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Money, Credit, and Capital
This long-awaited book, coauthored by Nobel laureate and Yale University emeritus professor Tobin, is the essential guide to monetary theory for those who need the best available, most authoritative economic explanations. This fundamental introduction includes authoritative coverage of the mechanisms of the Federal Reserve and how its policies affect investment activity via interest rates and the credit offered to private borrowers.
International Labor Standards and International Trade
This paper reviews controversies regarding linkage of international trade and labor standards. Pressures for international harmonization of labor standards arise in the context of increased trade between countries with large disparities in wages, and also reflect the history of labor standards. A critical distinction is made between standards related to fundamental human rights and those related to employment conditions. The main conclusion is that trade sanctions to enforce labor standards should not be an option, but that international agreements on core labor standards, with voluntary compliance, may, apart from being worthwhile on ethical grounds, defuse calls for protection.
Labor Costs and International Trade
Why should we seek and tell the truth? Does anyone know what truth is? Many are skeptical about the relevance of truth. Truth Matters endeavours to show why truth is important in a world where the very idea of truth is contested. Putting philosophers in conversation with educators, literary scholars, physicists, political theorists, and theologians, Truth Matters ranges across both analytic and continental philosophy and draws on the ideas of thinkers such as Aquinas, Balthasar, Brandom, Davidson, Dooyeweerd, Gadamer, Habermas, Kierkegaard, Plantinga, Ricoeur, and Wolterstorff. Some essays attempt to provide a systematic account of truth, while others wrestle with the question of how truth i...
The United States
This paper reviews the macroeconomic and microeconomic dimensions of the United States-Japan conflict over trade. From a macroeconomic perspective, there is nothing surprising about Japan’s surpluses, given global trends in saving and investment. The current accounts of the United States and Japan have both responded to exchange rate changes in a normal fashion with about a two-year lag. Although not the source of the Japanese current-account surplus, a key issue in the debate is the nature of Japanese trade policy and its possible effects on trade patterns. Empirical studies attempting to determine whether Japan’s trade prices and quantities are abnormal have arrived at conflicting conclusions. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the authors) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Towards a System of Multilateral Unit Labor Cost-Based Competitiveness Indicators for Advanced, Developing, and Transition Countries
This paper attempts to extend the range of countries covered by the IMF’s multilateral real exchange rate indexes based on relative unit labor costs (REER-ULCs) in manufacturing. A data set was assembled that permits calculation of REER-ULCs for 23 newly industrialized, developing, and transition countries in addition to the 21 industrial countries covered by the current system. Although the results are mostly quite encouraging, they should be considered preliminary because of uncertainty about the reliability and comparability of the underlying data. Also, unit labor costs are not available on as timely a basis as consumer price indexes (CPIs), especially for nonindustrial countries. Thus, the ULC-based indicators should supplement rather than replace the current CPI-based system.
Comparative Advantage, Exchange Rates, and G-7 Sectoral Trade Balances
This paper uses a Ricardian framework to clarify the role of microeconomic and macroeconomic factors governing the time series and cross-section behavior of sectoral trade balances. Unit labor costs and trade balances are calculated for several sectors for the seven major industrial countries. The time series and cross-section variation in sectoral unit labor costs is decomposed into relative productivity, wage differentials, and exchange rate variations. The main findings are that changes over time in sectoral trade balances, especially for the United States and Japan, are quite well explained by the evolution of unit labor cost, suggesting that trade patterns conform to comparative advantage. The cross-section results are, however, less conclusive.
The Politics of Revenue Bargaining in Africa
This book offers in-depth analyses of micro-instances of revenue bargaining across five African countries. The case studies all draw on a common theoretical framework combining the fiscal contract theory with the political settlement approach, which enables a systematic exploration into what triggers revenue bargaining.
Globalization and International Law
This volume develops a set of provocative themes: globalization is not new; it is neither legally inevitable nor irreversible; and international legal systems and institutions can assert only a special and limited influence on globalizing developments.
