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11577 results in Macroeconomics

Page 283 of 579

  • Report of the Panel

  • from European Communities – Definitive Anti-Dumping Measures on Certain Iron or Steel Fasteners from China (WT/DS397)
  • Corporate Author World Trade Organization
  • Book:
    Dispute Settlement Reports 2011
    Published online:
    12 December 2017
    Print publication:
    14 February 2013, pp 4289-4784

  • Summary

    INTRODUCTION

    1.1 On 31 July 2009, the People's Republic of China ("China") requested consultations with the European Communities (the "EC") pursuant to Articles and 4 of the Understanding on Rules and Procedures Governing the Settlement of Disputes (the "DSU"), Article XXIII:1 of the General Agreement on Tariffs and Trade 1994 (the "GATT 1994") and Article 17.3 of the Agreement on Implementation of Article VI of the General Agreement on Tariffs and Trade 1994 (the "AD Agreement") with respect to, but not necessarily limited to, Article 9(5) of Council Regulation (EC) No. 384/96 of 22 December 1995 on Protection against Dumped Imports from Countries not Members of the European Community, as amended, and Council Regulation (EC) No. 91/2009 of 26 January 2009 imposing a definitive anti-dumping duty on imports of certain iron or steel fasteners originating in the People's Republic of China.

    1.2 On 12 October 2009, China requested, pursuant to Articles 4 and 6 of the DSU, Article XXIII:2 of the GATT 1994 and Article 17.4 of the AD Agreement, that the Dispute Settlement Body ("DSB") establish a Panel with regard to the following measures:

  • (a) Article 9(5) of Council Regulation (EC) No. 384/96 of 22 December 1995 on protection against dumped imports from countries not members of the EC, as amended.

  • Council Regulation (EC) No. 91/2009 of 26 January 2009 imposing a definitive anti-dumping duty on imports of certain iron or steel fasteners originating in China.

    • 1.3 At its meeting on 23 October 2009, the DSB established a panel pursuant to the request of China in document WT/DS397/3, in accordance with Article 6 of the DSU.

  • Report of the Appelate Body

  • from United States – Measures Affecting Imports of Certain Passenger Vehicle and Light Truck Tyres from China (WT/DS399)
  • Corporate Author World Trade Organization
  • Book:
    Dispute Settlement Reports 2011
    Published online:
    12 December 2017
    Print publication:
    14 February 2013, pp 4811-4944

  • Summary

    INTRODUCTION

  • China appeals certain issues of law and legal interpretations developed in the Panel Report, United States – Measures Affecting Imports of Certain Passenger Vehicle and Light Truck Tyres from China (the "Panel Report"). The Panel was established on 19 January 2010 to consider a complaint by China with respect to a safeguard measure imposed by the United States on imports of certain passenger vehicle and light truck tyres from China.

  • The measure was imposed as a product-specific safeguard under Section 16 of the Protocol on the Accession of the People's Republic of China to the World Trade Organization (the "WTO") ("China's Accession Protocol" or the “Protocol") following an investigation conducted by the United States International Trade Commission (the "USITC").

  • The safeguard investigation in this case was initiated following receipt of a petition filed by the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union on 20 April 2009. The petition alleged that certain passenger vehicle and light truck tyres from China were being imported into the United States in such increased quantities or under such conditions as to cause or threaten to cause market disruption to domestic producers of like or directly competitive products. The USITC initiated the investigation on 24 April 2009. The USITC determined that there was market disruption as a result of rapidly increasing imports of subject tyres from China that were a significant cause of material injury to the domestic industry.

