Scholars@Duke
Edward Tower

Edward Tower

Professor Emeritus of Economics
Economics
tower@econ.duke.edu
Box 90097, Durham, NC 27708-0097
228C Social Sciences Bldg, Box 90097, Durham, NC 27708

Selected Publications

Vanguard and Fidelity active stock funds: both generally beat their same-style Vanguard index funds

Journal Article Annals of Operations Research · March 1, 2025 This chapter contrasts the return of Vanguard and Fidelity active stock mutual funds with the same-style portfolio of Vanguard’s index funds over the ten years through 2022. Vanguard’s equally weighted portfolio of domestic active funds generally excess-re ... Full text Cite

Static Indexing Beats Tactical Asset Allocation

Journal Article Journal of Index Investing · March 1, 2021 How do tactical asset allocation funds compare with a portfolio of index ETFs having the same investment style and bond-A nd foreign-market-augmented same-style Fama-French benchmarks? The authors find that portfolios of equally weighted TAA funds under-re ... Full text Cite

Judging economic policy: Selected writings of Gottfried Haberler

Book · January 1, 2021 In this engaging volume, the editors present the influential work of economist Gottfried Haberler, whom Paul Samuelson judges qualified for about two-and-a-half Nobel prizes in economics. Throughout the book, Haberlers essays reveal the clarity of his anal ... Full text Cite

Alternative Measures of Mutual Fund Performance: Ranking DFA, Fidelity, and Vanguard

Chapter · November 1, 2020 This chapter uses four alternative ways to evaluate mutual fund performance and rank the domestic equity funds of three leading mutual fund companies: DFA, Fidelity, and Vanguard, while splitting the Fidelity and Vanguard funds into indexed and managed por ... Full text Cite

Alternative Measures of Mutual Fund Performance: Ranking DFA, Fidelity, and Vanguard

Journal Article · January 1, 2020 This chapter uses four alternative ways to evaluate mutual fund performance and rank the domestic equity funds of three leading mutual fund companies: DFA, Fidelity, and Vanguard, while splitting the Fidelity and Vanguard funds into indexed and managed por ... Full text Cite

Alternative measures of mutual fund performance: Ranking DFA, fidelity, and vanguard

Chapter · January 1, 2020 This chapter uses four alternative ways to evaluate mutual fund perfor-mance and rank the domestic equity funds of three leading mutual fund companies: DFA, Fidelity, and Vanguard, while splitting the Fidelity and Vanguard funds into indexed and managed po ... Full text Cite

Vanguard versus Fidelity: Multidimensional Comparison of the Index Funds and ETFs of the Two Largest Mutual Fund Families

Journal Article Economic Research Initiatives at Duke (ERID) Working Paper · March 26, 2019 Cite

Do Chinese Investors Get What They Don't Pay For? Expense Ratios, Loads, and the Returns to China's Open-End Mutual Funds

Journal Article Economic Research Initiatives at Duke (ERID) · October 27, 2016 In this paper we analyze the performance of China's open-ended mutual funds, using the data of 467 open-ended mutual funds from 60 fund families from January 2010 through April 2015. A paradox emerges. High expense ratios are associated with better perform ... Open Access Cite

HOW TAXES AND REAL WAGE INFLEXIBILITY INTERACT TO MAKE TRADE DEFICITS ADDICTIVE: THE TERTIARY AND QUATERNARY BURDENS OF A TRANSFER

Journal Article The Singapore Economic Review · June 2016 Previous papers on the transfer problem pay scant attention to the problems caused by the distortionary taxation that extracts the gift from the donor nation or the cut in distortionary taxation that bestows the gift to the recipient nation. When combined ... Cite

Should the Equities in the North Carolina State Employees’ Pension Fund Be Indexed or Actively Managed?

