Campbell and Shiller (1987) proposed a graphical technique for the present value model which consists of plotting the spread and theoretical spread as calculated from the cointegrated vector autoregressive model. We extend these techniques to a number of rational expectation models and give a...

This article deals with macroeconomic transmission effects of the imposition of tariffs in large countries under different institutional arrangements of the world economy. We employ a symmetric two-country model and study the effects of a tariff on employment, consumer prices and real net income...

Core equivalence and shrinking of the core results are well known for economies. The present paper establishes counterparts for bargaining economies, a specific class of production economies (finite and infinite) representing standard two-person bargaining games and their continuum counterparts...

A multisectoral temporary general equilibrium macro model with wage bargaining is presented. In each sector agents are divided into capitalists and workers. The markets for produced goods and money are competitive, but the wage rate in a sector is determined by negotiation between an employers'...

After the burst of the bubble, the Japanese economy has experienced a hard recession which Japan has never experienced after the war. The Japanese government conducted the huge public investment without success. The Bank of Japan also performed the low interest policy to boost the economy....

This paper provides evidence that transatlantic commodity market integration began prior to the “first era of globalization” at the end of the nineteenth century. It does so by giving a long term perspective to the story of the development of an Atlantic Economy in wheat between the United...

Credit cooperatives are common institutions today and were numerous in several European countries during the nineteenth century. Credit cooperatives were especially successful in Germany, which is surprising given Germany's highly developed banking system. Why was there any room for another...

This paper gives a systematic application of maximum likelihood inference concerning cointegration vectors in non-stationary vector valued autoregressive time series models with Gaussian errors, where the model includes a constant term and seasonal dummies. The hypothesis of cointegration is...

A commodity is shared between some individuals: There is an initial allocation; some selection procedures are used to choose an alternative allocation and; individuals decide between keeping the initial allocation or shifting to the alternative allocation. The selection procedures are supposed to...

In the future, a ban of pay-per-view broadcasting will arise on certain events included on national lists in each EU country as put forward in the new "Television Without Frontiers" Directive from the 16th of April, 1997. This paper analyses theoretically the consequences of such ban when the...