  • GROWTH AND FIRM DYNAMICS WITH HORIZONTAL AND VERTICAL R&D

  • Pedro Mazeda Gil, Paulo Brito, Oscar Afonso
  • Journal:
    Macroeconomic Dynamics / Volume 17 / Issue 7 / October 2013
    Published online by Cambridge University Press:
    06 February 2013, pp. 1438-1466

  • A negative or nonsignificant empirical correlation between aggregate R&D intensity and the economic growth rate is a well-known fact in the empirical growth literature, but scarcely addressed in the theoretical growth literature. This paper develops an endogenous-growth~model that explores the interrelation~between horizontal and vertical R&D under a lab-equipment specification that is consistent with that stylized fact. A key feature is that the growth rate is fully endogenous both on the intensive and on the extensive margin. Strong composition effects between horizontal and vertical R&D, along both transition and the balanced-growth path, then emerge as the main mechanism producing those results. This setting also allows us to obtain a relationship between economic growth and firm dynamics that is consistent with the empirical facts.

  • PERSISTENCE IN CONVERGENCE

  • Thanasis Stengos, M. Ege Yazgan
  • Journal:
    Macroeconomic Dynamics / Volume 18 / Issue 4 / June 2014
    Published online by Cambridge University Press:
    01 February 2013, pp. 753-782

  • In this paper, we examine the convergence hypothesis using a long memory framework that allows for structural breaks and does not rely on a benchmark country. We find that even though the long memory framework of analysis is much richer than the simple I(1)/I(0) alternative, a simple absolute divergence and rapid convergence dichotomy produced by the latter is sufficient to capture the behavior of the gaps in per capita GDP levels and growth rates results respectively. This is in contrast to the findings of Dufrénot, Mignon, and Naccache [The Slow Convergence of Per Capita Income between the Developing Countries: Growth Resistance and Sometimes Growth Tragedy. Discussion paper, University of Nottingham (2009)], who found strong evidence of long memory for output gaps. The speed of convergence as captured by the estimated long memory parameter d, is explained by differences in physical and human capital as well as fiscal discipline characteristics of economic policies pursued by different countries.

  • MDY volume 17 issue 1 Cover and Front matter

  • Journal:
    Macroeconomic Dynamics / Volume 17 / Issue 1 / January 2013
    Published online by Cambridge University Press:
    08 January 2013, pp. f1-f4
    • Article
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  • MDY volume 17 issue 1 Cover and Back matter

  • Journal:
    Macroeconomic Dynamics / Volume 17 / Issue 1 / January 2013
    Published online by Cambridge University Press:
    08 January 2013, pp. b1-b2
    • Article
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  • THE PRICE–MARGINAL COST MARKUP AND ITS DETERMINANTS IN U.S. MANUFACTURING

  • Sandeep Mazumder
  • Journal:
    Macroeconomic Dynamics / Volume 18 / Issue 4 / June 2014
    Published online by Cambridge University Press:
    03 January 2013, pp. 783-811

  • This paper estimates the price–marginal cost markup for U.S. manufacturing using a new methodology. Most existing techniques of estimating the markup are a variant on the Hall (1988) framework that involves manipulating the Solow Residual. However, this paper argues that this notion is based on the unreasonable assumption that labor can be costlessly adjusted at a fixed wage rate. By relaxing this assumption we are able to derive a generalized markup index, which, when estimated using manufacturing data, is highly countercyclical and decreasing in trend since the 1960s. When we then seek to explain what causes the manufacturing markup to behave in this way, the most important determinant is the share of imported goods in the industry. Thus, increasing foreign competition in manufacturing has led to a decline in the industry's markup over time.

  • IMPERFECT TRANSMISSION OF TECHNOLOGY SHOCKS AND THE BUSINESS CYCLE CONSEQUENCES

  • Hamilton B. Fout, Neville R. Francis
  • Journal:
    Macroeconomic Dynamics / Volume 18 / Issue 2 / March 2014
    Published online by Cambridge University Press:
    14 December 2012, pp. 418-437

  • We investigate the business cycle effects of imperfect transmission of technology shocks within a basic real business cycle (RBC) model along two dimensions. First, we assume that agents cannot distinguish a temporary increase in productivity growth from a sustained increase in the underlying growth rate of productivity and instead must conduct signal extraction exercises and update beliefs about the source of aggregated shocks. Second, we propose a technology adjustment cost resulting in the slow diffusion of technological innovations into the production process. Both of these impediments to the transmission of technology result in a large initial wealth effect, increasing investment and hours less, relative to the usual RBC model without these frictions. Furthermore, each of these features is capable of producing a decline in hours on impact of the technology shock matching the negative response in hours found in the data by such works as Gali [American Economic Review 89(1), 249–271 (1999)].

