bluuebunny/crossref_metadata_2025_split huggingface dataset:
Variable Specific Factors and the “X‐Efficiency Cost” of Protection *
Authors: Vousden Neil 
Published: October 2006

AbstractThis paper analyzes the effects of protection on X‐efficiency using a general equilibrium Ricardo‐Viner model with variable sector‐specific effort. As in earlier models, it is found that protection only reduces effort if the income effect is sufficiently strong. It is also shown that, provided the correct compensated import demand curve is used, all welfare effects attributable to changes in effort are captured in the standard “triangle” measure of deadweight loss. Moreover, any protection‐induced fall in effort will reduce the overall cost of protection, suggesting that policy‐induced “X‐inefficiency” may be beneficial.
Equilibrium Tariff Schedules In Commercial Policy Games Under Uncertainty
Authors: Laussel Didier , Soubeyran Antoine 
Published: October 2006

AbstractAbstract A partial two country equilibrium model is built in which two different exogenous random shocks may occur. the governments simultaneously choose tariff functions relating their specific tariff to the level of an observable variable (volume of trade or international price). In the case of a “volume of trade shock” the Nash equilibria of this game are more protectionist the larger the possible trade swings and autarky is always an equilibrium outcome. In the case of a “terms of trade shock”, constant tariffs, at their Nash equilibrium in specific tariff levels are the only sensible equilibrium outcome.
Targeting the Exchange Rate Under Inflation*
Authors: Pessach Shula , Razin Assaf 
Published: October 2006

AbstractThe purpose of this paper is to implement empirically a variant of the new theory of exchange‐rate targeting, suitable for high‐inflation, small, open economies. We formulate an expectations‐induced relationship between the exchange rate and the fundamental, subject to random shocks and target‐zone constraints on rates of depreciation. the empirical analysis provides estimates for the key parameters of the exchange‐rate dynamic equation, and thereby identifies the unique roles played by policy variables and market fundamentals in foreign‐exchange markets.
Fiscal Policy, Expectations, and Exchange‐Rate Dynamics*
Authors: Levin Jay H. 
Published: October 2006

AbstractThis paper uses the sticky‐price monetary model to analyze the effects of fiscal policy on the exchange rate under alternative assumptions about exchange‐rate expectations. the use of different expectations mechanisms‐specifically the perfect‐foresight model and the popular models tested by Frankel and Froot: regressive, adaptive, and distributed‐lag‐is based on recent empirical evidence suggesting that exchange‐rate expectations may not be rational. the most surprising finding in the paper is that with adaptive and distributed‐lag expectations, fiscal expansion has no initial impact on the exchange rate, and the same may be true for regressive expectations.
Rent Sharing In the Multi‐Fibre Arrangement: Theory and Evidence From Us Apparel Imports From Hong Kong*
Authors: Krishna Kala , Erzan Refik , Tan Ling Hui 
Published: October 2006

AbstractAvailable estimates of tariff equivalents and welfare costs of MFA quotas are based on the premise of perfect competition in both product and license markets, and the assumption that exporting countries receive all the scarcity rent. We test if US apparel imports from Hong Kong conform with this competitive model by looking at whether the license‐price‐inclusive Hong Kong price, adjusted for tariffs and transport costs, is equal to the US price. We deal with the homogeneous product case and correct for both aggregation and quality differences. We find that US importers seem to retain a substantial portion of the quota rents.
The Fallacy of Free Trade II
Authors: Batra Ravi 
Published: October 2006

AbstractThis paper argues that not a single proposition of the modern theory of free trade is upheld by the recent experience of the United States. Freer trade is supposed to raise GNP growth and productivity growth as well as the living standard. Until 1972, when the US was practically a closed economy with a trade/GNP ratio averaging a low of 12%, GNP growth was 3.8%, productivity growth was 2%, and real wages had been rising for 150 years. Since 1972, the trade/GNP ratio has been rising steadily, US GNP growth has been only 2.5%, productivity growth is below 1%, and real wages have been falling for over three‐quarters of the labor force.
Leaning Against the Wind: Do Central Banks Necessarily Lose?
Authors: Carlson John A. , Kim Insook 
Published: October 2006

