The South American customs union known as Mercosur has contributed significantly to regional trade liberalization. But by encouraging trade within the group at the expense of trade with nonmembers, Mercosur may limit member countries' access to high-technology imports, an important stimulus to...

The robust growth of the U.S. economy between 1996 and 1999 spurred U.S. demand for foreign goods and contributed to a surge in the U.S. trade deficit. An analysis of the effects of the expansion on the trade balance suggests that the economic boom can account for roughly a third of the sharp...

Since the mid-1980s, unemployment rates in Ireland and the Netherlands have plummeted, while the average rate for the European Union has maintained its longtime high level. Ambitious labor market reforms_including wage moderation and the tightening of unemployment benefits_have helped to bring...