Estimating the price elasticity of China's imports is difficult because many imports are used to produce exports and because the real effective exchange rate has remained fairly stable. To circumvent the first problem, we control for re-exports, and to increase the discriminatory power of the...

Estimating the price elasticity of China's imports is difficult because many imports are used to produce exports and because the real effective exchange rate has remained fairly stable. To circumvent the first problem, we control for re-exports, and to increase the discriminatory power of the...

Discussions of party system change may be unsatisfactory if insufficient attention is given to the defining properties of a system. A number of dimensions have to be considered, but - as with `social cleavages' - there can be disagreement as to whether a truly constitutive element is involved....

Three dimensions of multiple centres of power and their corresponding implications for policy and governance are examined. While there has been a proliferation in the number of actors participating in governance and the policy processes, this development is not entirely a new phenomenon. The...

This paper analyzes representatives' voting patterns on NAFTA. The public choice model posits that representatives vote to redistribute wealth to constituents. Evidence presented here indicates that the Heckscher-Ohlin model is appropriate to represent the redistributional effects of NAFTA....

Trade imbalances between Japan and the U.S. could cause the yen to appreciate against the dollar. Evidence presented here indicates that this could increase the U.S. trade deficit with Japan. An appreciation of the yen against the dollar would also cause the yen to appreciate against the RMB and...

Boudoukh, Richardson, and Whitelaw (BRW) presented theoretical and empirical evidence explaining the expected inflation/stock return correlation. In concluding they stated that whether monetary policy has real effects is an open question. This paper addresses this question by examining how BRW's...

News of enormous trade deficits began affecting asset prices in the mid-1980s. Some have suggested that trade deficit news contributed to the October 1987 stock market crash. This argument would be more compelling if the trade deficit were a source of systematic risk to asset prices, since then...

Alliance Capitalism for the New American Economy advocates engagement with the USA's macromanagement problems in a spirit of alliance capitalism, for the development of a more integrated, dynamic economy. Whereas most studies of the USA emphasise the efficiency effects of intense competition...