Shadow Prices for Project Evaluation Under Alternative Macroeconomic Specifications
认为项目是对均衡经济的扰动，考察在不同均衡恢复机制下项目评估的影子价格，发现政府调整外汇储备时影子价格与标准手册一致，而调整国内支出或关税时则不同。
This paper takes the view that a project is a disturbance to an economy in equilibrium, and examines the shadow prices for project evaluation under alternative assumptions about how equilibrium is restored. When the government reacts by altering its foreign exchange reservesâ€âa nondistortionary adjustment mechanismâ€âthe shadow prices coincide with those advocated in the manuals on social cost-benefit analysis. However, if the government adjusts its domestic expenditures or tariff rates, the shadow prices will differ from those of the manuals, except insofar as the relative shadow prices of tradeables remain their relative border prices.