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Ta-Chung Liu

THE NATIONAL SECURITY program of the United States, as outlined in the July 1951 report of the President’s Council of Economic Advisers, envisaged that total defense expenditures would reach, at mid-1952, an annual rate of about 19 per cent of gross national product, which was expected to be at the level of $345 billion (in terms of prices in the first half of 1951). The probable level of civilian employment in the United States, when the current program reaches its planned “peak,” is obviously of direct importance to the stabilization policies not only of the United States but also of other nations. An estimate of this level is provided by an analysis of the relationships between output and employment in the United States during the past two decades—for the economy as a whole and, as far as possible, for important industrial divisions.1

International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper analyzes monetary policy and financial cycles; the evolution of macroprudential policies in Korea; the efficacy in prudential policies in taming financial excess and building financial resilience and; the interaction between monetary policy and macroprudential policies. Evidence for Korea suggests that financial stability will not necessarily materialize as a natural by-product of a so-called appropriate monetary policy stance. Although the effects of monetary and macroprudential instruments may overlap, they are not perfect substitutes. Macroprudential policies can also impact the banking system by affecting bank funding costs through the net interest margin. In certain circumstances borrower-based prudential measures and monetary policy can complement one another. Macroprudential policies can impact banks profitability. Policymakers should be mindful that macroprudential policy is not free of costs and that there may be trade-offs between the stability and the efficiency of financial systems.
International Monetary Fund
In this study, quantitative, industry-level measures of the intensity of competition are measured. Various methodologies and data used for measuring competition are also discussed. The level of intensity is also compared. The following statistical data are also presented in detail: gross fixed capital formation, selected price indicators, labor force, employment and unemployment, wages, labor productivity, and unit labor costs, property market developments, monetary indicators, equity price developments, revenue, exchange fund balance sheet, loans and advances by type, GDP by sector at current prices, and so on.
International Monetary Fund
This paper analyzes a broad range of price and nonprice indicators to assess developments in the international competitiveness of the French economy during the 1980s and early 1990s. The paper provides a brief review of conceptual issues concerning the competitiveness indicators used in this study. Developments in conventional price- and cost-based indicators, both at the aggregate and bilateral levels, are reported. The paper discusses additional price- and quantity-based measures of competitiveness, and also examines the labor market dynamics and economic policy of France.
International Monetary Fund
This Selected Issues paper examines the behavior of savings and investment from an Asian and Singaporean perspective. It builds and estimates two econometric models that relate savings and investment to a range of macroeconomic and structural variables. The paper examines the relationship between labor market developments and private consumption behavior, and notes that employment uncertainty did have a significant negative impact on consumption and raised precautionary savings. It also examines quantitative, industry-level measures of the intensity of domestic competition in the manufacturing and services sectors during the past two decades in Singapore.
International Monetary Fund. European Dept.
This paper analyzes a very large database of corporate financial statements and ownership information published by Bureau van Dyck, to compare the profitability of German-owned firms located in Germany with that of German-owned firms located outside of Germany. The study relies on data for all nonfinancial, nonmining firms in the Orbis universe that are incorporated in a European country, have average annual sales of at least USD 25 million during 2006–2014, and have financial information available for each year during that period. Orbis coverage is generally considered to be good for continental European countries. For Germany, the coverage in our raw data is between 45 and 55 percent of total sales, using data published in Deutsche Bundesbank (2016) as a reference. The pattern in nonmanufacturing nonretail/wholesale sectors broadly follows that of manufacturing. The only difference is that German-owned firms that are not part of a multinational group are less profitable than their multinational peers, at least in the balanced sample.
International Monetary Fund
This study estimates quantitative, industry-level measures of the intensity of competition and also discusses various methodologies and data used for measuring competition. The following data are also included in the study: gross fixed capital formation, selected price indicators, labor force, employment, and unemployment, property market development, public expenditure by function, monetary indicators, balance sheet of all authorized institutions, equity price developments, exchange fund balance sheet, wages, labor productivity, public expenditure by function, revenue, government expenditure under the general revenue account, and so on.
International Monetary Fund
Using Chilean data, we document that for resource-rich small open economies the effects of terms of trade shocks on the wage gap (between skilled and unskilled workers) depend on factor intensities in the non-tradable sector, following the model in Galiani, Heymann, and Magud (2010). For a skilled-intensive non-tradable sector we show that improvements in the terms of trade benefit skilled workers. We also show that this relation holds at the industry level: the wage gap widens in skilled-intensive sectors while it shrinks in unskilled-intensive ones, the more so as terms of trade volatility decreases.
International Monetary Fund
We show in the context of a new economic geography model that when labor is heterogenous trade liberalization may lead to industrial agglomeration and interregional trade. Labor heterogeneity gives local monopoly power to firms but also introduces variations in the quality of the job match. Matches are likely to be better when there are more firms and workers in the local market, giving rise to an agglomeration force that can offset the forces against trade costs and the erosion of monopoly power. We derive analytically a robust agglomeration equilibrium and illustrate its properties with numerical simulations.
Mr. A. Dalmazzo and Mr. Guido De Blasio
The paper provides a quantitative assessment of social returns to education in Italy. It shows that, after controlling for individual characteristics, local average human capital is positively correlated with individual wages, with estimated social returns between 2 and 3 percent. This result is robust to alternative estimation methods and does not seem to depend on endogenous sorting. The paper also shows that social returns are higher in the lagged areas of the south of Italy.