Steven Husted
University of Pittsburgh, Economics, Emeritus
The authors would like to thank James Kenkel, Jeffrey Frankel, and Paul Wachtel for several helpful comments, and Pat Suozzi for assistance in collecting much of the data used in this study. The suggestions of two anonymous referees led... more
The authors would like to thank James Kenkel, Jeffrey Frankel, and Paul Wachtel for several helpful comments, and Pat Suozzi for assistance in collecting much of the data used in this study. The suggestions of two anonymous referees led to substantial changes which ...
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In the past two decades, considerable progress has been made in studying the eco-nomic relationships between countries through the linkage of large-scale national econometric models. Examples of these proj-ects include Project Link, the... more
In the past two decades, considerable progress has been made in studying the eco-nomic relationships between countries through the linkage of large-scale national econometric models. Examples of these proj-ects include Project Link, the RDX2-MPS experiments of the Bank of ...
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Modeling the determinants of long-run, or equilibrium, exchange rates is currently extremely fashionable.1 In many ways this work has been inspired by recent developments in the time series literature, rather than any new theoretical... more
Modeling the determinants of long-run, or equilibrium, exchange rates is currently extremely fashionable.1 In many ways this work has been inspired by recent developments in the time series literature, rather than any new theoretical interest in the determinants of long-run exchange rates. Nevertheless, this work is interesting since, in summary form, it suggests that sensible long-run relationships can be derived, particularly when the span of the data is increased from the recent floating period to a period encompassing around one hundred years of annual data.2 By sensible long-run relationships we mean, for example, when a researcher conditions an exchange rate on relative prices she finds that the exchange rate is homogeneous with respect to relative prices and that the adjustment to equilibrium, following a disturbance, takes around eight years to complete. One key problem, though, in extending the data span on an historical basis is that it may expose the investigated relationship to destabilizing regime changes. Also, for relationships which involve price indices (and indeed non-indexed variables) it is not clear how homogeneous these are over long historical periods in which the underlying basket must have changed dramatically.
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Abstract-The monetary approach to exchange rate determi-nation (MAER) has served as a theoretical workhorse in open economy macroeconomics, yet empirical evidence concerning its validity is mixed: tests based on structural forms of the... more
Abstract-The monetary approach to exchange rate determi-nation (MAER) has served as a theoretical workhorse in open economy macroeconomics, yet empirical evidence concerning its validity is mixed: tests based on structural forms of the model are typically negative, while cross-...
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ABSTRACT This paper uses a stochastic frontier production‐function model to measure and compare productivity efficiency in the manufacturing sector of states in the United States over the period 1959–1972. Based on this model we find... more
ABSTRACT This paper uses a stochastic frontier production‐function model to measure and compare productivity efficiency in the manufacturing sector of states in the United States over the period 1959–1972. Based on this model we find considerable variations in productive efficiency across states. A large portion of the variation is found to be related to regional differences in labor‐force characteristics, levels of urbanization and industrial structure. We also examine the relationship between productive efficiency and the subsequent growth of manufacturing and find some evidence of a weak relationship between efficiency and the growth of employment.
Research Interests: Human Geography, Economics, Economic Geography, Regional Science, Productivity, and 10 moreUrban And Regional Planning, Urbanization, Applied Economics, Production economics, Stochastic Frontier Analysis, Frontier, Technical Efficiency of crop production, Manufacturing Sector, Production Efficiency, and productive efficiency
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REFERENCES Beveridge, Stephen, and Charles R. Nelson, "A New Ap-proach to Decomposition of Economic Time Series into Permanent and Transitory Components with Par-ticular Attention to Measurement of the... more
REFERENCES Beveridge, Stephen, and Charles R. Nelson, "A New Ap-proach to Decomposition of Economic Time Series into Permanent and Transitory Components with Par-ticular Attention to Measurement of the Business Cy-cle," Journal of Monetary Economics 7 (Mar. 1981), ...
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Over the period of 1995-2005 an increasing number of differentiated products have been exported from developing countries, and much of the growth in world trade at the extensive margin has come from these countries. Leading examples of... more
Over the period of 1995-2005 an increasing number of differentiated products have been exported from developing countries, and much of the growth in world trade at the extensive margin has come from these countries. Leading examples of this type of trade expansion, both in terms of products and new markets, have been two groups of dynamic economies known collectively as the BRICs (Brazil, Russia, India, and China) and the MINTs (Mexico, Indonesia, Nigeria,and Turkey). Using bilateral trade data of 129 countries over 144 products, we study the determinants of the success of these countries in expanding market access at the product level. We estimate a logit model based on the heterogeneous-Â…rm model at the product level for each year and fiÂ…nd evidence that BRIC and MINT country success in accessing foreign markets is due to productivity growth of industries, probably engendered by firm-level technological advance of existing fiÂ…rms or entry of foreign Â…firms that have begun to produce in and export from those countries.
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... Steven Husted † ... Ethiopia, Estonia (*), Finland (*), France (*), Gabon, Georgia, Gambia, Germany (*), Ghana, Kiribati, Greece (*), Grenada, Guatemala, Guinea, Guyana, Honduras, Hong Kong (*), Hungary (*), Iceland (*), Indonesia,... more
... Steven Husted † ... Ethiopia, Estonia (*), Finland (*), France (*), Gabon, Georgia, Gambia, Germany (*), Ghana, Kiribati, Greece (*), Grenada, Guatemala, Guinea, Guyana, Honduras, Hong Kong (*), Hungary (*), Iceland (*), Indonesia, Iran, Ireland (*), Israel (*), Italy (*), Côte d ...
