basis from 1995.3 This data limitation has rendered it difficult to assess the effects of spillover on TFP growth with confidence, particularly because the R&D stock and total factor productivity (TFP) have both been increasing over the periods covered by the R&D based studies in almost all countri ...
uganda
... Uganda, officially, the Republic of Uganda is a landlocked, English speaking country in East Africa, surrounded by Kenya in the east, the Democratic Republic of the Congo in the west, the Republic of South Sudan in the north, Tanzania in the south and Rwanda in the south-west. Uganda’s high populati ...
... Uganda, officially, the Republic of Uganda is a landlocked, English speaking country in East Africa, surrounded by Kenya in the east, the Democratic Republic of the Congo in the west, the Republic of South Sudan in the north, Tanzania in the south and Rwanda in the south-west. Uganda’s high populati ...
State-local finances in recession and inflation: An economic analysis
... the Advisory Commission on Intergovernmental Relations to examine the relationship between federal fiscal policy and state and local governments. The recommendations of the Commission, as well as a summary of the background materials, a r e presented in Countercyclical Aid and Economic Stabilization ...
... the Advisory Commission on Intergovernmental Relations to examine the relationship between federal fiscal policy and state and local governments. The recommendations of the Commission, as well as a summary of the background materials, a r e presented in Countercyclical Aid and Economic Stabilization ...
Economics and Political Economy
... the size of the shadow economy in Egypt during the last four decades (1976 to 2013). We address the long term association between the variables, relax the assumption of multivariate normality and demonstrate different scenarios of constraining the reference variable in the MIMIC model. In addition t ...
... the size of the shadow economy in Egypt during the last four decades (1976 to 2013). We address the long term association between the variables, relax the assumption of multivariate normality and demonstrate different scenarios of constraining the reference variable in the MIMIC model. In addition t ...
Windfall Gains, Political Economy and Economic Development Carl
... British-owned Shell’s engagements in Nigeria’s oil business. However, revenue from state-controlled resource rents typically continue flowing even if the president turns autocratic and starts to expropriate private property. The extent of foreign involvement associated with the two forms of windfall ...
... British-owned Shell’s engagements in Nigeria’s oil business. However, revenue from state-controlled resource rents typically continue flowing even if the president turns autocratic and starts to expropriate private property. The extent of foreign involvement associated with the two forms of windfall ...
NBER WORKING PAPER SERIES SUSTAINABILITY AND ITS MEASUREMENT Geoffrey Heal Working Paper 17008
... Adjusted Net Savings (ANS), shown in figure 3, is one of the better measures of sustainability and is perhaps something of an analogy to the fuel gauge on a car. Now we see a completely different picture: Botswana dominates the top ranking, with China second. The US and Germany do not fare well. ...
... Adjusted Net Savings (ANS), shown in figure 3, is one of the better measures of sustainability and is perhaps something of an analogy to the fuel gauge on a car. Now we see a completely different picture: Botswana dominates the top ranking, with China second. The US and Germany do not fare well. ...
Transformation in economics
Transformation in economics refers to a long-term change in dominant economic activity in terms of prevailing relative engagement or employment of able individuals.Human economic systems undergo a number of deviations and departures from the ""normal"" state, trend or development. Among them are Disturbance (short-term disruption, temporary disorder), Perturbation (persistent or repeated divergence, predicament, decline or crisis), Deformation (damage, regime change, loss of self-sustainability, distortion), Transformation (long-term change, restructuring, conversion, new “normal”) and Renewal (rebirth, transmutation, corso-ricorso, renaissance, new beginning).Transformation is a unidirectional and irreversible change in dominant human economic activity (economic sector). Such change is driven by slower or faster continuous improvement in sector productivity growth rate. Productivity growth itself is fueled by advances in technology, inflow of useful innovations, accumulated practical knowledge and experience, levels of education, viability of institutions, quality of decision making and organized human effort. Individual sector transformations are the outcomes of human socio-economic evolution.Human economic activity has so far undergone at least four fundamental transformations:From nomadic hunting and gathering (H/G) to localized agricultureFrom localized agriculture (A) to internationalized industryFrom international industry (I) to global servicesFrom global services (S) to public sector (including government, welfare and unemployment, GWU)This evolution naturally proceeds from securing necessary food, through producing useful things, to providing helpful services, both private and public (See H/G→A→I→S→GWU sequence in Fig. 1). Accelerating productivity growth rates speed up the transformations, from millennia, through centuries, to decades of the recent era. It is this acceleration which makes transformation relevant economic category of today, more fundamental in its impact than any recession, crisis or depression. The evolution of four forms of capital (Indicated in Fig. 1) accompanies all economic transformations.Transformation is quite different from accompanying cyclical recessions and crises, despite the similarity of manifested phenomena (unemployment, technology shifts, socio-political discontent, bankruptcies, etc.). However, the tools and interventions used to combat crisis are clearly ineffective for coping with non-cyclical transformations. The problem is whether we face a mere crisis or a fundamental transformation (globalization→relocalization).