Journal Article Economic Research Initiatives at Duke (ERID) · May 19, 2016 R. Ron Elmer is running for Treasurer of the State of North Carolina. He is aware that the high expenses and high turnover associated with active management of portfolios reduce returns. Part of Elmer’s platform is to replace active management of stock mut ... Open Access Cite

Fundamental versus traditional indexation for international mutual funds: Evaluating dfa, wisdomtree, and rafi powershares

Journal Article · January 1, 2016 Do fundamental index funds beat traditional ones? The major companies that offer the new fundamentally indexed international mutual funds are Dimensional Fund Advisors (DFA), Research Affiliates, and WisdomTree. A major provider of traditional internationa ... Full text Cite

A Theory of Outsourced Fundraising: Why Dollars Turn into 'Pennies for Charity'

Journal Article Economic Research Initiatives at Duke (ERID) Working Paper · December 6, 2014 Charities frequently rely on professional solicitors whose commissions exceed half of total donations. To understand this practice, we propose a principal-agent model in which the charity optimally offers a higher commission to a more “efficient” solicitor ... Open Access Cite

GMO's Predictions: A Useful Guide for Investors?

Journal Article · June 5, 2014 How successful are stock market predictions? We explore one set of easily accessible predictions by a respected firm, GMO. Specifically, we evaluate how effective GMO’s predicted stock returns have been in guiding investors from June 2000 through March 201 ... Open Access Cite

CAPE: Using Its Variants to Predict the Returns from Investing in the S&P 500 Index

Journal Article Economic Research Initiatives at Duke (ERID) Working Paper · September 10, 2013 Cite

Higher Dimensional Production Problem from Chapter 9 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS higher dimensional production problem, as described in Chapter 9 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Large Country Model with Optimal Trade Taxes from Chapter 19 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS large country model with optimal trade taxes, as described in Chapter 19 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Large Country Model with Trade Taxes from Chapter 19 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS large country model with trade taxes, as described in Chapter 19 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Small Country Model with Quotas from Chapter 19 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS small country model with quotas, as described in Chapter 19 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Small Country Model with Tariffs from Chapter 19 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS small country model with tariffs, as described in Chapter 19 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Illustration of the Krugman's Monopolistic Competition Model for Trading Economies from Chapter 18 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS illustration of Krugman's monopolistic competition model for trading economies, as described in Chapter 18 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Prog ... Link to item Cite

Illustration of the Krugman's Monopolistic Competition Model for a Closed Economy from Chapter 18 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS illustration of the Krugman's monopolistic competition model for a closed economy, as described in Chapter 18 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. P ... Link to item Cite

Illustration of the Reciprocal Dumping Model from Chapter 17 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS illustration of the reciprocal dumping model, as described in Chapter 17 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Two Country Illustration of the HOV Theorem from Chapter 16 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a two country illustration of the HOV theorem, as described in Chapter 16 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Two Country Version of the HOS Model with Transfers from Chapter 15 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a two country version of the HOS model with transfers, as described in Chapter 15 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Langua ... Link to item Cite

Two Country Version of the HOS Model from Chapter 15 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a two country version of the HOS model, as described in Chapter 15 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Large Country Version of the HOS Model from Chapter 14 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of large country version of the HOS model, as described in Chapter 14 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Small Country Version of the HOS Model with Non-Traded Goods from Chapter 13 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a small country version of the HOS model with non-traded goods, as described in Chapter 13 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programmi ... Link to item Cite

Small Country Version of the Specific Factors Model from Chapter 12 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a small country version of the specific factors model, as described in Chapter 12 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Langua ... Link to item Cite

Small Country Version of the HOS Model from Chapter 12 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS progam of a small country version of the HOS model, as described in Chapter 12 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Autarky Version of the HOS Model with More Goods Than Factors from Chapter 11 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of the autarky version of the HOS model with more goods than factors, as described in Chapter 11 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Progra ... Link to item Cite

Autarky Version of the Specific Factors Model from Chapter 11 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS model of the autarky version of the specific factors model, as described in Chapter 11 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Autarky Version of the HOS Model from Chapter 11 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a GAMS model of the autarky version of the HOS model, as described in Chapter 11 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Transition Problem from Chapter 8 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS transition problem, as described in Chapter 8 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Dual Long-Run Production Problem from Chapter 7 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS dual long-run production problem, as described in Chapter 7 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Short-Run Production Problem from Chapter 6 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS short-run production problem, as described in Chapter 6 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Long-Run Production Problem from Chapter 5 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS long-run production problem, as described in Chapter 5 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Cost Minimization Program from Chapter 4 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS cost minimization problem, as described in Chapter 4 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Utility Maximization Program from Chapter 3 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS utility maximization problem, as described in Chapter 3 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Two Country Version of the HOS Model with Trade Taxes from Chapter 19 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of the two country version of the HOS model with trade taxes, as described in Chapter 19 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-La ... Link to item Cite

