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Full-Text Articles in Macroeconomics

External Economies And Competitive Equilibrium, George A. Hay, John J. Mcgowan Dec 2014

External Economies And Competitive Equilibrium, George A. Hay, John J. Mcgowan

George A. Hay

In an article published in 1955, Murray Kemp analyzed the case for interference with the competitive allocation of resources when external economies of production are present. In the specific model we are interested in—where the costs of any one producer's operations are affected by the total output of all producers of the same product—Kemp attempted to show that where entry into the industry is closed (although the industry is otherwise perfectly competitive), "there can always be found a subsidy, either on the product or on a particular factor, which will be a sufficient incentive to firms to ...


The Nonlinear Price Fynamics Of Us Equity Etfs, Gunduz Caginalp, Mark Desantis, Akin Sayrak Dec 2014

The Nonlinear Price Fynamics Of Us Equity Etfs, Gunduz Caginalp, Mark Desantis, Akin Sayrak

Economics Faculty Articles and Research

We investigate the price dynamics of large market-capitalization U.S. equity exchange-traded funds (ETFs) in order to uncover trader motivations and strategy. We show that prices of highly liquid ETFs can deviate significantly from their daily net asset values. By adjusting for changes in valuations, we report the impact of non-classical variables including price trend and volatility using data from 2008 to 2011. We find a cubic nonlinearity in the trend suggesting that traders are not only aware of the underreaction of others, but also self-optimize by anticipating others' reactions, and sell when the uptrend is stronger than usual.


Implications Of Export Competitiveness And Performance Of Textile And Clothing Sector Of Pakistan: Pre And Post Quota Analysis, Nawaz Ahmad Oct 2014

Implications Of Export Competitiveness And Performance Of Textile And Clothing Sector Of Pakistan: Pre And Post Quota Analysis, Nawaz Ahmad

Nawaz Ahmad

Textile and Clothing sector of Pakistan has been facing different international trade reforms i.e. Multi-fiber Arrangements, Quota elimination and for some of the developing countries European union, introduced special trade arrangements like GSP plus to improve their balance of trade conditions. In the light of pre quota elimination and post quota elimination periods, this paper highlights trade performance of textile and clothing sector in depth. This study focused on finding the extent of revealed comparative advantage of textile and revealed comparative advantage of clothing sector on overall textile and clothing trade performance of Pakistan. For this purpose study applied ...


Essays On Innovation And Consumer Credit, David E. Fieldhouse Feb 2014

Essays On Innovation And Consumer Credit, David E. Fieldhouse

Electronic Thesis and Dissertation Repository

In the first chapter, I show that the economy’s production structure plays an important role in determining innovation. In particular, using patent data I document a set of empirical facts that are initially puzzling, but can be explained by recognizing that innovation decisions are related between sectors. A model is developed to explain the empirical findings, but it also has an important finding for the current debate on U.S. patent policy. I use the model to demonstrate that a perceived long-run decline could be explained by increased innovative opportunities in certain industries and the responses of inventors in ...


Five Facts About Value-Added Exports And Implications For Macroeconomics And Trade Research, Robert C. Johnson Jan 2014

Five Facts About Value-Added Exports And Implications For Macroeconomics And Trade Research, Robert C. Johnson

Open Dartmouth: Faculty Open Access Scholarship

Due to the rise of global supply chains, gross exports do not accurately measure the amount of value added exchanged between countries. I highlight five facts about differences between gross and value-added exports. These differences are large and growing over time, currently around 25 percent, and manufacturing trade looks more important, relative to services, in gross than value-added terms. These differences are also heterogenous across countries and bilateral partners, and changing unevenly across countries and partners over time. Taking these differences into account enables researchers to obtain better quantitative answers to important macroeconomic and trade questions. I discuss how the ...