We reconsider the effects of long-run economic growth on relative factor prices across cones of specialization. We model economic growth as exogenous technical change. Allowing for capital biased technical change with a sector bias and for endogenous commodity prices, we find that economic...

This paper formulates a dynamic altruistic model of parental choice of school quality and intergenerational social mobility. It shows that when there are many school qualities, the earnings of children as a function of parental schooling investment is a non-concave function, which leads to...

This paper investigates wage effects of trade status of African firms. Using data for manufacturing firms, we find a positive overall association between individual earnings and export status. Moreover, the skill wage premium in exporting firms is significantly higher. These results are...

Since <link rid="b10">Vives (1984</link>), <link rid="b1">Cheng (1985</link>) and <link rid="b7">Okuguchi (1987</link>), the equilibria in Bertrand and Cournot oligopolies with product differentiation have been known to differ. <link rid="b8">Okuguchi (2005</link>) has shown that Bertrand price-adjusting oligopoly with product differentiation and symmetric firms is quasi-competitive...

Using a model with moral hazard and bankruptcy costs, we show that the direction of intertemporal trade between countries depends on differences in their autarkic distributions of wealth. We also examine the consequences of redistribution policies and bail-out policies in this framework. We show...

Privatization has been one of the significant public policies adopted in the last two decades. Previous studies have focussed on efficacy gains at the firm and industry levels. This paper intends to reconsider the distributive impacts of privatization on the economy as a whole from a theoretical...

This paper utilizes micro-panel data for firms located in Japan and examines differences in corporate performance between foreign-owned and domestically-owned firms in the 1990s. We find that foreign-owned firms not only reflect superior static characteristics, but also achieve faster growth....

Using panel data from the Argentine Permanent Household Survey, this paper analyzes which households were more vulnerable to the Argentine macroeconomic crisis during 1999-2002. Results suggest that the impact of the crisis was not uniform across households, which differed in their ability to...

This paper examines the formation of trade policy for a small open developing economy where lobbying activities may be carried out to influence policy-making decisions. The paper presents a three-sector economy in which the manufacturing sector can lobby policymakers for favorable policies....

The implications of the division of labor, capital, and technology for economic growth have long been a fundamental issue in development economics. This paper employs the bounds testing approach to cointegration to examine the relationship between the division of labor, capital accumulation,...