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This paper examines the e¤ects of trade frictions, including tari¤s and a variety of factors that raise trade costs, on export market access at the product level and, in particular, the role these frictions have on the ability of... more
This paper examines the e¤ects of trade frictions, including tari¤s and a variety of factors that raise trade costs, on export market access at the product level and, in particular, the role these frictions have on the ability of developing countries to access world markets. We …nd that a variety of trade frictions do serve to limit market access. We …nd distance and e¢ ciency in trade facilitation are signi…cant determinants of the probability of success in entering foreign markets. We examine whether there are any systematic development-related biases from these frictions that further limit market access for exporters from developing countries. Our results suggest that developing countries are not di¤erentially impacted by these factors. In the spirit of an earlier study by Markusen and Wigle (1990), we also conduct a series of counterfactual exercises to see the impact of signi…cant reductions in trade frictions on developing country market access. In contrast to their results, our …ndings show that reductions in tari¤s do not greatly improve the number of new markets for developing countries. Our results suggest a traditional recommendation to resolve the market access problem for developing countries: expansion and diversi…cation of the industrial base and productivity improvements in the handling of exports. Both are vital preconditions to increasing the number of export markets.
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In a recent issue of this Journal, Besedeš and Prusa (BP) provide a study of the duration of bilateral trade relationships at the product and industry level in the U.S. import market between 1972 and 2001 with interesting and somewhat... more
In a recent issue of this Journal, Besedeš and Prusa (BP) provide a study of the duration of bilateral trade relationships at the product and industry level in the U.S. import market between 1972 and 2001 with interesting and somewhat surprising conclusions. They report that “[I]t is...common to observe short-lived trade relationships wherein a country trades a product for a few years and then stops. More than half of all trade relationships are observed for a single year and approximately 80 % are observed for less than five years. ” BP go on to state that product aggregation within a given industry does not overturn their findings of short-lived trading relationships. They find that “[D]espite the higher degree of aggregation, the median survival time for SITC data is only two to three years.” In concluding, BP raise several questions which they deem – and we agree – to be important: 1. “What happens when a country stops exporting a particular product? Does it switch to similar pr...
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This paper examines the e¤ects of trade frictions on export market access at the product level and the role these frictions have on the ability of developing countries to access world markets. We
nd distance and trade frictions are... more
This paper examines the e¤ects of trade frictions on export market access at the product level and the role these frictions have on the ability of developing countries to access world markets. We
nd distance and trade frictions are determinants of the probability of success in entering foreign markets. We examine whether there are any systematic biases from these frictions that further limit market access for exporters from developing countries. Our results suggest that developing countries are not di¤erentially impacted by these factors.
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In the past two decades, considerable progress has been made in studying the economic relationships between countries through the linkage of large-scale national econometric models. Examples of these projects include Project Link, the... more
In the past two decades, considerable progress has been made in studying the economic relationships between countries through the linkage of large-scale national econometric models. Examples of these projects include Project Link, the RDX2-MPS experiments of the Bank of Canada, and the multicountry model of the Federal Reserve Board. While these models tell us much, they typically suffer from several important problems. First, the linkages are often incomplete. In some cases the separate country models may only be linked via the trade accounts. Or, if capital and factor flows are considered, they are modeled in only a highly aggregated fashion. Second, as Ray Fair (1979) has noted, no model does an adequate job of linking the underlying sectoral flows of funds accounts with the national income accounts. Therefore, in the interest of modeling aggregate relationships, underlying balance sheet constraints may be violated or ignored. This could have, Fair argues, important consequences ...
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Fama, Eugene F., Forward and spot exchange rates 3! 9 Farmer, Roger EA, Bursting bubbles: On the rationality of hyperinflations in op~ imazing models 20 Fethke, Gary and Andrew" Policano, Wage~: ontingencies, the pattern of negotiation and aggregate implications of alternative contract structures...more
... Steven Husted † ... Ethiopia, Estonia (*), Finland (*), France (*), Gabon, Georgia, Gambia, Germany (*), Ghana, Kiribati, Greece (*), Grenada, Guatemala, Guinea, Guyana, Honduras, Hong Kong (*), Hungary (*), Iceland (*), Indonesia,... more
... Steven Husted † ... Ethiopia, Estonia (*), Finland (*), France (*), Gabon, Georgia, Gambia, Germany (*), Ghana, Kiribati, Greece (*), Grenada, Guatemala, Guinea, Guyana, Honduras, Hong Kong (*), Hungary (*), Iceland (*), Indonesia, Iran, Ireland (*), Israel (*), Italy (*), Côte d ...
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REFERENCES Beveridge, Stephen, and Charles R. Nelson, "A New Ap-proach to Decomposition of Economic Time Series into Permanent and Transitory Components with Par-ticular Attention to Measurement of the... more
REFERENCES Beveridge, Stephen, and Charles R. Nelson, "A New Ap-proach to Decomposition of Economic Time Series into Permanent and Transitory Components with Par-ticular Attention to Measurement of the Business Cy-cle," Journal of Monetary Economics 7 (Mar. 1981), ...