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J. Peter Neary
Professor of Economics, Department of Economics, University of Oxford


Peter Neary



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Brief Biography

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Peter Neary is Professor of Economics at Oxford University and a Professorial Fellow of Merton College. He has also held full-time positions at Trinity College Dublin and at University College Dublin where he was Professor of Political Economy from 1980 to 2006. He is currently on full-time research leave, funded by an Advanced Grant from the European Research Council.

Born in 1950 in Drogheda, Ireland, Peter Neary was educated at University College Dublin and Oxford, where he completed his D.Phil. in 1978. He has been a post-doctoral Visiting Scholar at MIT and a Visiting Professor at Princeton, Berkeley, Queen's University (Kingston, Ontario), the University of Ulster at Jordanstown, and the Ecole Polytechnique, Paris. He was an editor of the European Economic Review from 1986 to 1990 and has served on a number of other editorial boards. He was President of the European Economic Association in 2002, and played a leading role in establishing the Journal of the European Economic Association. He has lectured widely, including the 2002 Ohlin Lectures at the Stockholm School of Economics and the 2008-2009 Graham Lecture at Princeton.

Measuring the Restrictiveness of International Trade Policy by Jim Anderson and Peter Neary was published by MIT Press in 2005. Peter Neary has also edited three other books and published over a hundred professional papers. His main research field is international trade theory, where he has worked on short- to long-run adjustment, the economics of resource-rich economies (especially the "Dutch Disease"), trade and industrial policy, and the implications of imperfect competition (especially oligopoly) for trade and globalisation, among other topics. He has also written on consumer theory (including rationing and index numbers), industrial organisation (including the economics of research and development), and macroeconomics (including international macro theory and Irish economic policy). See below for his selected publications, current research interests and unpublished papers.

In addition to his full-time position in Oxford, he is a Research Fellow of the Centre for Economic Policy Research. Other professional activities and honours include the following:

For more biographical details, see his full c.v., or click here for a less formal account.


Current Research Interests

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Superstar Firms in the Global Economy

This is the topic of my ERC-funded research project. It encompasses ongoing work on the three next topics, as well as research on heterogeneous firms:

(M. Mrázová and J.P. Neary) "Together at Last: Trade Costs, Demand Structure, and Welfare," January 2014; forthcoming in American Economic Review, Papers and Proceedings, May 2014. [Slides]

(M. Mrázová and J.P. Neary) "Not so Demanding: Preference Structure, Firm Behavior, and Welfare," December 2013.

(M. Mrázová and J.P. Neary) "Selection Effects with Heterogeneous Firms," December 2011, revised July 2013. [Oxford Discussion Paper] [CEPR Discussion Paper]

"Two and a Half Theories of Trade," The World Economy, 33:1, January 2010, 1-19. [Published version] [CEPR Discussion Paper No. 7600]


Oligopoly in General Equilibrium

One of my principal current research interests is oligopoly in general equilibrium, and its implications for a variety of issues in trade and competition policy. For non-technical introductions to this approach, see:

"The road less travelled: Oligopoly and competition policy in general equilibrium ", in R. Arnott, B. Greenwald, R. Kanbur and B. Nalebuff (eds.): Economics for an Imperfect World: Essays in Honor of Joseph E. Stiglitz, MIT Press, 2003.

"Globalisation and market structure", Journal of the European Economic Association, 1:2-3, April-May 2003, 245-271. [JSTOR]

"Competitive versus comparative advantage", The World Economy, 26:4, April 2003, 457-470.


The underlying theory is set out here:

"International trade in general oligopolistic equilibrium," June 2002, latest revision February 2009.


Two relatively recent papers extend the theory in various directions:

(C. Eckel and J.P. Neary) "Multi-Product Firms and Flexible Manufacturing in the Global Economy," Review of Economic Studies, 77:1, January 2010, 188-217. [Published version] [CEPR Discussion Paper No. 5941]

(J.P. Neary and J. Tharakan) "International Trade with Endogenous Mode of Competition in General Equilibrium," Journal of International Economics, 86:1, January 2012, 118-132. [Published version] [CEPR Discussion Paper No. 5943]


For applications to the "trade and wages" debate, concerning the impact of technology and trade on the relative wages of skilled and unskilled workers, see:

"Foreign competition and wage inequality", Review of International Economics, 10:4, November 2002, 680-693.

