Union wage strategies and international trade

Article Abstract:

A study was conducted to characterize a set of international trade regimes for various combinations of wages in a two-country framework of oligopoly supporting a homogeneous product. The nature of any equilibrium trade was shown to be either one way or two-way based on union choices between high and low-wages schemes. Possible wage strategies of rival unions were also analyzed. Results indicated that the decline of trade costs correlated with a reduction in the range of values of the rival wage associated with one-way trade.

Economics, Research and Development in the Social Sciences and Humanities, Analysis, International trade, Wages, Wages and salaries, Oligopolies

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Rationality and the role of judgment in macroeconomic forecasting

Article Abstract:

Judgmental adjustments on the rationality of economic forecasts affected forecasting variations over time. Such adjustments made forecasts approach an unconditional mean. No substantial factors were observed in excess smoothness to account for positive autocorrelations in forecast changes. These changes indicated the impact of discretionary adjustments on time series properties. Output and inflation changes in non-judgmental forecasts displayed Phillips Curve behavior.

Research, Economic forecasting, Rational expectations (Economics), Phillips curve

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