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  1. Intra-industry trade, involuntary unemployment and macroeconomic stability
    Author: Le Riche, Antoine; Lloyd-Braga, Teresa; Modesto, Leonor
    Published: January 2021
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We study the impact of intra-industry trade and capital mobility on steady state welfare and on the stability properties of two countries with identical technologies and preferences. We consider a two-factor overlapping generations model, featuring... more

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    We study the impact of intra-industry trade and capital mobility on steady state welfare and on the stability properties of two countries with identical technologies and preferences. We consider a two-factor overlapping generations model, featuring one-sector of differentiated goods with taste for variety. There is imperfect competition in the output market and increasing returns to scale in production (fixed costs and externalities). In one country there is full employment and saddle path stability in autarky, whereas in the other there are efficiency wages, and the autarkic equilibrium may be locally indeterminate. After opening the borders, the rigid wage country may export indeterminacy to the full employment country, particularly if it is big enough. In contrast, when the full employment country is sufficiently big, local indeterminacy, and therefore expectations driven fluctuations may be eliminated in the world. In any case, stochastic and deterministic fluctuations (associated with local indeterminacy and bifurcations) are possible with smaller externalities, whatever the relative size of the two countries. Steady state welfare improves in the full employment country with free trade and capital mobility, while unemployment increases in the country with labor market rigidities, reducing welfare. We also find that taste for variety (and therefore intra-industry trade), reduces the likelihood of local indeterminacy, but leads to flip bifurcations under more plausible values of the model parameters.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/232799
    Series: Discussion paper series / IZA ; no. 14047
    Subjects: bifurcations; indeterminacy; intra-industry trade; taste for variety; involuntary unemployment
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  2. Sequel to History
    Postmodernism and the Crisis of Representational Time
    Author: Ermarth, Elizabeth Deeds
    Published: [2021]
    Publisher:  Princeton University Press, Princeton, NJ

    Frontmatter -- Contents -- Preface -- Prologue. Why Text? -- Part One. Time off the Track -- Part Two. Multilevel Thinking -- Part Three. Language and Time -- Coda. On Contingency -- Selected Bibliography -- Index Sequel to History offers a... more

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    Frontmatter -- Contents -- Preface -- Prologue. Why Text? -- Part One. Time off the Track -- Part Two. Multilevel Thinking -- Part Three. Language and Time -- Coda. On Contingency -- Selected Bibliography -- Index Sequel to History offers a comprehensive definition of postmodernism as a reformation of time. Elizabeth Deeds Ermarth uses a diversified theoretical approachdrawing on post-structuralism, feminism, new historicism, and twentieth-century scienceto demonstrate the crisis of our dominant idea of history and its dissolution in the rhythmic time of postmodernism. She enlarges this definition in discussions of several crises of cultural identity: the crisis of the object, the crisis of the subject, and the crisis of the sign. Finally, she explores the relation between language and time in post-modernism, proposing an arresting theory of her own about the rhythmic nature of postmodern temporality. Because the postmodern construction of time appears so clearly in narrative writing, each part of this work is punctuated by a "rhythm section" on a postmodern narrative (Robbe-Grillet's Jealousy, Cortezar's Hopscotch, and Nabokov's Ada); these extended readings provide concrete illustrations of Ermarth's theoretical positions. As in her critically acclaimed Realism and Consensus in the English Novel, Ermarth ranges across disciplines from anthropology and the visual arts to philosophy and history. For its interdisciplinary character and its lucid definition of postmodernism, Sequel to History will appeal to all those interested in the humanities

     
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