"Competition, trade and wages", in D. Greenaway, R. Upward and K. Wakelin (eds.): Trade, Investment, Migration and Labour Market Adjustment, Basingstoke: Palgrave Macmillan, 2002, 28-46.


Foreign Direct Investment

A related current interest is the theory of foreign direct investment, both the "greenfield" case (where firms construct new plants in foreign countries) and the much less studied case of cross-border mergers and acquisitions.

"Trade costs and foreign direct investment, International Review of Economics and Finance, 18:2, March 2009, 207-218. [Published version]

"Cross-border mergers as instruments of comparative advantage," Review of Economic Studies, 74:4, October 2007, 1229-1257. [Published Version]

"Foreign direct investment and the single market", The Manchester School, 70:3, June 2002, 291-314.


Strategic Trade and Industrial Policy

Dermot Leahy and I have written on various aspects of strategic trade and industrial policy, in both closed and open economies, with applications to R&D policy, learning by doing, and research joint ventures. Papers include:

(D. Leahy and J.P. Neary) "Multilateral subsidy games", Economic Theory, 41:1, October 2009, 41-66. [Published version]

(D. Leahy and J.P. Neary) "Absorptive capacity, R&D spillovers and public policy," International Journal of Industrial Organisation, 25:3, October 2007, 1089-1108. [Published version]

(D. Leahy and J.P. Neary) "Symmetric research joint ventures: Cooperative substitutes and complements", International Journal of Industrial Organisation, 23:5-6, June 2005, 381-397.

(J.P. Neary and D. Leahy) "Revenue-constrained strategic trade and industrial policy", Economics Letters, 82:3, March 2004, 409-414.

(D. Leahy and J.P. Neary) "Robust rules for industrial policy in open economies", Journal of International Trade and Economic Development, 10:4, December 2001, 393-409.

(J.P. Neary and D. Leahy) "Strategic trade and industrial policy towards dynamic oligopolies," Economic Journal, 110, April 2000, 484-508. [JSTOR]


For a policy-oriented overview of some of this work, see:

"R&D in developing countries: What should governments do?," in P.-A. Muet and J.E. Stiglitz (eds.): Governance, Equity and Global Markets: The Annual Bank Conference on Development Economics - Europe, Oxford: Oxford University Press, 2001; French translation: "Recherche-developpement dans les pays en developpement: que devraient faire les gouvernements?", Revue d'Economie du Developpement, 8:1-2, June 2000, 215-226.


Measuring the Restrictiveness of Trade Policy

Jim Anderson of Boston College and I have developed true index numbers which provide welfare-theoretic measures of the restrictiveness of international trade policy. The Trade Restrictiveness Index (TRI) is defined as the uniform tariff which would yield the same level of welfare as a given set of non-uniform tariffs and quotas. The Mercantilist Trade Restrictiveness Index (MTRI) is defined as the uniform tariff which would yield the same level of imports as the initial trade restrictions. Our 2005 book sets out the underlying theory and shows how our approach can be applied in practice:

(J.E. Anderson and J.P. Neary) Measuring the Restrictiveness of International Trade Policy, Cambridge, Mass.: MIT Press, 2005.

These ideas were first introduced in our published papers, especially:

(J.E. Anderson and J.P. Neary) "A new approach to evaluating trade policy," Review of Economic Studies, 63:1, January 1996, 107-125.

(J.E. Anderson and J.P. Neary) "The mercantilist index of trade policy", International Economic Review, 44:2, May 2003, 627-649.

A computer program to calculate the TRI and MTRI for a particular computable general equilibrium model is maintained by Jim Anderson. Check Jim's home page for details. For an alternative approach to estimating the indices, see the work of Marcelo Olarreaga, Alessandro Nicita and Hiau Looi Kee here.


