Comments on An Approach to Modeling Macroeconomic Linkages in Trade Models: With an Application to Agriculture

International Relations/Trade,

The Impact of Real Exchange Rate Misalignment and Instability on Macroeconomic Performance in Sub-Saharan Africa

This study investigates the relationship between indicators of macroeconomic performance and real exchange rate (RER) misalignment and instability in Sub-Saharan Africa (SSA). Three measures of RER misalignment are used. There is ample evidence that countries which have pursued more predictable macroeconomic policies and lower levels of RER misalignment have experienced better economic performance. Also, it appears that higher levels of misalignments in the RER are accompanied by higher levels of macroeconomic instability. Empirical support is found for Edwards' model of the equilibrium RER and black market premia tend to show a greater degree of misalignment than alternative measures.Financial Economics, International Relations/Trade,

Economic Development and Volatility among the States

Using state level personal income, we empirically demonstrate the importance of economic development and diversification for the changes in volatility. We show that volatility of income growth is initially decreasing in the level of income and the degree of diversification. Yet, as state income continues rising, its volatility starts increasing. We also find that expansion of interstate banking and the size of the service sector are among the factors that have influenced volatility.State Level Moderation, Economic Development, Specialization

AN ANALYSIS OF A UNITED STATES-CANADA-MEXICO FREE TRADE AGREEMENT

This is one of two papers commissioned by the International Agricultural Trade Research Consortium on various aspects related to the agricultural sector of a prospective North American Free Trade Agreement. The companion paper to this one has been prepared by a working group chaired by Richard Barichello, University of British Columbia. To minimize duplication with the Barichello paper this paper has given greater attention to the role of Mexico, currency exchange rates, and explicit modeling of the trade relationship.International Relations/Trade,

A BIBLIOGRAPHY ON THE ECONOMICS OF WORLD GRAIN TRADE

The following bibliography is intended to assist people interested in studying the economics of world grain trade. The intended audience is professional economists and students with a research interest. The bibliography includes material on analytical techniques, history, and institutions related to grain trade. A separate list of data sources follows the main entries. The subject is limited to economic aspects of grain rather than to technical agriculture. Coverage is more extensive for wheat than for other grains. The list emphasizes international trade in grain, although for some countries domestic agriculture and trade are inseparable. Interdependence between the domestic and foreign sectors is particularly prominent in the area of trade policy