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Trade versus Direct Investment: Modal Neutrality and National Treatment

Hoekman, Bernard; Saggi, Kamal - C.E.P.R. Discussion Papers - 2002

International agreements increasingly constrain the ability of governments to use trade policies whereas few constraints apply to the use of investment policies. Using a model in which a local and a foreign firm compete in the domestic market, we analyse whether the foreign firm may be forced to...

Persistent link: https://www.econbiz.de/10005067449

Testing Long-run Neutrality: Empirical Evidence for G7 Countries with Special Emphasis on Germany

Weber, Axel A - C.E.P.R. Discussion Papers - 1994

incorporate long-run or short-run neutrality propositions. Despite their importance, little firm international evidence on the … validity of these neutrality hypotheses is available to date. This paper applies a bivariate VAR approach to test the long …-run restrictions implied by a number of neoclassical neutrality propositions. The evidence from the G7 countries appears to be …

Persistent link: https://www.econbiz.de/10005666523

The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs and Fiscal Theories of the Price Level

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1998

The paper establishes the following: First, money is neutral even if there is a non-zero stock of non-monetary nominal public debt, because the government adjusts real taxes to satisfy its inter-temporal budget constraint. Second, Woodford’s fiscal theory of the price level, according to which...

Persistent link: https://www.econbiz.de/10005124222