Higher Dimensional Production Problem With More Goods Than Factors from Chapter 9 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS higher dimensional production problem with more goods than factors, as described in Chapter 9 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Langu ... Link to item Cite

Model of Production with Intermediate Inputs Used in Fixed Proportions from Chapter 10 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS model of production with intermediate inputs used in fixed proportions, as described in Chapter 10 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming- ... Link to item Cite

Model of Production with Intermediate Inputs Used in Variable Proportions from Chapter 10 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS model of production with intermediate inputs used in variable proportions, as described in Chapter 10 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programmi ... Link to item Cite

Small Country Version of the Specific Factors Model with Unemployment (alternative) from Chapter 21 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS small country version of the specific factors model with unemployment, as described in Chapter 21 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. This version ... Link to item Cite

Small Country Version of the HOS Model with Unemployment from Chapter 21 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS proram of a small country version of the HOS model with unemployment, as described in Chapter 21 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-La ... Link to item Cite

Small Country Version of the Long Run Harris-Todaro Model from Chapter 21 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a small country version of the long run Harris-Todaro model, as described in Chapter 21 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming- ... Link to item Cite

Small Country Version of the HOS Model with Imperfect Factor Mobility from Chapter 21 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS porgram of a small country version of the HOS model with imperfect factor mobility, as described in Chapter 21 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. ... Link to item Cite

Model of the Exchange Economy from Chapter 22 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS model of the exchange economy, as described in Chapter 22 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Small Country Version of the HOS Model with Multiple Households from Chapter 22 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a small country version of the HOS model with multiple households, as described in Chapter 22 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Progra ... Link to item Cite

Small Country Model with Domestic Taxes/Subsidies and a Simple Government from Chapter 22 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of small country model with domestic taxes/subsidies and a simple government, as described in Chapter 22 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific ... Link to item Cite

Small Country Model with Domestic Taxes/Subsidies, a Simple Government and Investment from Chapter 22 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS porgram of a small country model with domestic taxes/subsidies, a simple government and investment, as described in Chapter 22 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, Wo ... Link to item Cite

Small Country Version of the HOS Model with Armington Preferences from Chapter 23 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a small country version of the HOS model with Armington preferences, as described in Chapter 23 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Prog ... Link to item Cite

Small Country Version of the HOS Model with Joint Production from Chapter 24 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a small country version of the HOS model with joint production, as described in Chapter 24 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programmi ... Link to item Cite

'Standard' CGE Model from Chapter 27 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of a 'standard' CGE model, as described in Chapter 27 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Two Country Version of the HOS Model with Optimal Trade Taxes from Chapter 19 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS progam of a two country version of the HOS model with optimal trade taxes, as described in Chapter 19 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programmi ... Link to item Cite

Small Country with Domestic Taxes/Subsidies from Chapter 20 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of small country model with domestic taxes/subsidies, as described in Chapter 20 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Programming-Language: ... Link to item Cite

Small Country Version of the Specific Factors Model with Unemployment from Chapter 21 of Gilbert and Tower (2013)

Software · November 9, 2012 This file contains a simple GAMS program of small country version of the specific factors model with unemployment, as described in Chapter 21 of Gilbert and Tower (2013) Introduction to Numerical Simulation for Trade Theory and Policy, World Scientific. Pr ... Link to item Cite

Introduction to numerical simulation for trade theory and policy

Book · January 1, 2012 This volume provides a practical guide to building and using simulation models for international trade theory and policy. Through a sequence of carefully constructed and fully documented programs, the volume illustrates how numerical simulation can be used ... Full text Cite

The deadweight cost of war: An illustrative CGE

Journal Article Economics of Peace and Security Journal · July 2011 War is costly both because of the resources used up and because of the inefficiency introduced by the higher taxes necessary to finance them. War has been justified by its ability to help an economy achieve full employment. Robert Barro argues that war inc ... Cite

Ranking mutual fund families: Minimum expenses and maximum loads as markers for moral turpitude

Journal Article International Review of Economics · October 6, 2008 We evaluate the performance of 51 mutual fund families based on a study of their diversified US managed mutual funds over an 11-year-period and explore the determinants of performance gross of published expenses. We find that mutual fund families which cha ... Full text Cite

The encyclopedia of public choice.

Journal Article PUBLIC CHOICE · June 1, 2006 Link to item Cite

How did the 2003 prescription drug re-importation bill pass the house?

Journal Article Economics and Politics · March 1, 2006 We examine the major interest groups in the debate over allowing the re-importation of prescription drugs by utilizing a logit model and instrumental variables. Consistent with political support approach, the evidence suggests that Representatives are maxi ... Full text Open Access Cite

Are vanguard's managers good stock-pickers or style-pickers?

Journal Article Journal of Portfolio Management · January 1, 2005 Jared Kizer's article in the Winter 2005 issue indicates for Vanguard's managed funds that the return to stock-picking skill is not enough to offset the additional transactions costs of a managed portfolio. Thus, the superior performance of Vanguard's mana ... Full text Cite

"School Choice: Money, Race and Congressional Voting on Vouchers"

Journal Article Public Choice · 2004 : This paper discovers that a campaign contribution to a member of the U.S. House of Representatives by the American Federation of Teachers or the National Education Association (the two major teachers’ unions) in the 2000 election cycle reduces the pr ... Cite

Index fundamentalism revisited

Journal Article Journal of Portfolio Management · January 1, 2004 Is there any justification for investing in managed mutual funds, or are they only for chumps, as indexing advocates argue? The authors answer the question by looking at 27 years of real fund returns for Vanguard, a company notable for its low fees on mana ... Full text Cite

School choice: Money, race, and congressional voting on vouchers

Journal Article Public Choice · January 1, 2004 Milton Friedman has suggested that the political power of the American Federation of Teachers and the National Education Association (the two major teachers' unions) has been instrumental in defeating the adoption of educational vouchers. We test this hypo ... Full text Cite

"Rational Pessimism: Predicting Equity Returns by Tobin's q and Price/Earnings Ratios"

Journal Article The Journal of Investing · October 2003 In the spring of 2000, two books predicted a substantial fall in the S&P500 Index. Robert Shiller’s Irrational Exuberance found that, historically, a high price earnings ratio, with real earnings averaged over 10 years, accurately predicts a low real r ... Cite

"Predicting Equity Returns for 37 Countries: Tweeking the Gordon Formula"

Journal Article Journal of Investing · July 2003 Recently, there has been a lot of discussion about whether and how much the U.S. stock market is overvalued, leading some economic gurus to suggest that foreign markets may be good investments. We ask whether this is the case and apply the Gordon formu ... Cite

"Index Fundamentalism Revisited"

Journal Article Journal of Portfolio Management · July 2003 Is there any justification for investing in managed mutual funds or are managed funds for suckers, as indexing advocates argue? We answer this question by looking at a long time span of real fund returns (26 years) for one specific company (Vanguard) t ... Cite

"An Efficiency Enhancing Minimum Wage"

Journal Article Journal of Policy Reform · March 2003 We consider an economy (e.g., Chile 1973-83 or modern Turkey) with a minimum wage sector and a free sector, and a tax on labor earnings. We ask “Can a slightly binding minimum wage simultaneously raise tax revenue, employment, and economic efficiency? ... Link to item Cite

"Evaluating Croatian Equities"

Journal Article Zagreb Journal of Economics · 2003 In this paper we evaluate all three of the first quotation equities that are available in Croatia. First quotation equities are those that meet the highest accounting and reporting standards in Croatia. We find that two of the three compare favorably w ... Link to item Cite

"The Employment Maximizing Import Quota Under Domestic Monopoly"

Journal Article Journal of International Logistics and Trade · 2003 We consider a domestic monopolist who is protected by an import quota on the product he produces. He faces a domestic demand curve which is characterized by a constant price elasticity. He is unable to export and has an upward sloping marginal cost cur ... Link to item Cite

"Is Talk Cheap? Buying Congressional Testimony with Campaign Contributions"

Journal Article Journal of Policy Reform · December 2002 For the steel import quota bill of 1999, our answer to the question posed in the title is that each word in the Congressional Record costs $39 in campaign contributions from the steel industry. Consequently, our answer is “Yes.” ... Link to item Cite

Protectionism, labor mobility, and immiserizing growth in developing economics

Journal Article Economics Letters · March 1, 2002 In a small, tariff-ridden, developing economy with imperfect labor mobility, we show that capital accumulation may not immiserize even with foreign rent repatriation. Employment creation effects can outweigh losses in tariff revenue. With perfect immobilit ... Full text Cite

"How to Encourage Exports Without a Budgetary Cost: Comment on Wang and Tsai"

Journal Article Revista Internzaionale de Science Economiche e Commercialli (International Review of Economics and Business" · December 2000 Argues that if a government uses the combination of an ad valorem tax and a specific subsidy, it can shape the demand curve facing a domestic firm, making it flatter and raising its marginal revenue at the same time, thereby raising the firm's output t ... Cite

A golden jubilee note on Graaff's optimum tariff structures

Journal Article History of Political Economy · January 1, 2000 Full text Cite

Import Quotas, Foreign Capital and Income Distribution: Comment

Journal Article The American Economist · October 1998 Cite

The Optimum Minimum Wage When Labor Services are Taxed

Journal Article International Review of Economics and Business · June 1998 Cite

Does Trade liberalization benefit young and old alike?

Journal Article Review of International Economics · January 1, 1998 In an overlapping generations model, capital and labor produce two tradable goods. A kleptocratic government spends the tariff revenue. Trade liberalization benefits the retired generation if and only if the relative price of the capital-intensive good ris ... Full text Cite

Can a Periodic Voluntary Export Restraint Raise Importing Country Welfare?

Journal Article Journal of Economic Integration · December 1997 Cite

The Commodity Creating Tariff and Other Paradoxes

Journal Article International Review of Economics and Business · December 1997 Cite

The Effects of Import Quotas on National Welfare: Comment

Journal Article Southern Economic Journal · October 1997 Full text Cite

Super 301 trade sanctions: An empirical investigation of the wood products case

Journal Article North American Journal of Economics and Finance · January 1, 1997 In 1988, partly in response to a rapidly increasing trade deficit in the 1980s and declining exports. Congress made Section 301 of the 1974 Trade Act "super" to pry open foreign markets. We assess the effectiveness of this new trade tool, dubbed Super 301, ... Full text Cite

Yucel on Reducing U.S. Vulnerability to Oil Supply Shocks: Comment

Journal Article Southern Economic Journal · April 1996 Cite

Temporary duty suspension in the United States

Journal Article North American Journal of Economics and Finance · January 1, 1995 This article investigates the temporary duty suspension program of the United States Congress. It documents how the legislative process works and discusses the likely economic effects of the program. It proposes that this program be revamped so as to elimi ... Full text Cite

Do the U.S. and China Discriminate against One Another's Goods?

Journal Article Asian Profile · April 1993 Cite

Market Power and Buffer Stocks: Erratum

Journal Article The Economic Record · March 1993 Cite

On Domestic Resource Cost

Journal Article Journal of International Economic Integration · March 1992 Cite

On the Validity of the Lerner Neutrality and Symmetry Theorems in The Presence of Non-Traded Goods

Journal Article Contemporary Studies in Economic and Financial Analysis · 1992 Cite

Allocating Jobs under a Minimum Wage: Queues vs. Lotteries

Journal Article Economic Record · January 1, 1990 In this paper we provide a simple diagrammatic technique for incorporating variable labour supply into the specific factors model We then use the framework to analyze the positive and normative effects of a minimum wage both with a broadly based employment ... Full text Cite

Agricultural liberalization, welfare, revenue and nutrition in developing countries

Journal Article Agricultural Trade Liberalization · January 1, 1990 Demonstrates the importance of three second best issues in analysis of agricultural liberalization by developing countries: import tariffs and quotas, rent seeking in the allocation of import licenses, and the cost of raising tax revenues. We use a highly ... Cite

Empirical models of the effects of United States protection: A survey of recent literature

Journal Article North American Review of Economics and Finance · January 1, 1990 This paper surveys the recent literature on the effects of United States protection. Most of these studies find that tariffs provide limited benefits to protected industries but cause considerable harm to household and industrial consumers of protected goo ... Full text Cite

Quota Wars and Tariff Wars

Journal Article Oxford Economic Papers · October 1989 Cite

Excise Tax Evasion: Comment on Panagariya and Narayana

Journal Article Public Finance · 1989 Cite

Performance-Contingent Protection

Journal Article Economics and Politics · 1989 Cite

On negotiated quotas, tariffs, and transfers

Journal Article Oxford Economic Papers · January 1, 1989 Full text Cite

A Model of the Effect of a Fertilizer Subsidy on Income Distribution and Efficiency in Malawi

Journal Article Eastern Africa Economic Review · December 1988 Cite

Explaining the Yeh Paradox: A Comment

Journal Article Eastern Economic Journal · April 1988 Cite

On the Dispersion of Optimum Tariffs on Goods with Fixed World Prices

Journal Article International Review of Economics and Business · April 1988 Cite

Trade and industrial policy under oligopoly: Comment

Journal Article Quarterly Journal of Economics · January 1, 1988 Full text Open Access Cite

The Stahl-Alexeev paradox: A note

Journal Article Journal of Economic Theory · January 1, 1988 We offer a simple proof of the paradox discovered by Stahl and Alexeev that the introduction of black markets in a fixed price economy with a rationing mechanism consisting of waiting line queues is not necessarily a Pareto improvement. We show that the pa ... Full text Open Access Cite

Shadow Pricing in a Specific-Factors Model: Comment

Journal Article The Canadian Journal of Economics · May 1987 Full text Cite

INTERNATIONAL-TRADE REGIMES AND PRIVATE PROPERTY-RIGHTS - COMMENT

Journal Article CONTEMPORARY POLICY ISSUES · 1987 Full text Cite

Resolution Ex ante versus ex post DRC's and the possibility of negative shadow prices

Journal Article Journal of Development Economics · January 1, 1987 Full text Cite

DRC criteria. Comment on Lucas

Journal Article Journal of Development Economics · January 1, 1987 Recently in this journal Lucas (1984) discussed several apparent paradoxes in the application of DRC criteria. In this comment we show how DRCs can be defined in such a way that these paradoxes disappear. © 1987. ... Full text Cite

The textile bill of 1985: The determinants of congressional voting patterns

Journal Article Public Choice · January 1, 1987 The following tables show the results of the probit analysis for the Senate and the House. A table including results for different combinations of the independent variables is included in an unpublished appendix available from the authors upon request. The ... Full text Cite

A general equilibrium cost- benefit approach to policy reform and project evaluation in Malaysia.

Journal Article Singapore Economic Review · January 1, 1987 In this paper the authors argue that the use of general equilibrium methodology to calculate shadow prices for policy reform and project evaluation need not be prohibitively complex. They also suggest that along with shadow prices analysts should present o ... Cite

Differential Cash-in-Advance Constraints: A Good Reason for Protection in LDCS?

Journal Article Eastern Africa Economic Review · December 1986 Cite

Optimal destabilizing speculation or why the optimum tariff may oscillate

Journal Article De Economist · September 1, 1986 This paper uses general equilibrium tools to explore the issue of destabilizing speculation in the context of market power. We show how an individual or a nation may optimally use price destabilization to raise its welfare and show that the nonspeculator d ... Full text Cite

INDUSTRIAL POLICY IN LESS DEVELOPED COUNTRIES

Journal Article Contemporary Economic Policy · January 1986 The idea of industrial policy is to cure perceived market failures of various sorts. This also has been the meat of development economics for decades. Moreover, strong similarities exist between the specific goals of industrial policy advocates for ... Full text Cite

The Welfare Economics of an Unstable Real Exchange Rate

Journal Article Southern Economic Journal · January 1986 Full text Cite

Adjustment Speeds under Tariffs and Quotas in a Monetary Model of Balance of Payments

Journal Article Journal of International Economics · May 1985 Cite

Further Analysis of the Effects of Offshore Assembly Provisions on the US Tariff Structure

Journal Article Journal of Economic Studies · April 1, 1985 This article conceptually extends a previous analysis of the impact of Offshore Assembly Provisions (OAP) upon Effective Rates of Protection (ERPs). Allowance is made for the fact that the OAP incentive to foreign assemblers to use US components wi ... Full text Cite

On Using a Single Tariff to Exploit Market Power on Many Traded Goods

Journal Article Economia Internazionale · 1985 Cite

On the dynamic non-equivalence of tariffs and quotas in the monetary model of the balance of payments: Comment

Journal Article Journal of International Economics · January 1, 1985 This comment uses a simple monetary model of the balance of payments to demonstrate that adjustment speed is higher under a tariff than under the quota which is equivalent to it in longrun equilibrium if and only if the tariff is less than the maximum expe ... Full text Cite

Profitable Destabilizing Speculation as Intertemporal Price Discrimination

Journal Article The American Economist · October 1984 Cite

On the functional relationship between distortions and welfare

Journal Article Atlantic Economic Journal · March 1, 1984 Full text Cite

Welfare gain from a stable exchange rate: Comment

Journal Article Atlantic Economic Journal · January 1, 1984 Full text Cite

ON A QUICK AND DIRTY APPROACH TO ESTIMATING 2ND BEST OPTIMUM TARIFFS

Journal Article RIVISTA INTERNAZIONALE DI SCIENZE ECONOMICHE E COMMERCIALI · 1984 Cite

Making the Best Use of Trade Restrictions in the Presence of Foreign Market Power

Journal Article Journal of International Economics · November 1983 Cite

On the Lerner Symmetry Theorem under Monopoly: Comment [on Ray]

Journal Article Quarterly Journal of Economics · August 1983 Cite

On the best use of trade controls in the presence of foreign market power

Journal Article Journal of International Economics · January 1, 1983 This paper derives optimum tariffs for a country whose trading partner always exploits its own market power but assumes naively that the home country will leave its restriction unchanged. It then shows that a country which is a monopolist or monopsonist wi ... Full text Cite

Trade Policy and the American Income Distribution

Journal Article The Review of Economics and Statistics · May 1982 Full text Open Access Cite

The balance of payments approach to trade tax symmetry theorems

Journal Article Weltwirtschaftliches Archiv · March 1, 1982 Full text Cite

Buffer stocks are better stabilizers than quotas

Journal Article Journal of International Economics · January 1, 1981 Michael Pelcovits (1979, p. 307) recently showed that with an unstable foreign excess supply curve, either a fixed quota or a buffer stock program with a fixed tariff can be used to stabilize domestic price at a given level, and both policies 'will have th ... Full text Open Access Cite

"U.S. Concessions in the Kennedy Round and Short Run Labor Adjustment Costs: Still Further Evidence

Journal Article The Quarterly Review of Economics and Business · October 1980 Cite

On Water in the Quota

Journal Article The Canadian Journal of Economics · May 1980 Full text Cite

Excess Demand in the IS-LM Model

Journal Article Eastern Economic Journal · January 1980 Cite

The Choice between a Tariff and a Quota: Comment [on Vastrup]

Journal Article Weltwirtschaftliches Archiv · 1980 Cite

Dynamic Adjustment in an IS-LM Framework

Journal Article Eastern Economic Journal · January 1980 Cite

The geometry of community indifference curves

Journal Article Weltwirtschaftliches Archiv · December 1, 1979 While all of our proofs assumed only one or two residents, the following summary applies to the case of an N person community for any N> 0 and for many commodities. Community indifference curves will be non-intersecting and convex if we assume that the und ... Full text Cite

Effective Protection and Market Distortions: Comment

Journal Article Review of Economic Studies · July 1979 Cite

Economic imperialism and resource nationalism. Comment on Kemp and Ohyama

Journal Article Journal of International Economics · January 1, 1979 Kemp and Ohyama show that a self-seeking resource-poor imperial economy can use tariffs to completely exploit its resource-rich raw-material producing colonial trading partner, but that when capital is immobile, the colonial economy loses all power to expl ... Full text Cite

Profit control in New Zealand*

Journal Article New Zealand Economic Papers · January 1, 1979 Full text Cite

On the long and short run relationship between the forward rate and the interest parity

Journal Article Journal of Macroeconomics · January 1, 1979 The interest parity theory postulates that a one percentage point increase in the interest differential favoring a currency will be accompanied by an increase in the discount on that currency in the forward market of one percentage point as well. Using Can ... Full text Cite

Notes on the Dynamics of Optimum Tariff Policy

Journal Article Revista Internazionale di Scienze Economiche e Commerciali · January 1979 Cite

The Optimum Incentive-Schedule Tariff

Journal Article The Canadian Journal of Economics · November 1978 Full text Cite

EFFECTIVE PROTECTION OF CANADIAN EXPORTING INDUSTRY - FURTHER COMMENT

Journal Article QUARTERLY REVIEW OF ECONOMICS AND BUSINESS · 1978 Cite

Inelastic offer curves, stability and the difference between tariffs and quotas

Journal Article Atlantic Economic Journal · December 1, 1977 Full text Cite

The ranking of alternative tariff and quota policies in the presence of domestic monopoly

Journal Article Journal of International Economics · January 1, 1977 Bhagwati demonstrated the nonequivalence between tariffs and quotas in the presence of monopoly. This paper also assumes domestic production to be monopolized and shows that giving import licenses or tariff revenues to the domestic producer may raise or lo ... Full text Open Access Cite

Ranking the optimum tariff and the maximum revenue tariff

Journal Article Journal of International Economics · January 1, 1977 Full text Open Access Cite

On the Shape of the Trade Indifference Curve: Rejoinder to Batra

Journal Article American Economic Review · September 1976 Open Access Cite

The Estimation of the Cost of Adjustment to External Disequilibria: Comment

Journal Article Review of Economics and Statistics · August 1976 Cite

The Optimum Tariff Retaliation and Autarky

Journal Article Eastern Economic Journal · April 1976 Cite

Money demand and the terms of trade

Journal Article Weltwirtschaftliches Archiv · December 1, 1975 Full text Cite

The Optimum Quota and Retaliation

Journal Article The Review of Economic Studies · October 1975 Full text Cite

MAXIMUM REVENUE TARIFF

Journal Article MALAYAN ECONOMIC REVIEW · 1975 Cite

On the functional relationship between tariffs and welfare

Journal Article Journal of International Economics · January 1, 1975 This paper uses a model of trade in two commodities between two countries to establish the following proposition. If the foreign offer curve has no points of inflection and if for each home rate of duty the equilibrium most favorable to the home country is ... Full text Open Access Cite

Exchange-Rate Change and Foreign Portfolio Investment

Journal Article Economia Internazionale · August 1974 Cite

Exchange Rate Flexibility and Macroeconomic Stability

Journal Article Review of Economics and Statistics · May 1974 Cite

More on the neutrality of forward market intervention

Journal Article Weltwirtschaftliches Archiv · December 1, 1973 Full text Cite

Commercial Policy under Fixed and Flexible Exchange Rates

Journal Article Quarterly Journal of Economics · August 1973 Open Access Cite

More on Internal and External Balance in an Almost Classical World

Journal Article Western Economic Journal · June 1973 Cite

REJOINDER

Journal Article Economic Inquiry · January 1, 1973 Full text Cite

Monetary and Fiscal Policy under Fixed and Flexible Exchange Rates in the Inter-Run

Journal Article Journal of Money, Credit and Banking · November 1972 Cite

Monetary and Fiscal Policy in a World of Capital Mobility: A Respecification

Journal Article Review of Economic Studies · July 1972 Cite

More on the Welfare Cost of Inflationary Finance

Journal Article Journal of Money, Credit and Banking · November 1971 Cite

THE WELFARE ECONOMICS OF INTERNATIONAL ADJUSTMENT

Journal Article Journal of Finance · January 1, 1971 Full text Cite

Currency areas and exchange-rate flexibility

Journal Article Weltwirtschaftliches Archiv · September 1, 1970 Full text Cite

The Short-Run Stability of the Foreign Exchange Market

Journal Article Review of Economics and Statistics · May 1967 Open Access Cite

The Economic Impact - Industrial and Regional - of an Arms Cut

Journal Article Review of Economics and Statistics · August 1965 Open Access Cite

Manufacturing Fetishism: The Neo-Mercantilist Preoccupation with Protecting Manufacturing

Journal Article Economic Research Initiatives at Duke (ERID) Two common views are that a country cannot develop without a strong manufacturing base and that trade restrictions are essential to facilitate the development of that strong manufacturing base and thus spur economic growth. We ask: • Does a strong manufa ... Cite