Download or read book Essays in Commodities and Firms written by Yuanzhi Gao and published by . This book was released on 2015 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Firms and Markets written by K. Tucker and published by Routledge. This book was released on 2018-01-12 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industrial and business economics is a very important field with a great deal of relevance to the commercial world and to business studies students as well as to economists. It is a rapidly developing field in which many new research advances have been made in recent years. This book, first published in 1986, considers many aspects of both the theory of and the evidence on economic behaviour, and in particular the operations of firms and markets. The book was written in honour of Basil Yamey by his former research students.

Download or read book Three Essays on Operations Management written by Seung Jae Park and published by . This book was released on 2014 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation deals with three issues that are important to many firms, namely, volatile commodity prices, environmental regulations, and globalization. In the first essay I study the benefit and the coordination of inventory sharing when there are two existing channels for procurement, i.e., the spot and forward markets. I propose a method for sharing inventory such that the decentralized firms get the same benefit per unit of the sharing transactions regardless of whether the firm is borrowing or lending. The procurement cost gap between the centralized and decentralized cases is dramatically small by using this method. In the second essay, I analyze whether imposing carbon costs to retailers and consumers changes the supply chain design or social welfare. I consider three types of players who want to maximize different objectives and three kinds of competitive settings. Different from previous studies, I show that the supply chain design is changed significantly by imposing carbon costs especially when market competition is medium to high. In the third essay, I consider long-term / short-term strategies of multi-national corporations. For the long-term strategy, I show that the correlation between the exchange rate and the market demand in a foreign country affects plant location. For the short-term strategy, I show that manufacturers increase the inventory levels as the exchange rate of the country where the plant is located grows weaker. I confirm these results empirically using plant-level data of Korean multi-national corporations provided by the Export-Import Bank of Korea.

Download or read book Competition and Markets written by John Dawsond and published by Springer. This book was released on 1990-06-14 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses some of the major issues associated with competition in theory and practice. Among other essays, Paul Samuelson considers the theoretical underpinning of privatising state assets. Mary Gregory ponders on the possibility of cooperation rather than competition between employer and worker and whether incomes policies are likely to feature on a medium-term political agenda. Christopher Moir claims that food retail markets are not as competitive as is often claimed and that large food retailers may enjoy monopoly profits. Aubrey Silbertson very cogently sets out the orthodox case for removing trade protection on the industrialised world's clothing industries.

Download or read book Commodities as an Asset Class written by Alan G. Futerman and published by Springer Nature. This book was released on 2022-11-03 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the notion that commodities are always good hedges against inflation, which is the conventional belief today in financial markets. Specifically, it focuses on gold as a traditional hedge and the ways in which crypto assets are argued to be positioned as an alternative hedge against inflationary risk. The book engages with emerging debates around the performance of gold since the 2008 financial crisis, analyzing its characteristics, relationship with inflation, and the role of mining companies, and discusses ways that cryptocurrencies have replaced precious metals as an attractive asset class during an inflationary scenario. In considering the case of crypto as being or not a good inflation hedge, the book devotes particular attention to the theoretical financial and macroeconomic implications of a monetary system based on Bitcoin, dealing with the concept of money and the determination of Bitcoin’s supply and purchasing power. Additionally, it outlines the consequences that such a system would entail for the banking industry, and financial conditions involving interest rates, exchange rates, and the inflation-deflation dynamic. The book also analyses the relative impact of past and future events on the different commodity families. This work will be of interest to students and researchers in financial economics, macroeconomics, and monetary economics, as well as analysts and traders in financial and commodity markets.

