Journal Article
Real trade-weighted value of the dollar holds, despite fall against the yen and mark
Gould, David M. (1995-05)
Southwest Economy , Issue May , Pages 7

Journal Article
Income taxes as reciprocal tariffs
Ruffin, Roy J.; Gould, David M.; Cox, W. Michael (1998-07)
This article shows the equivalence between tariffs on international trade and income taxation. Traditionally, income taxes have been seen as lowering society's output through the household's labor-leisure trade-off. Income taxes also reduce the degree to which individuals specialize in market activity, which is similar to the way countries respond to tariffs in international trade. Income taxes discourage individuals from specializing in activities that reflect their comparative advantage. In so doing, income taxes may have their most distorting effects, not by encouraging individuals to ...
Economic and Financial Policy Review , Issue Q III , Pages 2-9

Journal Article
What's behind those yen-dollar swings
Gould, David M.; Burchfiel, Michelle (1996-05)
Southwest Economy , Issue May , Pages 10

Working Paper
Income taxes as reciprocal tariffs
Ruffin, Roy J.; Gould, David M.; Cox, W. Michael (1993)
Working Papers , Paper 9336

Working Paper
Retaliation, liberalization, and trade wars: the political economy of nonstrategic trade policy
Gould, David M.; Woodbridge, Graeme L. (1993-07-01)
In this paper, we examine the dynamic process behind protection, retaliation, and trade wars. Consistent with empirical evidence on the development of trade policies, we model policy decisions as an outcome of political contests within two trading nations, rather than as an outcome of a strategic game between two governments. Uncertainty about the incidence and success of retaliation yields a dynamic political equilibrium in which one country imposes a tariff that increases gradually over time. Eventually, the cost of the tariff to the other country's exporting interests induces retaliation. ...
Working Papers , Paper 9329

Working Paper
Does the choice of nominal anchor matter?
Gould, David M. (1999)
The conventional wisdom on nominal anchors is that exchange rate-based inflation stabilizations lead to economic booms while monetary-based stabilizations lead to recessions. This study finds strong evidence against this view. Rather than determining the path of economic growth, the choice of nominal anchor appears to be endogenously determined by the state of the economy. To peg or manage the exchange rate, a high level of international reserves is important, especially when a government's credibility is low after a period of high inflation. After controlling for the level of ...
Center for Latin America Working Papers , Paper 0499

Journal Article
The Mexican economy snaps back
Gould, David M.; Zarazaga, Carlos E.; Gruben, William C. (1997-03)
Southwest Economy , Issue Mar , Pages 9-10

Journal Article
Mexico's crisis: looking back to assess the future
Gould, David M. (1995-04)
Mexico's most recent economic crisis took many in the international business community by surprise. In early December 1994, the Blue Chip consensus forecast for 1995 Mexican real GDP growth was 3.8 percent. A few weeks later, on December 20, the devaluation of the Mexican peso rocked international financial markets. What first appeared to be a minor correction in Mexico's nominal exchange rate quickly developed into a broader financial crunch felt in and outside Mexico. The Mexican government now expects the country's real GDP to fall about 3 percent in 1995; some private economists suggest ...
Economic and Financial Policy Review , Issue Q II , Pages 2-12

Journal Article
Has NAFTA changed North American trade?
Gould, David M. (1998-01-01)
The controversy over the success or failure of NAFTA is now bleeding over into discussion about the benefits of extending the trade accord to other countries in the Western Hemisphere. The NAFTA debate has typically focused on its impact on employment. But to understand the overall economic effects of NAFTA, it is important to first determine its impact on trade. In this article, David Gould explores NAFTA's effects on North America's trading patterns since its implementation in 1994. He finds that although it is difficult to distinguish any effect of NAFTA on trade between Canada and ...
Economic and Financial Policy Review , Issue Q 1 , Pages 12-23

Journal Article
What determines economic growth?
Ruffin, Roy J.; Gould, David M. (1993-04)
Does increased investment in education enhance long-run economic growth, or does it simply reduce current consumption? Will free trade stimulate growth, or will it merely increase imports? ; For a long time, economists relied on an economic growth theory that offered little scope for understanding long-run growth movements. Recently, however, the study of economic growth has been reinvigorated by new developments in theory and empirical findings that suggest how long-run growth evolves. ; Because economic growth determines whether our grandchildren will have better lives than ours or whether ...
Economic and Financial Policy Review , Issue Apr , Pages 25-40