  • INVENTORIES, FLUCTUATIONS, AND GOODS SECTOR CYCLES

  • Louis J. Maccini, Adrian Pagan
  • Journal:
    Macroeconomic Dynamics / Volume 17 / Issue 1 / January 2013
    Published online by Cambridge University Press:
    14 December 2012, pp. 89-122

  • The paper looks at the role of inventories in U.S. cycles and fluctuations. It concentrates on the goods-producing sector and constructs a model that features both input and output inventories. A range of shocks are present in the model, including sales, technology, and inventory cost shocks. It is found that the presence of inventories does not change the average goods sector–cycle characteristics in the United States very much. The model is also used to examine whether new techniques for inventory control might have been an important factor contributing to the decline in the volatility of U.S. GDP growth. It is found that these would have had little impact upon the level of volatility.

  • POLICY RULES, REGIME SWITCHES, AND TREND INFLATION: AN EMPIRICAL INVESTIGATION FOR THE UNITED STATES

  • Efrem Castelnuovo, Luciano Greco, Davide Raggi
  • Journal:
    Macroeconomic Dynamics / Volume 18 / Issue 4 / June 2014
    Published online by Cambridge University Press:
    20 November 2012, pp. 920-942

  • This paper estimates Taylor rules featuring instabilities in policy parameters and switches in policy shocks’ volatility for the post-World War II (WWII) U.S. economy. We contrast a rule embedding a fixed-inflation target with another featuring trend inflation, i.e., a time-varying inflation target. The rule embedding trend inflation turns out to be (a) empirically superior according to a marginal likelihood-based comparison and (b) more able to pin down some relevant episodes of the post-WWII U.S. monetary policy history. Estimates conducted with Greenbook data confirm the empirical superiority of the rule featuring a time-varying inflation target. A comparison with recently published estimates of trend inflation is also conducted.

  • MDY volume 16 issue 5 Cover and Back matter

  • Journal:
    Macroeconomic Dynamics / Volume 16 / Issue 5 / November 2012
    Published online by Cambridge University Press:
    13 November 2012, pp. b1-b3
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  • MDY volume 16 issue S3 Cover and Front matter

  • Journal:
    Macroeconomic Dynamics / Volume 16 / Issue S3 / November 2012
    Published online by Cambridge University Press:
    13 November 2012, pp. f1-f4
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  • MDY volume 16 issue S3 Cover and Back matter

  • Journal:
    Macroeconomic Dynamics / Volume 16 / Issue S3 / November 2012
    Published online by Cambridge University Press:
    13 November 2012, pp. b1-b4
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  • MDY volume 16 issue 5 Cover and Front matter

  • Journal:
    Macroeconomic Dynamics / Volume 16 / Issue 5 / November 2012
    Published online by Cambridge University Press:
    13 November 2012, pp. f1-f4
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  • IMMIGRATION AND LARGE BANKNOTES

  • Andreas M. Fischer
  • Journal:
    Macroeconomic Dynamics / Volume 18 / Issue 4 / June 2014
    Published online by Cambridge University Press:
    12 November 2012, pp. 899-919

  • Do immigrants have a higher demand for large-denominated banknotes than natives? This micro study examines whether banknote orders for CHF 1,000 notes are concentrated in Swiss municipalities with a high foreign-to-native ratio. The evidence for 251 Swiss municipalities finds that immigrants hoard fewer CHF 1,000 banknotes than natives. This empirical result means that immigration reduces seigniorage (per person) as measured by banknote orders. A 1% increase in the immigrant-to-native ratio is coincident with a reduction in banknote orders by CHF 4,000. This reduction is attributed to specific traits linked to immigrants.

Page 283 of 579