AbstractA leaning‐against‐the‐wind intervention that has only a temporary effect on the exchange rate and that is not too aggressive can be shown analytically to yield positive expected profits to a central bank even when the exchange‐rate process is nonstationary. These profits arise if there are some transitory shocks to the exchange rate. Furthermore, very aggressive intervention will yield positive expected profits eventually when there is a tendency for exchange rates to return to a long‐run equilibrium level.
Japanese Foreign Investment and the “Land Bubble”*
Authors: Werner Richard A. 
Published: October 2006

AbstractThe aim of this paper is to examine the determinants of Japanese net long‐term capital flows in the 1980s and early 1990s. A basic framework is proposed which takes account of Japan's so‐called land bubble by incorporating the interaction of land with the banking sector in a macroeconomic portfolio model of capital flows. Empirical evidence is supportive of the hypothesis that land‐related bank loans have been a major determinant of Japanese net long‐term foreign investment. the hypothesis of substitution between direct and indirect foreign investment also receives support, and areas of future research are mentioned.
The Differential‐Productivity Hypothesis and Purchasing‐Power Parties: Some New Evidence*
Authors: Heston Alan , Nuxoll Daniel A. , Summers Robert 
Published: October 2006

AbstractThe structure of prices of goods entering into international trade relative to those that do not plays a key role in the Balassa‐Samuelson explanation of why countries ‘exchange rates differ systematically from their currencies’ purchasing power. the B‐S analysis leads to the proposition that the tradable‐nontradable price difference is lower for rich countries than for poor. This paper examines the gap, using prices collected by the International Comparison Programme. A variety of regressions were run to see if indeed the difference between tradable and nontradable price parities moved with income in the way B‐S expected. They did.
The Behavior of Nontradable‐Goods Prices In Europe: Evidence and Interpretation*
Authors: De Gregorio José , Giovannini Alberto , Krueger Thomas H. 
Published: October 2006

AbstractThis paper examines the evolution of the relative price between tradable and nontradable goods in a group of European countries. A model of an open economy is used to analyze different factors that can account for an increase in the relative price of nontradable goods. These factors are (a) faster technological progress in the tradable goods sector, (b) demand shifts toward nontradable goods, and (c) real wage pressures. the relevance of these factors is analyzed empirically for France, Germany, Italy, Spain, and the United Kingdom.
The Dependent‐Economy Model With Both Traded and Nontraded Capital Goods*
Authors: Brock Philip L. , Turnovsky Stephen J. 
Published: October 2006

AbstractDynamic versions of the dependent‐economy model have been criticized for arbitrarily assuming that capital is either tradable or nontradable, and for choosing either the traded or nontraded sector to be capital intensive. Our model incorporates both types of capital and shows that the relative sectoral intensity of nontraded capital determines the dynamic adjustment of the relative price of nontradables. When the traded sector is intensive in nontraded capital, the saddlepath is flat. When the nontraded sector is intensive in nontraded capital, the saddlepath is negatively sloped. the relative sectoral intensity of traded capital primarily affects current‐account dynamics.
Dynamic Effects of Tariff Liberalization: an Intertemporal Cge Approach*
Authors: Keuschnigg Christian , Kohler Wilhelm 
Published: October 2006

AbstractThe paper presents a multisectoral CGE model with overlapping generations in which intertemporal optimization by households and firms determines savings and investment under perfect foresight. We calibrate the model to Austrian data and simulate a unilateral tariff liberalization scenario. We find that unilateral tariff reductions are expansionary in the long‐run but involve considerable diversity in sectoral adjustment. Foreign debt increases in the long‐run, causing an improvement in the trade balance. In terms of welfare, some old generations gain at the expense of young and future generations. Budgetary policies are shown to be crucial for several effects.
Share Ribs and Income Distribution*
Authors: Jones Ronald W. , Mitra Tapan 
Published: October 2006