Download or read book Essays on Value and Distribution written by Nicholas Kaldor and published by New York : Holmes & Meier Publishers. This book was released on 1981 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trading Down written by Peter Gibbon and published by Temple University Press. This book was released on 2005-05-16 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa's role in the global economy is evolving as a result of new corporate strategies, changing trade regulations, and innovative ways of overseeing the globalized production and distribution of goods both within Africa and internationally. African participants in the global economy, now faced with demands for higher levels of performance and quality, have generated occasional successes but also many failures. Peter Gibbon and Stefano Ponte describe the central processes that are integrating some African firms into the global economy while at the same time marginalizing others. They show the effects of these processes on African countries, and the farms and firms within them. The authors use an innovative combination of global value chain analysis—which links production, trade, and consumption—and convention theory, an approach to understanding the conduct of business. In doing so, Gibbon and Ponte present a timely overview of the economic challenges that lay ahead in Africa, and point to ways to best address them.

Download or read book Essays in Political Economy Theoretical and Applied by J E Cairnes written by John Elliot Cairnes and published by . This book was released on 1873 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Mr Sraffa on Joint Production and Other Essays written by Bertram Schefold and published by Routledge. This book was released on 1989 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in the application of the classical theory of prices, in its significance for thecritique of economic theory, and in the special aspect of joint production hasdeveloped slowly but steadily since Sraffa's Production of Commodities by Means ofCommodities (henceforth to be abbreviated as PCMC) was published in 1960. The coreof this book (Part II) consists of my PhD thesis 'Mr Sraffa On Joint Production',which was written in 1969/70 when I was first a Visitor to the Faculty of Economics,then an Advanced Student at King's College, Cambridge. At that time, almostnobody had written about the.

Download or read book Essays on International Economics written by Alvaro Nicolas Boitier and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I present three essays on International Economics that investigate the impact of heterogeneity on the transmission of foreign shocks. The dissertation consists of three chapters. In Chapters 1 and 2, I collaborate with Brian Pustilnik to explore how firms' use of supply contracts can influence the propagation of commodity price shocks to aggregate variables. Specifically, I examine purchase obligations, which are contracts that entail fixed prices for the future delivery of goods. In Chapter 1, I rely a novel dataset to highlight two empirical findings. Firstly, I show that firms utilizing these contracts experience a substantial reduction in exposure to commodity price risk, with estimates suggesting adecrease of approximately 27% compared to non-users. Secondly, I observe that sector output and labor compensation exhibit a weaker negative correlation with commodity prices when firms engage in larger contracts. Moving on to Chapter 2, I evaluate the overall quantitative significance of these contracts by introducing and calibrating a tractable general equilibrium model. By constructing a counterfactual scenario where firms are unable to trade these contracts, I assess the contribution of purchase obligations in mitigating the aggregate transmission of commodity price shocks. The results demonstrate that when firms engage in purchase obligations, the relative response of real consumption to a 10% commodity price shock is reduced by approximately 4%. Chapter 3 shifts the focus to consumer heterogeneity and nominal rigidities. Specifically, I investigate the influence of consumer access to financial markets and price stickiness from the firm's perspective. These sources of heterogeneity can significantly alter the propagation of shocks and policy changes. The chapter provides a comprehensive survey of the current literature and explores the effects of policy changes using a stylized model. I examine the impact of nominal depreciation and wealth transfers. The findings reveal that currency depreciation has an expansionary effect, although the lack of access to financial markets may dampen its impact. On the other hand, wealth transfers reduce income inequality but could potentially trigger an economic recession when consumers benefiting from the transfer supply less labor.

Download or read book Trade Stability and Macroeconomics written by George Horwich and published by Academic Press. This book was released on 2014-05-10 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade, Stability, and Macroeconomics: Essays in Honor of Lloyd A. Metzler provides information pertinent to the fundamental aspects of trade, stability, and macroeconomics. This book covers a variety of topics, including nontraded and intermediate commodities, prices, production, exchange rates, and wages. Organized into five parts encompassing 22 chapters, this book begins with an overview of the theory of international trade and the effect of a tariff or export tax on domestic prices. This text then defines the supply of the international commodities as a function of their prices and of the output of the domestic commodity. Other chapters consider the Stolper–Samuelson analysis of the effects of protection of the distribution of income. This book discusses as well the theory of external–internal balance or the assignment problem as related to macroeconomic policy in an open economy. The final chapter deals with the dynamic allocation of scarce resources. This book is a valuable resource for economists.

