I discuss the need for trade models to incorporate endogenous trade imbalances both to more adequately capture the reality of a global economy with large imbalances and pressures from the financial crisis for countries to reduce imbalances. Conventional general equilibrium trade models...

We compare the welfare costs of tax distortions of labor supply in one- and two-member household discrete and continuous choice labor supply (leisure consumption) models calibrated to the same aggregate uncompensated labor supply elasticities. In the discrete models, taxes induce a large...

We document key features of the deepening economic relationship between Brazil and China. This is evident from sharply increased bilateral trade and foreign direct investment flows and also from enhanced cohesion of negotiating positions in international fora. Data presented show bilateral trade...

The impacts of the 2008 financial crisis on China / John Whalley -- How can the G20 better support global governance? A Chinese perspective / Yuyan Zhang and Huifang Tian -- The Chinese savings rate: causes and implications for imbalances / Yuezhou Cai and Tongsan Wang -- Labour market reform,...