AbstractThe connection between changes in commodity prices and the distribution of income is a question of active interest since the 1941 Stolper‐Samuelson Theorem. In higher dimensions results are obtained only if structure is imposed. Here we assume that each of n‐industries is alike in the shape of the profile (rib) of distributive factor shares with a permutation of factor numbering such that industry n is most intensive in factor n. Such a structure reveals either a strong version of the Stolper Samuelson Theorem or a Neighborhood oscillation pattern depending on the shape of the share ribs.
Quality‐Differentiated Inputs and Trade In Vertically Related Markets*
Authors: Skeath Susan 
Published: October 2006

AbstractThis paper presents an international trade model of vertically related markets with quality differentiation at the stage of the intermediate good. Domestic input producers are at a disadvantage relative to higher quality foreign suppliers in providing inputs to a domestic final‐good producer. the input producer may be driven out of the market unless policies enacted by the domestic government can encourage domestic final‐good firms to use the domestic input. Results show that multiple tariffs and direct production subsidies are the most beneficial policy options.
On Nations’ Size and Transportation Costs*
Authors: Shachmurove Yochanan , Spiegel Uriel 
Published: October 2006

AbstractThis paper develops a noncooperative Nash model in which a closed border is opened to trade between countries that differ in size and transportation costs. the paper suggests an explanation as to why economists have not convinced policymakers to lift all barriers to free trade. the questions we pose are: Who will gain as a result of opening the borders? Is free trade beneficial to the two parties involved? Do they both share equally in the fruits of free trade? Which country, large or small, benefits most? It is shown that free trade is not beneficial to both countries.
Trend Breaks and the Unit‐Root Hypothesis For Newly Industrializing and Newly Exporting Countries*
Authors: Alba Joseph D. , Papell David H. 
Published: October 2006

AbstractWe examine trend breaks and unit roots in aggregate and per capita real GDP for mine newly industrializing (NIC) and newly exporting (NEC) countries in east and southeast Asia. In 15 of the 18 cases, we reject the unit‐root hypothesis in favor of trend stationarity with breaks. Our findings allow us to trace the growth paths of these NICs and NECs. While the shifts are due to both external and internal factors, most of the breaks are country specific and can be partly attributed to changes in government policies.
Exchange‐Rate Pass‐Through With Intertemporal Linkages: Evidence At the Commodity Level
Authors: Parsley David C. 
Published: October 2006

AbstractThis paper argues that the stability of exchange‐rate pass‐through is not well tested in common econometric specifications of pass‐through equations. This is because (a) expected future exchange‐rate changes are an important omitted variable in these estimations, and (b) the use of aggregate data complicates inference. Commodity‐level estimates obtained from applying the Kalman filter are consistent with the apparent instability in aggregate pass‐through. Moreover, by comparing these estimates to actual exchange‐rate movements, the observed instability is found to be consistent with forward‐looking behavior as posited.
Results‐Oriented Trade Policy
Authors: Ethier Wilfred J. , Horn Henrik 
Published: October 2006

AbstractWe construct a model of economic policy determination by an executive who controls a domestic policy instrument and who can influence, but not completely control, the conduct of trade policy. The executive exploits a polictical linkage between the policies. These circumstances can motivate implementation of a results‐oriented trade policy by the government of a trading partner. We analyze the implications of such a policy under alternative situations.
A Reexamination of Long‐Run PPP: The Case of Canada, the UK, and the US
Authors: Crowder William J. 
Published: October 2006

AbstractThe inherent nonstationarity of the variables has led many researchers to use unit root and cointegration methodologies to analyze the PPP hypothesis. The imposition of proportionality and symmetry restrictions has been a common practice yet no explicit hypothesis tests have been conducted to determine the validity of such restrictions. Few of the studies have dealt with the presence of deterministic trends in the data. This study uses a long span of data and explicitly tests the proportionality and symmetry restrictions implied by PPP. A careful treatment of the role of deterministic trends in the data is also included.
The Cyclical Behavior of Net Exports: Temporary and Persistent Movements
Authors: Phillips Kerk L. 
Published: October 2006