Download or read book Essays in the Theory of Economic Growth written by Joan Robinson and published by Springer. This book was released on 1965-01-01 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Prices and Varieties in International Trade written by Luca Macedoni and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects of international economic integration on the prices the firms charge and the number of varieties available for consumption is crucial for the welfare of consumers. This dissertation is a compilation of three essays, which, using both theory and empirical analysis, study the determinants of prices and of the number of varieties available for consumption. Recent empirical work has shown that world trade is dominated by firms producing multiple products, and that a few large exporters, or superstars, account for most of a country's exports. These findings challenge traditional models of trade, in which each firm is small and produces a single product. The first two chapters of my dissertation study how the presence of multiproduct firms and superstars affects the predictions of the traditional models of trade. In chapter one, I study the effects of international integration on consumers' welfare in the presence of large multiproduct exporters. The welfare of consumers depends on how large firms choose the number of the varieties they export - their product scope. I focus on two determinants of the scope of large exporters: income effects and cannibalization effects, namely the reduction in a firm's own sales following the introduction of a new variety. Several sources of data confirm the empirical relevance of the two determinants: 1) the product scope increases with the per capita income of the destination, and 2) as evidence of cannibalization effects, there exists a hump-shaped relationship between product scope and market share of a firm. I build a model of large multiproduct firms that generates results consistent with the empirical evidence. The model features firms competing oligopolistically and consumers with non-homothetic preferences. What are the effects of international integration on the welfare of consumers? To answer to this question, I derive a new formula for the welfare gains from trade that arise in a world of large multiproduct exporters. The formula highlights the contributions of income and cannibalization effects to the welfare gains from trade. In fact, models that ignore income effects would overestimate the gains from trade, while models that ignore cannibalization effects underestimate the gains. Moreover, neglecting cannibalization effects causes a sizable underestimation of the gains from trade in more concentrated industries. A common prediction of standard models of multiproduct firms is that firm's total sales are proportional to the firm's scope. The underlying assumption is that the ability of a firm to produce efficiently a variety is proportional to its ability to introduce new varieties. In chapter two, joint with Mingzhi Xu, we document that such a prediction performs poorly in the data. Using Chinese firm-level data, we find a disconnect between sales and scope across firms within a destination: for any level of sales, there are several single product firms and wide scope firms. Moreover, firm-destination specific shocks explain more than 50% of the variation in scope across firms and destinations, and the scope of exporters conditional on sales depends on measurable characteristics of firms, such as capital intensity and R&D expenditures. We rationalize the three stylized facts in a model in which firms differ in their productivity and in their flexibility, namely the ability to introduce new varieties in a destination at low costs. The additional layer of heterogeneity has new implications for both intensive and extensive margins of trade.While the first two chapters of the dissertation study how economic integration - modeled as a reduction in trade frictions - affects the welfare of consumers, in the third chapter, I examine those trade frictions, decomposing their nature and their effects. Recent research showed that deviations from the Law of One Price are starkly smaller within a currency union. Can a reduction in trade costs within a currency union explain this fact? I answer to this question in chapter three. I apply Heckscher's insight that transaction costs create bands of inaction in which price differences are not arbitraged away. Only when price differences exceed a certain threshold does arbitrage become profitable and prices begin to converge. A simple model of international arbitrage predicts that bands of inaction between two countries increase with trade costs and decline with the countries' sizes. I use monthly disaggregated price indices from 32 European countries from 1999 to 2016 and estimate the bands of inaction for the relative prices of 43 tradable commodities, using a Threshold Autoregressive Model. Currency unions reduce trade costs: the bands of inaction between countries that are in the European Monetary Union are 17% lower than the average band.

