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Alabama Forest Products and the Potential Impacts of FTAA Price Changes
( Henry Thompson ),( Mostafa Malki ),( Osei Agyeman Yeboah ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2010 Journal of Economic Integration Vol.25 No.1
The Free Trade Area of the Americas FTAA will increase import competition for some forest product industries in Alabama but create export opportunities for others. Forest products loom large in the Alabama economy, both in terms of income and pollution. The present paper gauges the potential impacts of a range of price changes for forest products in an applied specific factors model of production. Pollution adjusts with forest product outputs. The potential impacts on outputs, capital returns, and pollution are substantial. Anticipated price changes also raise the wage and lower energy demand.
Production and the Trade Balance in a Small Open Economy
Thompson, Henry 세종대학교 국제경제연구소 1999 Journal of Economic Integration Vol.14 No.3
The trade balance is built directly into a factor proportions model of production. A wealth stockpile of the exported good is maintained, growing when the small open economy has a surplus and shrinking with a deficit. Income and prices determine consumption of exports and imports, while production adjusts to maintain full employment and competitive pricing. The trade balance effects of an import tariff and an export subsidy (equivalently, a devaluation) depend on factor intensity, factor substitution, demand, and factor endowments. Changing factor endowments have no net effect on the trade balance, a reflection of factor price equalization. (JEL Classification: F0)
Factor Intensity Versus Factor Substitution in a Specified General Equilibrium Model
( Henry Thompson ) 세종대학교 경제통합연구소 1995 Journal of Economic Integration Vol.10 No.3
This paper examines the sensitivity of the comparative static elasticities of a general equilibrium model of production to factor intensity and factor substitution. A model of the US economy is specified with three factors and two goods. Changing factor endowments have consistently inelastic effects on factor prices. Prices of goods, however, have elastic effects on factor prices, and factor endowments have elastic effects on outputs. Factor intensity influences the comparative statics more than factor substitution. Under a move toward free trade characterized by a falling price of manufactures relative to services, the wage of unskilled labor falls while the wage of skilled labor and the price of capital rise.
Quotas and Quality in an International Duopoly
( Henry Thompson ),( George Sweeney ),( T. Randolph Beard ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 1997 Journal of Economic Integration Vol.12 No.2
This paper examines possible adjustments to a change in a binding quota in the context of an international duopoly. Consumers directly value embodied quality of goods, which is chosen simultaneously with quantity, and before quantity in a sequential model. Possible responses to a small change in a binding quota are derived. The same three types of equilibria occur in the simultaneous and sequential models. Foreign quality downgrading can occur if domestic quality falls, and is more likely starting with a low quantity of high quality imports. Domestic quality and quantity respond in opposite directions. Welfare effects are discussed.
Factor Intensity Versus Factor Substitution in a Specified General Equilibrium Model
Thompson, Henry 세종대학교 국제경제연구소 1995 Journal of Economic Integration Vol.10 No.3
This paper examines the sensitivity of the comparative static elasticities of a general equilibrium model of production to factor intensity and factor substitution. A model of the US economy is specified with three factors and two goods. Changing factor endowments have consistently inelastic effects on factor prices. Prices of goods, however, have elastic effects on factor prices, and factor endowments have elastic effects on outputs. Factor intensity influences the comparative statics more than factor substitution. Under a move toward free trade characterized by a falling price of manufactures relative to services, the wage of unskilled labor falls while the wage of skilled labor and the price of capital rise.
SIMULATING A MULTIFACTOR GENERAL EQUILIBRIUM MODEL OF PRODUCTION AND TRADE
THOMPSON, HENRY 한국국제경제학회 1990 International Economic Journal Vol.4 No.2
This study builds and simulates a high dimensional general equilibrium model of production and trade with inputs of capital and eight separate skilled groups of labor. Constant returns to scale cannot be rejected in any sector as a null hypothesis. International capital flows and labor migration are found to have very small effects on income redistribution, a result which is called near factor price equalization. Protectionism, on the other hand, has more substantial effects. Elasticities describing the income redistribution due to protection in manufacturing, agriculture, and services follow a pattern suggested by factor intensities.
Production and the Trade Balance in a Small Open Economy
( Henry Thompson ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 1999 Journal of Economic Integration Vol.14 No.3
The trade balance is built directly into a factor proportions model of production. A wealth stockpile of the exported good is maintained, growing when the small open economy has a surplus and shrinking with a deficit. Income and prices determine consumption of exports and imports, while production adjusts to maintain full employment and competitive pricing. The trade balance effects of an import tariff and an export subsidy (equivalently, a devaluation) depend on factor intensity, factor substitution, demand, and factor endowments. Changing factor endowments have no net effect on the trade balance, a reflection of factor price equalization.
Aggregation and Applied Trade Theory
( Henry Thompson ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2005 Journal of Economic Integration Vol.20 No.3
The influence of data aggregation on applied trade theory may not be generally appreciated. Aggregation can have a direct impact on the direction of trade, factor intensity, factor abundance, factor substitution, product differentiation, and intra-industry trade. This paper develops some propositions for applied trade theorists on the effects of aggregation.
FOREIGN MANAGEMENT , INTERNATIONAL CAPITAL , AND INCOME REDISTRIBUTION
THOMPSON, HENRY 한국국제경제학회 1993 International Economic Journal Vol.7 No.3
This paper examines the impact of foreign management as a separate input in a competitive economy open to both international trade and international movement of productive capital. Three inputs (capital, iabor, management) are used to produce two final goods in a model characterized by competition, homogeneous products, and full employment. This model provides a simple starting point for the study of multinational firm activity, building on the fundamental competitive factor proportions model of production and trade. A clear distinction arises between international movements of capital and management, and international movements of the two inputs are linked. [F11, F23]