AbstractThis paper explores the empirical relationship of net exports, domestic output, and foreign output. It presents evidence supporting a consumption‐smoothing motive for trade in goods. Classical models of the international macroeconomy typically allow for trade in claims on both home and foreign output. This paper lends empirical support to this setup by showing that highly transitory shocks to output cause net exports from the country experiencing the shock to rise. Persistent shocks have opposite effects—a result consistent with the role persistent shocks play in signaling future investment opportunities.
Vertical Integration and International Predation
Authors: Bernhofen Daniel M. 
Published: October 2006

AbstractThis paper investigates the interrelationship between a firm's incentive to engage in international predatory pricing and its domestic vertical industry ties in the context of the deep‐pockct theory of predation. The deep pocket stems from a vertically integrated firm's ability to shift funds between its upstream and downstream divisions. enabling it to prey on vertically unintegrated upstream competitors. Vertical integration is shown to function as a cause of and a deterrent to foreign predatory behavior.
Biomechanical assessment of photodamage
Authors: Piérard G. E. , Kort R. , Letawe C. , Olemans C. , Piérard‐Franchimont C. 
Published: October 2006

Background/Aims: Intrinsic aging and photoaging may present different biomechanical properties. Dorsal and volar forearm skin is differently exposed to UV‐light. The object was to derive a cutaneous extrinsic aging score (SEAS) representative of UV aging, i.e. the global photoaging corrected for intrinsic aging. Methods: The Cutometer SM 474 was used for the measurement of skin mechanical properties. 86 healthy Caucasian women were studied. Dorsal and volar forearm skin was measured. Results: Age related changes consisting of an overall increase in skin extensibility (Uf) and viscoelastic ratio (Uv/Ue) with decreased biologic elasticity (BE) was observed. Differentials in extensibility (Uf) and viscoelastic ration (Uv/Ue) between the volar and the dorsal test sites increase with age. Conclusions: Biomechanical parameters allow the evaluation of intrinsic aging in the concept of overall photoaging resulting from the combination of environmental damages superimposed to the intrinsic changes.
Clinical testing of new drugs for lesional skin diseases such as psoriasis A new delivery system
Authors: Farber Eugene M. , Wilkinson David I. , Trozak Daniel J. 
Published: October 2006

Background/aims: Efficacy evaluation of new antipsoriatic drugs is difficult in the absence of good animal models. In the experimental treatment of psoriasis plaques, the administered dose of new drugs has to be kept at a minimum for safety reasons. The object is to introduce an extracorporeal system for experimental drug application based on the Alzet osmotic pump.Methods: The system consists of four Alzet pumps from which the drug is delivered intradermally to lesional skin via a 21‐gauge needle. Infusion may be continued for up to 2 weeks. Infusion sites are evaluated clinically by the scoring of scaling, erythema and thickness. Evaluation is also based on scoring of the cardinal microscopic features of psoriasis on a 0 to 19 weighted scale.Results/conclusion: The delivery system was screened using a number of drugs and found useful. The system is cheap and easy to operate.
Echographic assessment of age‐dependent variations of skin thickness
Authors: Lasagni C. , Seidenari S. 
Published: October 2006

Background/aims: Skin thickness relative to age is complex and may be influenced both by intrinsic changes, extrinsic changes related to sun exposure and constitution, including sex. Age‐related changes may also differ in different anatomical sites. The object was to characterize skin aging relative to these influences.Methods: A‐mode and B‐mode high‐frequency (20 MHz) ultrasound examination was performed using the Dermascan C. 162 subjects were examined (91 women, 71 men) in the age range 27 to 90 years. 6 anatomical locations (forehead, cheek, volar forearm, dorsal forearm, upper abdomen, buttocks) were studied.Results: Females have thinner skin than men. Subjects aged more than 70 years have significant thinning of the skin. Age‐related thinning is more pronounced in women. Relative skin‐thickness decrease is less at sun‐exposed areas in comparison with protected areas.Conclusion: Ultrasund examination allows characterization of skin aging, and the influences of sex and anatomical site with sun‐induced changes were differently superimposed on intrinsic changes and constitution.
Biophysical methods of providing objective documentation of the effects of moisturizing creams
Authors: Lodén Marie 
Published: October 2006

