87 research outputs found

    A clarifying note on converting to log-deviations from the steady state

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    The paper discusses the mathematical background and several alternative strategies of converting equations as typically found in dynamic stochastic general equilibrium models into log-deviations from the steady state form. Guidance is provided on when to use which computational strategy. More examples with detailed derivations and a simple Maple program to automate the conversion are made available online.

    Some econometric evidence on the impact of the multifiber agreement on the German clothing industry

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    Since 1974, the year of the first Multi-fiber Agreement (MFA), a considerable number of studies has analyzed the economic impact of quotas such as those of the MFA on industrialized countries. Examples are the studies by Hamilton (1980), Morkre and Tarr (1980), Wolf et al. (1984), and GATT (1984), to name a few. Most of the work so far has relied either on models of the comparative static type, with reasonable parameters substituted, or on more ad hoc comparisons of pre- and post-MFA market shares or other similar indicators. However, there seems to be a dearth of econometric evidence, in particular for Germany. The present paper is intended to start filling this gap. Its purpose is to investigate the effect of the MFA quotas and MFA-induced voluntary export restraints (VERs) on the German clothing industry.

    Managing trade but mangling the consumer: Reflections on the EEC's and West Germany's experience with the MFA

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    The paper begins with a brief overview of the developments leading up to the MFA and the role played by the European Economic Community (EEC), the largest market in the world for textiles and clothing. Next, the EEC is used as a reference point for an overview of protectionistic measures taken within the framework of or sanctioned by the MFA. Finally, it is examined how these measures affected an important individual MFA product at a low level of aggregation. This analysis is performed for shirts imported to West Germany.

    A Note on Buyer's Agent Commision and Sales Price

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    The article examines whether and to what extent the level of a buyer’s agent commission will affect the sale price of a house. The estimation results suggest that a higher commission rate leads to a higher sale price, although only for lower-priced houses. It is suggested that, at least for this market segment, there may be a principal-agent problem: buyer’s agents do not act in the best interest of their clients because of the institutional structure of sales commissions.

    A dynamic singular equation system of asset demand

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    The paper presents estimates of a dynamic demand system of the AIDS type for financial assets. The results suggest that dynamic behavior plays a major role in determining asset demand. Estimates on the basis of the equivalent static equilibrium models prove to be clearly inferior statistically. Also, the theoretical restrictions of homogeneity and symmetry are thoroughly rejected by the static model versions, however, not by the dynamic demand system. The cross rate elasticities between bonds and savings deposits and also between money and time deposits are found to be negligible for Germany. Time deposits turn out to be very sensitive to own and cross rates of return.

    Agency Representation and the Sale Price of Houses

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    Multiple Listing Service data are employed to examine how the type of agency representation influences the sale price of a residential property. The results differ by property size. The type of agency representation is relevant only for some segments of the market, mainly smaller- to medium-sized properties. For a certain range of property sizes, buyers who engage a buyer’s agent pay on average 2% less. However, an above average buyer’s agent commission can more than cancel this price effect. Buyers that engage a buyer’s agent that comes from the same firm as the listing agent never pay more for a house.

    Some econometric evidence on the impact of the multifiber agreement on the German clothing industry

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    Since 1974, the year of the first Multi-fiber Agreement (MFA), a considerable number of studies has analyzed the economic impact of quotas such as those of the MFA on industrialized countries. Examples are the studies by Hamilton (1980), Morkre and Tarr (1980), Wolf et al. (1984), and GATT (1984), to name a few. Most of the work so far has relied either on models of the comparative static type, with reasonable parameters substituted, or on more ad hoc comparisons of pre- and post-MFA market shares or other similar indicators. However, there seems to be a dearth of econometric evidence, in particular for Germany. The present paper is intended to start filling this gap. Its purpose is to investigate the effect of the MFA quotas and MFA-induced voluntary export restraints (VERs) on the German clothing industry

    Mehr Marktwirtschaft für den Telekommunikationssektor der EG

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    Trade and protectionism

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