In tandem with this project, we have extended the theory of trade policy reform in a number of directions. See for example:

(J.E. Anderson and J.P. Neary) "Welfare versus market access: The implications of tariff structure for tariff reform," Journal of International Economics, 71:1, March 2007, 187-205. [Published version]

"Simultaneous Reform of Tariffs and Quotas," Review of International Economics, 15:1, February 2007, 37-44. [Published version]


International Comparisons of Real Income

For details, go to the GAIA homepage.


Miscellaneous

I also work on economic geography, trade and the environment, and other topics. Click here for a list of my current working papers.


Unpublished Research Papers

Click on highlighted titles to view the abstract and a pdf version of each paper. (Click here to find out about "pdf".) If you have difficulty down-loading these, email me at peter.neary@economics.ox.ac.uk and I will post you a hard copy.

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(M. Mrázová and J.P. Neary) "Together at Last: Trade Costs, Demand Structure, and Welfare," January 2014; forthcoming in American Economic Review, Papers and Proceedings, May 2014. [Slides]

(M. Mrázová and J.P. Neary) "Not so Demanding: Preference Structure, Firm Behavior, and Welfare," December 2013.

(J.E. Anderson and J.P. Neary) "Revenue Tariff Reform," December 2013.

(M. Mrázová and J.P. Neary) "Selection Effects with Heterogeneous Firms," December 2011, revised July 2013. [Oxford Discussion Paper] [CEPR Discussion Paper]

(B. Javorcik, J.P. Neary, C. Eckel and L. Iacovone) "Multi-Product Firms at Home and Away: Cost- Versus Quality-Based Competence," December 2010, revised December 2013. [CEPR Discussion Paper]

"International trade in general oligopolistic equilibrium," June 2002, revised February 2009.


You can also access my Oxford working papers here, my CEPR working papers here, and my REPEC working papers here.



Writings on Economic Policy and the Economics Profession

Click on highlighted titles to view a pre-publication pdf version. For copyright reasons, this is not identical to the published version. (Click here to find out about "pdf".) If you have difficulty down-loading these, email me at peter.neary@economics.ox.ac.uk and I will post you a hard copy.

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Economic Policy

"Comments" on: "Television in a Digital Age: What Role for Public Service Broadcasting?" by Shaun P. Hargreaves Heap, Economic Policy, 2005.

"Europe on the road to Doha: Towards a new global trade round?", CESifo Economic Studies, 50:2, Summer 2004, 319-332.

"R&D in developing countries: What should governments do?", in P.-A. Muet and J.E. Stiglitz (eds.): Governance, Equity and Global Markets: The Annual Bank Conference on Development Economics - Europe, Oxford: Oxford University Press, 2001; French translation: "Recherche-developpement dans les pays en developpement: que devraient faire les gouvernements?", Revue d'Economie du Developpement, 8:1-2, June 2000, 215-226.

"The European Union Stability Pact and the case for European Monetary Union," Economic Outlook and Business Review, Belfast: First Trust Bank, 12:4, December 1997, 41-52.

(J.P. Neary and D.R. Thom) "Punts, pounds and euros: In search of an optimum currency area," IBAR: Journal of Irish Business and Administrative Research, 18, 1997, 211-225.

"Celtic tiger on EMU trail," Independent on Sunday, London, 15 June 1997.


The Economics Profession

"Festschrift for Brendan Walsh: Introduction and Interview with Brendan Walsh," Economic and Social Review, 37:2, Summer/Autumn 2006, 121-122 and 295-302.

(J.P. Neary with J.A. Mirrlees and J. Tirole) "Evaluating economics research in Europe: An introduction," Journal of the European Economic Association, 1:6, December 2003, 1239-1249.

(P. Honohan and J.P. Neary) "W.M. Gorman, 1923-2003," Economic and Social Review, 34:2, Summer/Autumn 2003, 195-209.

"Report of the President 2002," Journal of the European Economic Association, 1:2-3, April-May 2003, 743-750.

"R.C. Geary's contributions to economic theory," in D. Conniffe (ed.): Roy Geary, 1896-1983: Irish Statistician, Dublin: Oak Tree Press in association with The Economic and Social Research Institute, 1997, 93-118.

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Past Conferences


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Links

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