Background/aims: Moisturizers are widely used to relieve the clinical and subjective impressions of dry skin, such as roughness, scaling, and an uncomfortable feeling of tightness. Several noninvasive methods are available for objectively evaluating the physical properties of the stratum corneum and the quality of its surface. Increasing demands for scientific documentation of advertising claims have led to the use of these methods for studying skin response to moisturizers. This review provides some insight into how performance of moisturizers can be measured.Methods: Biophysical methods for examination of skin properties, such as surface contour, scaling, surface lipids, friction, transepi‐dermal water loss, hydration and elasticity are briefly described.Conclusions: Application of moisturizers to the skin induces measurable tactile, visual and functional skin changes, which can be measured with noninvasive instruments. The use of such instruments allows objective examination and follow‐up of therapeutic effects without interfering with the studied skin area.
Mechanism of action of a lipophilic derivative of salicylic acid on normal skin
Authors: Lévêque J. L. , Corcuff P. , Gonnord G. , Montastier C. , Renault B. , Bazin R. , Piérard G. , Poelman M. C. 
Published: October 2006

Background/aims: Keratolytics are agents used for a very long period of time to improve various skin disorders such as acne, hyperkeratoses, ichtyose etc. Very little is known about their mechanism of action on healthy skin. On man, the chronic application of a cosmetic cream containing a lipophilic derivative of Salicyclic acid (LSA) markedly improves the aspect and texture of the skin. Different methods were used to investigate the mechanisms of action of this new compound, compared to salicyclic acid.Methods: Both non‐invasive and histologic methods were used on the dorsal forearm of human volunteers treated with the products. Concerning the non‐invasive methods, TEWL, silflo replica and confocal microscopy were used. On shave biopsies, various histometric parameters were measured by image analysis after different staining. The use of antibody MIB‐1 reacting with the proliferating nuclear antigen Ki 67 allows one to measure the epidermis proliferation index.Results: Compared to the excipient alone, presence of LSA 1% improves smoothness and firmness of the skin. The appearance in terms of clearness and healthy complexion is also improved. The thickening of all the living epidermis layers is obtained by both histometric measurement and confocal microscopy. This acanthosis is only recorded on the LSA‐treated zones. The Ki 67 labelling study shows that LSA significantly increases the skin proliferation index.Conclusions: Salicylic acid, and more markedly its lipophilic derivative (LSA), appear to have a significative effect on the renewal of the living epidermis. This probably explains the cosmetic improvement of the skin obtained after a 1‐month treatment with a cream containing this new molecule.
Corneometiy measurements to evaluate skin dryness in the modified soap chamber test*
Authors: Paye M. , Van de Gaer D. , Morrison B. M. 
Published: October 2006

Background/aims: Patch test procedures have been developed to compare the irritation potential of surfactant‐based products. Skin changes due to product application are usually assessed visually by a trained evaluator using standard scoring scales or instrumentally. This study has been carried out to optimize the assessment of skin dryness in the Modified Soap Chamber Test both by visual scoring and Comeometer measurement, with transepidermal water loss as an additional measure.Methods: Products were applied, under occlusion, to the skin, for 2 successive periods of 24 and 21 h; skin reactions were evaluated 3 h after removal of each series of patches, and followed up to 7 days after patches had been removed.Results: Skin dryness progressively develops after patch removal, and reaches a maximum 3 to 5 days later. Capacitance measurements correlate the best with visual scoring of dryness when waiting 5 days after patch removal before assessment.Conclusions: Comeometer is an useful instrument to quantify observed dryness only when transepidermal water loss has recovered a value close to its baseline value. For both visual and instrumental assessments of skin dryness, waiting 3 to 5 days after patch removal in the Modified Soap Chamber Test will provide the most valuable results.