Download or read book Essays on Economic Volatility and Financial Frictions written by Hongyan Zhao and published by . This book was released on 2012 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays in macroeconomics. The first one essay discusses the reasons of Chinese huge foreign reserves holdings. It contributes to the literature of sudden stops, precautionary saving and foreign assets holdings. In the second essay, I study the price volatility of commodities and manufactured goods. I measure the price volatility of each individual goods but not on the aggregated level and therefore the results complete the related study. The third essay explores the correlation between the relative volatility of output to money stock and financial development. It extends the application of financial accelerator model. In the first essay, I address the question of China's extraordinary economic growth during the last decade and huge magnitude of foreign reserves holdings. The coexistence of fast economic growth and net capital outflow presents a puzzle to the conventional wisdom that developing countries should borrow from abroad. This paper develops a two-sector DSGE model to quantify the contribution of precautionary saving motivation against economic sudden stops. The risk of sudden stops comes from the lagged financial reforms in China, in which banks continue to support inefficient state-owned enterprises, while the more productive private firms are subject to strong discrimination in credit market, and face the endogenous collateral constraints. When the private sector is small, the impact on aggregate output of binding credit constraints is limited. However, as the output share of private sector increases, the negative effect of financial frictions on private firms grows, and it is more likely to trigger a nation-wide economic sudden stop. Thus, the precautionary savings rise and the demand for foreign assets also increases. Our calibration exercise based on Chinese macro data shows that 25 percent of foreign reserves can be accounted for by the rising probability of sudden stops. The second essay studies the relative volatility of commodity prices with a large dataset of monthly prices observed in international trade data from the United States over the period 2002 to 2011. The conventional wisdom in academia and policy circles is that primary commodity prices are more volatile than those of manufactured products, although most existing studies do not measure the relative volatility of prices of individual goods or commodities. The literature tends to focus on trends in the evolution and volatility of ratios of price indexes composed of multiple commodities and products. This approach can be misleading. The evidence presented here suggests that, on average, prices of individual primary commodities are less volatile than those of individual manufactured goods. Furthermore, robustness tests suggest that these results are not likely to be due to alternative product classification choices, differences in product exit rates, measurement errors in the trade data, or the level of aggregation of the trade data. Hence the explanation must be found in the realm of economics, rather than measurement. However, the challenges of managing terms of trade volatility in developing countries with concentrated export baskets remain. The third essay tries to understand why the relative volatility of nominal output to money stock is negatively related to countries' financial development level from cross-country evidence. In the paper I modify Bernanke et al. (1999)'s financial accelerator model by introducing the classic money demand function. The calibration to US data shows that the model is able to replicate this empirical pattern quite well. Given the same monetary shocks, countries with poorer financial system have larger output volatility due to the stronger effect of financial accelerator mechanism.

Download or read book Unconventional Economic Essays written by Amit Bhaduri and published by Oxford University Press, USA. This book was released on 1999 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a collection of essays spanning a wide range of topics in micro-, macro-, and development economics. The author departs from the dominant neo-classical tradition and examines alternative approaches for analyzing theories of growth and distribution, planning techniques for project evaluation, problems of unemployment in advanced capitalist economies, and backward agriculture.

Download or read book Essays in Derivatives written by Don M. Chance and published by John Wiley & Sons. This book was released on 2011-07-05 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the updated second edition of Don Chance’s well-received Essays in Derivatives, the author once again keeps derivatives simple enough for the beginner, but offers enough in-depth information to satisfy even the most experienced investor. This book provides up-to-date and detailed coverage of various financial products related to derivatives and contains completely new chapters covering subjects that include why derivatives are used, forward and futures pricing, operational risk, and best practices.

Download or read book The Gains from Trade and the Gains from Aid written by Murray C. Kemp and published by Routledge. This book was released on 2002-09-11 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the normative side of trade theory and is divided into five parts: * trade under perfect competition; * restricted trade under perfect competition; * trade under imperfect competition and other distortions; * Compensation: lumpsum, non-lumpsum or neither? * International trade