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Macro-Hedging for Commodity Exporters
Borensztein, Eduardo - 2009
This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for … commodity-exporting countries. We show that the introduction of hedging instruments such as futures and options enhances …
Persistent link: https://www.econbiz.de/10012463197
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An Analysis of the Stabilizing and Welfare Effects of Intervention in Spot and Futures Markets
Campbell, Robert B. - 1985
This paper analyzes the effects of three alternative rules on the long-run distributions of both the spot and futures prices ina single commodity market, in which the key behavioral relationships are derived from the optimizing behavior of producers and speculators.The rules considered include:...
Persistent link: https://www.econbiz.de/10012477382
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The Evolution of Comparative Advantage : Measurement and Welfare Implications
Levchenko, Andrei A. - 2011
We estimate productivities at the sector level for 72 countries and 5 decades, and examine how they evolve over time in both developed and developing countries. In both country groups, comparative advantage has become weaker: productivity grew systematically faster in sectors that were initially...
Persistent link: https://www.econbiz.de/10012461851
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Firms' Optimism and Pessimism
Bachmann, Ruediger - 2013
West German manufacturing subset of the IFO Business Climate Survey to infer quarterly production changes at the firm level … and combine them with production expectations over a quarterly horizon in the same survey to construct series of … and at most 34 percent of firms systematically over- or underpredict their one-quarter-ahead upcoming production. In a …
Persistent link: https://www.econbiz.de/10012459673
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Productivity, welfare and reallocation : theory and firm-level evidence
Basu, Susanto (contributor) - 2010
"We prove that the change in welfare of a representative consumer is summarized by the current and expected future values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility while taking prices parametrically. This result justifies...
Persistent link: https://www.econbiz.de/10011394520
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Demographic Fluctuations, Generational Welfare and Intergenerational Transfers
Young, Alwyn - 2001
larger cohorts, which are more costly to provide utility. Imperfect production substitutability produces a market bias …
Persistent link: https://www.econbiz.de/10012470188
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Borders, Trade and Welfare
Anderson, James E. - 2001
International economic integration yields large potential welfare effects, even in a static constant returns competitive world economy. Our method is novel. The effect of border barriers on trade flows is often inferred from gravity models. But their rather atheoretic structure precludes welfare...
Persistent link: https://www.econbiz.de/10012470203
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New Products, Quality Changes and Welfare Measures Computed From Estimated Demand Systems
Nevo, Aviv - 2001
This paper examines the construction of a price index based on an estimated demand system. In principle the method examined can produce a price index that accounts for introduction of new products and quality changes in existing products. However, I isolate two key assumptions that have to be...
Persistent link: https://www.econbiz.de/10012470294
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Temporary Controls on Capital Inflows
Reinhart, Carmen M. - 2001
During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies,...
Persistent link: https://www.econbiz.de/10012470297
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Inflation Stabilization and Welfare
Woodford, Michael - 2001
This paper derives loss functions for monetary policy that are grounded in the welfare of private agents, for optimizing models with nominal price rigidities. Inflation stabilization enhances welfare, insofar as variable inflation results in real distortions when prices are not adjusted...
Persistent link: https://www.econbiz.de/10012470658