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We develop a general equilibrium monetary model of endogenous specialization and international trade to examine the degree of specialization and trade volume under alternative monetary systems, a multiple currency system with a flexible exchange rate and a common currency system. Where demand...
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This paper looks at the effect of nontraded goods on the international transmission of fiscal policy. Interte mporal movements in the price of nontraded goods affect real interest rates differentially between countries. The real interest-rate effec ts of a fiscal expansion depend crucially upon...
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This paper examines the effect of introducing profit-sharing arrangements into union-firm contracts. It is shown that if bargaining is efficient (using the generalized Nash bargain), profit-sharing has no effect on the bargaining outcome. This is true both when the profit-sharing restriction is...
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This paper develops a model in which wage indexation and foreign exchange market intervention can be used simultaneously for policy purposes. With the type of wage indexation used, there is shown to be a clear separation of function between the two instruments. Intervention should be used only...
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