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We extend the Jones (1971) analysis of the effects of distortions in 2×2 trade models to the case of a two-sector dynamic general equilibrium model of a small open economy with capital accumulation. We do a comparative steady state analysis for the effect of policy changes on factor prices and the capital stock, and examine the dynamics of the system in the neighborhood of the steady state. We also show that the system will have multiple equilibria when value and physical factor intensity rankings of the sectors do not agree.

Purpose – This chapter examines how preferential liberalization between a pair of countries affects the terms of trade and welfare of the liberalizing countries and on the rest of the world (ROW). We adopt a model with symmetric countries that generalizes previous work by relaxing assumptions on functional forms, which allows for the possibility that exports of member countries are complements for exports of the ROW.

Methodology/approach – This chapter uses general equilibrium welfare analysis for a three-country trade model.

Findings – We show that Kemp–Wan tariff adjustments require a decrease (increase) in the external tariff of members in a preferential trade agreement to accompany internal liberalization in the neighborhood of internal free trade when member goods are substitutes (complements) for non-member goods. However, the adjustment path of the external tariff to reductions in the internal tariff could be non-monotonic when preferences are not of the CES type.

Practical implications – Our results are of interest for the design of rules for multilateral trade agreements with respect to preferential liberalization, since they indicate how tariffs must be adjusted to eliminate negative impacts on non-member countries.

We survey several of the theoretical models that have been applied to the analysis of the GATT/WTO dispute settlement process. These include repeated game models, which emphasize the punishment aspect of dispute settlement, and incomplete contracting models, which emphasize the “gap-filling” aspect. Our analysis emphasizes the implications of these models for the strengthening of the dispute settlement process under the WTO and for its application to the TRIPS agreement. We also discuss how models of settlement bargaining can be applied to obtain empirical predictions about which cases will actually proceed to an actual finding by the dispute panel.

Long-term interest rates of small open economies (SOE) correlate strongly with the USA long-term rate. Can central banks in those countries decouple from the United States? An estimated Dynamic Stochastic General Equilibrium (DSGE) model for the UK (vis-á-vis the USA) establishes three structural empirical results: (1) Comovement arises due to nominal fluctuations, not through real rates or term premia; (2) the cause of comovement is the central bank of the SOE accommodating foreign inflation trends, rather than systematically curbing them; and (3) SOE may find themselves much more affected by changes in USA inflation trends than the United States itself. All three results are shown to be intuitive and backed by off-model evidence.

This chapter argues the importance of ritualised family occasions in the moral economy of intergenerational families. The chapter draws on 34 semi-biographical interviews with 13 men and 21 women aged 20–90, focussing on stories about troubled or failed rituals. The analysis shows that family members depend on the support and recognition of each other to maintain their moral identities. Ritualised occasions work as magnifying glasses, focussing and intensifying the ongoing relationship work, and forcing family members to take stock and signpost the state of their social bond, and as cultural reference points, providing a window into normative expectations of how parents and adult children should perform relatedness.

Recent scholarship has focused on the schooling experiences of Black boys in early childhood; however research on the experiences and outcomes of Black girls in early childhood remains virtually nonexistent. More research is needed to ensure that every Black girl excels in early childhood education. Through three reflections from Black early educators, written iteratively through a process of reflection, discussion, writing, and revision, this chapter highlights aspects of Black girls' schooling that can promote Black girls' rapidly developing social, emotional, regulatory, and moral capacities. Within each reflection, the educator's advance our understanding of culturally relevant pedagogy by showing how educators can “teach to and through” Black girls’ funds of knowledge. Additionally, the reflections highlight the powerful role schools play in the lives of Black girls, underscoring the need to more deeply investigate teacher's perceptions of Black girls in addition to the positive and the negative policies and practices enacted in classrooms. The chapter concludes with critical and timely recommendations for research, practice, and policy.