计量经济分析 = Econometric analysis

Stochastic frontier analysis of

We study product-level data for Taiwanese manufacturing establishments through the lens of a model with endogenously variable markups. We nd that the gains from international trade can be large: in our benchmark model, moving from autarky to a 10% import share implies an increase in welfare equivalent to a 27% permanent increase in consumption. By contrast, a standard trade model with constant markups implies a smaller gain, around a 4% increase in consumption. By increasing competition, trade reduces markups and so reduces distortions in labor and investment choices. Greater competition also induces a more ecient allocation of factors of production across establishments, thereby directly raising TFP. These channels are an order of magnitude more important than the love-of-variety eects in standard trade models. Our model predicts that industries that are more open are characterized by lower revenue productivity and lower dispersion in revenue productivity across producers. We nd strong support for these predictions of the model in the Taiwanese data. In our model, micro details such as as the dispersion of industry-level import shares determine how the Armington elasticity endogenously responds to a change in trade policy. Consequently, these micro details also matter for determining the size of the gains from standard love-of-variety eects.

/pdf/competition-markups-and-the-gains-from-international-trade-1otg4gp8ws.pdf

Competition, Markups, and the Gains from International Trade †

This paper examines the volatility of common stocks of the Athens Stock Exchange at the market, industry and firm level. Over the period from 1988 to 2009 there has been a considerable increase in firm-level volatility relative to the market volatility, which implies that it takes increasingly more stocks to diversify away idiosyncratic risk. All volatility series move together and they are trended upwards. All three volatility measures show a countercyclical behaviour relative to GDP growth, and they all help to forecast GDP. Correlations among individual stocks have increased over the sample period, yet the explanatory power of the market model for a typical stock is still relatively low. All three volatility series rise during times of low returns. Factors that may be responsible for these findings are suggested.

Have individual stocks become more volatile : an empirical exploration of idiosyncratic risk

textabstractIn Dutch: Naar een Nieuwe Wereldeconomie: voorstellen voor een internationaal economisch beleid, Rotterdam University Press, Rotterdam, 1965, XV + 335 p.\nIn Spanish: Hacia Una Economia Mundial: sugerencias para una politica economica internacional, Series Biblioteca de Economia No.7, Orbis, Barcelona, 1985, 242 p.

Shaping the World Economy. Suggestions for an International Economic Policy. By Jan Tinbergen. New York: The Twentieth Century Fund, 1962. pp. xvii, 330. Index. 4.00, cloth.

Market power, productivity and the EU Single Market Program: Evidence from a panel of Italian firms

This paper analyses the impact of port activities on local development for a sample of 621 TL-3 regions located in thirteen European countries and observed over the period 1998–2009. Using a spatial panel econometric framework which controls for spatial fixed effects, the paper provides an estimate of both the direct and indirect (i.e. spillover) effects associated to port activities. Results suggest that ports might have non-negligible effects on local GDP: interestingly, an important share of the effects takes place outside the region where the port is located.

Ports and regional development: A spatial analysis on a panel of European regions

Scale economies, technology and technical change in the water industry: Evidence from the English water only sector

The impact of port throughput on local employment: Evidence from a panel of European regions

In this study we analyze the evolution of operating cost inefficiency for the English and Welsh water industry over the period 1995-2001 by estimating an heteroskedastic stochastic variable cost frontier. The main aim of this paper is to provide an overall picture of the industry cost
inefficiency, as we consider both the water and sewerage companies and the smaller water only companies. The main results of this paper are that industry operating cost inefficiency has decreased over the sample period
and that inefficiency differentials among firms have steadily narrowed. This pattern of inefficiency might have been generated by the incentives provided by comparative and capital market competition which became fully operative after the 1994 price review.

Anna Bottasso

Papers

Market power, productivity and the EU Single Market Program: Evidence from a panel of Italian firms

Ports and regional development: A spatial analysis on a panel of European regions

Scale economies, technology and technical change in the water industry: Evidence from the English water only sector

The impact of port throughput on local employment: Evidence from a panel of European regions

Cost Inefficiency in the English and WelshWater Industry: An Heteroskedastic StochasticCost Frontier Approach.