Macroeconomic Consequences Of Tariffs PDF Download
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| Author | : Davide Furceri |
| Publisher | : International Monetary Fund |
| Total Pages | : 57 |
| Release | : 2019-01-15 |
| Genre | : Business & Economics |
| ISBN | : 1484390067 |
Download Macroeconomic Consequences of Tariffs Book in PDF, ePub and Kindle
We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines in domestic output and productivity. Tariff increases also result in more unemployment, higher inequality, and real exchange rate appreciation, but only small effects on the trade balance. The effects on output and productivity tend to be magnified when tariffs rise during expansions, for advanced economies, and when tariffs go up, not down. Our results are robust to a large number of perturbations to our methodology, and we complement our analysis with industry-level data.
| Author | : Davide Furceri |
| Publisher | : |
| Total Pages | : 54 |
| Release | : 2018 |
| Genre | : Industrial productivity |
| ISBN | : |
Download Macroeconomic Consequences of Tariffs Book in PDF, ePub and Kindle
We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines in domestic output and productivity. Tariff increases also result in more unemployment, higher inequality, and real exchange rate appreciation, but only small effects on the trade balance. The effects on output and productivity tend to be magnified when tariffs rise during expansions, for advanced economies, and when tariffs go up, not down. Our results are robust to a large number of perturbations to our methodology, and we complement our analysis with industry-level data.
| Author | : Jesper Lindé |
| Publisher | : International Monetary Fund |
| Total Pages | : 54 |
| Release | : 2017-07-10 |
| Genre | : Business & Economics |
| ISBN | : 1484308751 |
Download The Macroeconomic Effects of Trade Tariffs Book in PDF, ePub and Kindle
We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy holds up approximately for a number of alternative assumptions, we obtain quantitatively important long-term deviations under complete international asset markets. Direct pass-through of tariffs and subsidies to prices and slow exchange rate adjustment can also generate significant short-term deviations from Lerner. Finally, we quantify the macroeconomic costs of a trade war and find that they can be substantial, with permanently lower income and trade volumes. However, a fully symmetric retaliation to a unilaterally imposed border adjustment tax can prevent any real or nominal effects.
| Author | : Lukas Boer |
| Publisher | : International Monetary Fund |
| Total Pages | : 76 |
| Release | : 2024-01-19 |
| Genre | : Business & Economics |
| ISBN | : |
Download The Macroeconomic Consequences of Import Tariffs and Trade Policy Uncertainty Book in PDF, ePub and Kindle
We estimate the macroeconomic effects of import tariffs and trade policy uncertainty in the United States, combining theory-consistent and narrative sign restrictions in Bayesian SVARs. We find mostly adverse consequences of protectionism, in aggregate and across sectors and regions. