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Exchange rates do matter: French job reallocation and exchange rate turbulence, 1984-1992
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Cited by:
- Mi Dai & Jianwei Xu, 2013. "Industry-specific Real Effective Exchange Rate for China: 2000–2009," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 21(5), pages 100-120, September.
- Moser, Christoph & Urban, Dieter & di Mauro, Beatrice Weder, 2010.
"International competitiveness, job creation and job destruction--An establishment-level study of German job flows,"
Journal of International Economics, Elsevier, vol. 80(2), pages 302-317, March.
- Urban, Dieter M & Weder di Mauro, Beatrice & Moser, Christoph, 2008. "International Competitiveness, Job Creation and Job Destruction - An Establishment Level Study of German Job Flows," CEPR Discussion Papers 6745, C.E.P.R. Discussion Papers.
- Dai, Mi & Xu, Jianwei, 2017. "Firm-specific exchange rate shocks and employment adjustment: Evidence from China," Journal of International Economics, Elsevier, vol. 108(C), pages 54-66.
- Pagés, Carmen & Micco, Alejandro, 2004.
"Employment Protection and Gross Job Flows: A Differences-in-Differences Approach,"
IDB Publications (Working Papers)
1106, Inter-American Development Bank.
- Alejandro Micco & Carmen Pagés-Serra, 2004. "Employment Protection and Gross Job Flows: A Differences-in-Differences Approach," Research Department Publications 4365, Inter-American Development Bank, Research Department.
- Gallego, Francisco A. & Tessada, José A., 2012.
"Sudden stops, financial frictions, and labor market flows: Evidence from Latin America,"
Journal of Development Economics, Elsevier, vol. 97(2), pages 257-268.
- Francisco Gallego & José Tessada, 2010. "Sudden Stops, Financial Frictions, and Labor Market Flows: Evidence from Latin America," Documentos de Trabajo 378, Instituto de Economia. Pontificia Universidad Católica de Chile..
- Francisco Gallego & José Tessada, 2010. "Sudden Stops, Financial Frictions, and Labor Market Flows: Evidence from Latin America," Working Papers ClioLab 10, EH Clio Lab. Instituto de Economía. Pontificia Universidad Católica de Chile.
- Veeramani, Choorikkad & Banerjee, Purna, 2022. "Exchange rate fluctuations, labour laws, and gender differences in job flows: Analysis of manufacturing industries across Indian states," World Development, Elsevier, vol. 152(C).
- Nucci, Francesco & Pozzolo, Alberto Franco, 2010.
"The exchange rate, employment and hours: What firm-level data say,"
Journal of International Economics, Elsevier, vol. 82(2), pages 112-123, November.
- Francesco Nucci & Alberto Franco Pozzolo, "undated". "The Exchange Rate, Employment and Hours: What Firm-Level Data Say," Working Papers 9, Department of the Treasury, Ministry of the Economy and of Finance.
- Francesco Nucci & Alberto Franco Pozzolo, 2009. "Exchange Rate, Employment and Hours: What Firm-Level Data Say," Mo.Fi.R. Working Papers 12, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
- Pozzolo, Alberto Franco & Nucci, Francesco, 2008. "Exchange Rate, Employment and Hours: What Firm-Level Data Say," Economics & Statistics Discussion Papers esdp08049, University of Molise, Department of Economics.
- Zeng, Xiangquan & Yuxue, Cui & Shisong, Qing & Yumei, Yang, 2011. "Real Exchange Rate, Foreign Trade and Employment: Evidence from China," IZA Discussion Papers 5931, Institute of Labor Economics (IZA).
- Atanas Christev & Olga Kupets & Hartmut Lehmann, 2008.
"Trade Liberalisation and Employment Effects in Ukraine,"
Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 50(2), pages 318-340, June.
- Atanas Christev & Olga Kupets & Hartmut Lehmann, 2005. "Trade Liberalisation and Employment Effects in Ukraine," CERT Discussion Papers 0506, Centre for Economic Reform and Transformation, Heriot Watt University.
- Christev, Atanas & Kupets, Olga & Lehmann, Hartmut, 2005. "Trade Liberalization and Employment Effects in Ukraine," IZA Discussion Papers 1826, Institute of Labor Economics (IZA).
- A. Christev & O. Kupets & H. Lehmann, 2005. "Trade Liberalization and Employment Effects in Ukraine," Working Papers 552, Dipartimento Scienze Economiche, Universita' di Bologna.
- repec:spo:wpecon:info:hdl:2441/10221 is not listed on IDEAS
- Demir, Firat, 2010.
"Exchange Rate Volatility and Employment Growth in Developing Countries: Evidence from Turkey,"
World Development, Elsevier, vol. 38(8), pages 1127-1140, August.
- Demir, Firat, 2010. "Exchange Rate Volatility and Employment Growth in Developing Countries: Evidence from Turkey," MPRA Paper 24477, University Library of Munich, Germany.
- Hua, Ping, 2007. "Real exchange rate and manufacturing employment in China," China Economic Review, Elsevier, vol. 18(3), pages 335-353.
- Nicolas Berman & Philippe Martin & Thierry Mayer, 2009.
"How do Different Exporters React to Exchange Rate Changes? Theory, Empirics and Aggregate Implications,"
Working Papers
2009-32, CEPII research center.
- Martin, Philippe & Mayer, Thierry & Berman, Nicolas, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," CEPR Discussion Papers 7493, C.E.P.R. Discussion Papers.
- Nicolas Berman & Philippe Martin & Thierry Mayer, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," Working Papers hal-00973027, HAL.
- Nicolas Berman & Philippe Martin & Thierry Mayer, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," SciencePo Working papers Main hal-00973027, HAL.
- Nicolas Berman & Philippe Martin & Thierry Mayer, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00973027, HAL.
- Thierry Mayer & Philippe Martin & Nicolas Berman, 2010. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," 2010 Meeting Papers 1338, Society for Economic Dynamics.
- Caglayan, Mustafa & Demir, Firat, 2014.
"Firm Productivity, Exchange Rate Movements, Sources of Finance, and Export Orientation,"
World Development, Elsevier, vol. 54(C), pages 204-219.
- Demir, Firat & Caglayan, Mustafa, 2012. "Firm Productivity, Exchange Rate Movements, Sources of Finance and Export Orientation," MPRA Paper 37397, University Library of Munich, Germany.
- Novella Bottini & Michael Gasiorek, 2009.
"Trade and Job Reallocation: Evidence for Morocco,"
Working Papers
492, Economic Research Forum, revised Jun 2009.
- Novella Bottini & Michael Gasiorek, 2009. "Trade and Job Reallocation: Evidence for Morocco," LIUC Papers in Economics 224, Cattaneo University (LIUC).
- Demir, Firat, 2013.
"Growth under exchange rate volatility: Does access to foreign or domestic equity markets matter?,"
Journal of Development Economics, Elsevier, vol. 100(1), pages 74-88.
- Demir, Firat, 2011. "Growth under Exchange Rate Volatility: Does Access to Foreign or Domestic Equity Markets Matter?," MPRA Paper 37398, University Library of Munich, Germany.
- Hideki Nishigaki, 2020. "Coping with Structural Weakness and EMU Citizen Support for the Euro: Opportunities for Change," Economics Bulletin, AccessEcon, vol. 40(4), pages 2755-2768.
- Mustafa Caglayan & Firat Demir, 2011. "Firm productivity, exchange rate movements, sources of finance and export orientationInventories and sales uncertainty," Working Papers 2011004, The University of Sheffield, Department of Economics, revised Feb 2011.
- Baumgarten, Daniel, 2010. "International Trade and Worker Turnover – Empirical Evidence for Germany," Ruhr Economic Papers 228, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
- Boris Kaiser & Michael Siegenthaler, 2016.
"The Skill‐biased Effects of Exchange Rate Fluctuations,"
Economic Journal, Royal Economic Society, vol. 0(592), pages 756-780, May.
- Boris Kaiser & Michael Siegenthaler, 2015. "The Skill-Biased Effects of Exchange Rate Fluctuations," KOF Working papers 15-385, KOF Swiss Economic Institute, ETH Zurich.
- Riccardo Magnani & Luca Piccoli & Martine Carré & Amedeo Spadaro, 2013.
"Would a euro's depreciation improve the French economy?,"
Working Papers
hal-01515823, HAL.
- Magnani, Riccardo & Piccoli, Luca & Carré, Martine & Spadaro, Amedeo, 2017. "Would a Euro's Depreciation Improve the French Economy?," IZA Discussion Papers 11094, Institute of Labor Economics (IZA).
- Lindenthal, Volker, 2018. "The Volatility and Cyclicality of Job Flows in German Exporters and Non-Exporters," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181637, Verein für Socialpolitik / German Economic Association.
- Ma, Hong & Qiao, Xue & Xu, Yuan, 2015. "Job creation and job destruction in China during 1998–2007," Journal of Comparative Economics, Elsevier, vol. 43(4), pages 1085-1100.
- Martin-Barroso, David & Nuñez-Serrano, Juan Andres & Turrion, Jaime & Velazquez, Francisco J., 2011. "The European Map of Job Flows," MPRA Paper 33602, University Library of Munich, Germany, revised 2011.
- Maliranta, Mika, 2001. "Productivity Growth and Micro-level Restructuring. Finnish experiences during the turbulent decades," Discussion Papers 757, The Research Institute of the Finnish Economy.
- Wacziarg, Romain & Wallack, Jessica Seddon, 2004.
"Trade liberalization and intersectoral labor movements,"
Journal of International Economics, Elsevier, vol. 64(2), pages 411-439, December.
- Wacziarg, Romain & Seddon, Jessica, 2000. "Trade Liberalization and Intersectoral Labor Movements," Research Papers 1652, Stanford University, Graduate School of Business.
- Daniel Baumgarten, 2010. "International Trade and Worker Turnover – Empirical Evidence for Germany," Ruhr Economic Papers 0228, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
- Dekle, Robert & Ryoo, Heajin H., 2007.
"Exchange rate fluctuations, financing constraints, hedging, and exports: Evidence from firm level data,"
Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 17(5), pages 437-451, December.
- Dekle, Robert & Ryoo, Heajin, 2003. "Exchange Rate Fluctuations, Financing Constraints, Hedging, and Exports: Evidence from Firm Level Data," CEI Working Paper Series 2003-13, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Heajin Ryoo & Robert Dekle, 2004. "Exchange Rate Fluctuations, Financing Constraints, Hedging, and Exports: Evidence from Firm Level Data," Econometric Society 2004 North American Winter Meetings 20, Econometric Society.
- Ligia Alba Melo & Carlos Andrés Ballesteros, 2013.
"Creación, destrucción y reasignación del empleo en el sector manufacturero colombiano,"
Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 15(28), pages 281-311, January-J.
- Ligia Alba melo B. & Carlos Adrés Ballesteros R, 2012. "Creación, destrucción y reasignación del empleo en el sector manufacturero colombiano," Borradores de Economia 699, Banco de la Republica de Colombia.
- Ligia Alba Melo B & Carlos Andrés Ballesteros R, 2012. "Creación, destrucción y reasignación del empleo en el sector manufacturero colombiano," Borradores de Economia 9407, Banco de la Republica.
- Claudia Buch & Martin Schlotter, 2013.
"Regional origins of employment volatility: evidence from German states,"
Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 40(1), pages 1-19, February.
- Claudia M. Buch & Martin Schlotter, 2008. "Regional Origins of Employment Volatility: Evidence from German States," CESifo Working Paper Series 2296, CESifo.
- Eiichi Tomiura, 2004. "Import Competition and Employment in Japan: Plant Startup, Shutdown and Product Changes," The Japanese Economic Review, Japanese Economic Association, vol. 55(2), pages 141-152, June.
- repec:spo:wpmain:info:hdl:2441/10221 is not listed on IDEAS
- Murat Üngör, 2009.
"De-industrialization of the Riches and the Rise of China,"
DEGIT Conference Papers
c014_040, DEGIT, Dynamics, Economic Growth, and International Trade.
- Murat Ungor, 2011. "De-industrialization of the Riches and the Rise of China," 2011 Meeting Papers 740, Society for Economic Dynamics.
- Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2010.
"Employment, exchange rates and labour market rigidity,"
NIPE Working Papers
2/2010, NIPE - Universidade do Minho.
- Alexandre, Fernando & Bação, Pedro & Cerejeira, João & Portela, Miguel, 2010. "Employment, Exchange Rates and Labour Market Rigidity," IZA Discussion Papers 4891, Institute of Labor Economics (IZA).
- Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2010. "Employment, exchange rates and labour market rigidity," GEMF Working Papers 2010-03, GEMF, Faculty of Economics, University of Coimbra.
- Nicolas Berman & Philippe Martin & Thierry Mayer, 2009.
"How do Different Exporters React to Exchange Rate Changes? Theory, Empirics and Aggregate Implications,"
Working Papers
2009-32, CEPII research center.
- Nicolas Berman & Philippe Martin & Thierry Mayer, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," SciencePo Working papers hal-00973027, HAL.
- Berman, Nicolas & Martin, Philippe & Mayer, Thierry, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," CEPR Discussion Papers 7493, C.E.P.R. Discussion Papers.
- Nicolas Berman & Thierry Mayer & Philippe Martin, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," Sciences Po publications 7493, Sciences Po.
- Nicolas Berman & Philippe Martin & Thierry Mayer, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," Working Papers hal-00973027, HAL.
- Nicolas Berman & Philippe Martin & Thierry Mayer, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00973027, HAL.
- Thierry Mayer & Philippe Martin & Nicolas Berman, 2010. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," 2010 Meeting Papers 1338, Society for Economic Dynamics.
- Hoekman & Bernard & Winters, L. Alan, 2005.
"Trade and employment : stylized facts and research findings,"
Policy Research Working Paper Series
3676, The World Bank.
- Bernard Hoekman & Alan L. Winters, 2005. "Trade and Employment: Stylized Facts and Research Findings," Working Papers 7, United Nations, Department of Economics and Social Affairs.
- repec:hal:wpspec:info:hdl:2441/10221 is not listed on IDEAS
- William D. Craighead & David R. Hineline, 2013.
"As the Current Account Turns: Disaggregating the Effects of Current Account Reversals in Industrial Countries,"
The World Economy, Wiley Blackwell, vol. 36(12), pages 1516-1541, December.
- William D. Craighead & David R. Hineline, 2011. "As the Current Account Turns: Disaggregating the Effects of Current Account Reversals in Industrial Countries," Wesleyan Economics Working Papers 2011-002, Wesleyan University, Department of Economics.
- Anubha Dhasmana, 2021. "Employment growth in the face of exchange rate uncertainty: The role of trade and foreign equity finance," Southern Economic Journal, John Wiley & Sons, vol. 88(1), pages 79-117, July.
- Stewart Ngandu, 2008. "Exchange Rates And Employment," South African Journal of Economics, Economic Society of South Africa, vol. 76(s2), pages 205-221, August.
- Peter W. Wright & Paulo Bastos, 2012.
"Exchange Rates and Wages in Unionized Labor Markets,"
ILR Review, Cornell University, ILR School, vol. 65(4), pages 975-999, October.
- Paulo Bastos & Peter Wright, 2010. "Exchange rates and wages in unionised labour markets," Discussion Papers 10/15, University of Nottingham, GEP.
- Szapáry, György, 2000. "Az árfolyamrendszer kiválasztása az átmenet országaiban az EMU-csatlakozás előtt [Choice of exchange-rate regime in transition countries before joining the EMU]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 951-961.
- Alejandro Micco & Carmen Pagés-Serra, 2004. "Protección del empleo y flujo bruto de puestos de trabajo: un enfoque de diferencias en diferencias," Research Department Publications 4366, Inter-American Development Bank, Research Department.
- Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2011.
"Employment and Exchange Rates: The Role of Openness and Technology,"
Open Economies Review, Springer, vol. 22(5), pages 969-984, November.
- Alexandre, Fernando & Bação, Pedro & Cerejeira, João & Portela, Miguel, 2009. "Employment and Exchange Rates: The Role of Openness and Technology," IZA Discussion Papers 4191, Institute of Labor Economics (IZA).
- Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2009. "Employment and exchange rates: the role of openness and technology," GEMF Working Papers 2009-08, GEMF, Faculty of Economics, University of Coimbra.
- Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2009. "Employment and Exchange rates: the Role of Openness and Technology," GEE Papers 0015, Gabinete de Estratégia e Estudos, Ministério da Economia, revised May 2009.
- Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2009. "Employment and exchange rates: the role of openness and technology," NIPE Working Papers 16/2009, NIPE - Universidade do Minho.
- Marc-Andreas Muendler, 2008.
"Trade and Workforce Changeover in Brazil,"
NBER Chapters, in: The Analysis of Firms and Employees: Quantitative and Qualitative Approaches, pages 269-308,
National Bureau of Economic Research, Inc.
- Muendler, Marc-Andreas, 2007. "Trade and Workforce Changeover in Brazil," University of California at San Diego, Economics Working Paper Series qt7dz2x536, Department of Economics, UC San Diego.
- Marc-Andreas Muendler, 2007. "Trade and Workforce Changeover in Brazil," NBER Working Papers 12980, National Bureau of Economic Research, Inc.
- Ergun Dogan & M. Qamarul Islam & Mehmet Yazici, 2018. "Real exchange rates and job flows: evidence from Turkey," Applied Economics, Taylor & Francis Journals, vol. 50(42), pages 4489-4499, September.
- Wang, Feicheng & Milner, Chris & Scheffel, Juliane, 2021. "Labour market reform and firm-level employment adjustment: Evidence from the hukou reform in China," Journal of Development Economics, Elsevier, vol. 149(C).
- Darvas, Zsolt & Szapáry, György, 1999. "A nemzetközi pénzügyi válságok tovaterjedése különböző árfolyamrendszerekben [The spread of international financial crises under various exchange-rate systems]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 945-968.
- repec:hal:cepnwp:hal-01515823 is not listed on IDEAS
- Ping HUA, 2005. "Real exchange rate and employment in the manufacturing sector in China," Working Papers 200528, CERDI.
- Daniel Baumgarten, 2015. "International trade and worker flows: empirical evidence for Germany," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 151(3), pages 589-608, August.
- John Haltiwanger & Adriana Kugler & Maurice Kugler & Alejandro Micco & Carmen Pages, 2004.
"Effects of tariffs and real exchange rates on job reallocation: evidence from Latin America,"
Journal of Economic Policy Reform,
Taylor & Francis Journals, vol. 7(4), pages 191-208.
- Haltiwanger, John & Kugler, Adriana & Kugler, Maurice & Micco, Alejandro & Pagés, Carmen, 2004. "Effects of tariffs and real exchange rates on job reallocation: evidence from Latin America," Discussion Paper Series In Economics And Econometrics 410, Economics Division, School of Social Sciences, University of Southampton.
- Ekholm, Karolina & Moxnes, Andreas & Ulltveit-Moe, Karen Helene, 2012.
"Manufacturing restructuring and the role of real exchange rate shocks,"
Journal of International Economics, Elsevier, vol. 86(1), pages 101-117.
- Ulltveit-Moe, Karen Helene & Ekholm, Karolina & Moxnes, Andreas, 2008. "Manufacturing Restructuring and the Role of Real Exchange Rate Shocks," CEPR Discussion Papers 6904, C.E.P.R. Discussion Papers.
- Ligia Melo & Carlos Ballesteros, 2014. "The impact of external factors on job creation and destruction in the Colombian manufacturing sector," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 81, pages 155-186, Julio - D.
- Purna Banerjee & C. Veeramani, 2019. "Export competitiveness, labour laws, and gender differences in job dynamics: Analysis of manufacturing industries across Indian States," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2019-035, Indira Gandhi Institute of Development Research, Mumbai, India.
- Ulltveit-Moe, Karen Helene & Moxnes, Andreas, 2010. "Product adjustments: A firm-level analysis of the impact of a real exchange rate shock," CEPR Discussion Papers 7923, C.E.P.R. Discussion Papers.
- Luigi Bonatti & Andrea Fracasso, 2012. "The costs of rebalancing the China-US co-dependency," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 120(1), pages 59-106.
- Italo Colantone, 2012. "Trade openness, real exchange rates and job reallocation: evidence from Belgium," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 148(4), pages 669-706, December.
- Zhang, Teng & Ouyang, Puman, 2018. "Is RMB appreciation a nightmare for the Chinese firms? An analysis on firm profitability and exchange rate," International Review of Economics & Finance, Elsevier, vol. 54(C), pages 27-43.
- Riccardo Magnani & Luca Piccoli & Martine Carré & Amedeo Spadaro, 2013. "Would a real depreciation of the euro improve the French economy?," DEA Working Papers 60, Universitat de les Illes Balears, Departament d'Economía Aplicada.
- Faria, Joao Ricardo & Leon-Ledesma, Miguel A., 2005. "Real exchange rate and employment performance in an open economy," Research in Economics, Elsevier, vol. 59(1), pages 67-80, March.
- Melo, Ligia & Ballesteros, Carlos, 2014. "Impacto de los factores externos sobre la creación y destrucción de empleo en el sector manufacturero colombiano," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue 81, pages 155-186, April.
- repec:hal:spmain:info:hdl:2441/10221 is not listed on IDEAS
- repec:zbw:rwirep:0228 is not listed on IDEAS
- Fernando Alexandre & Pedro Bação & João Cerejeira & Miguel Portela, 2017. "Exchange Rates, Employment and Labour Market Rigidity," The World Economy, Wiley Blackwell, vol. 40(5), pages 993-1011, May.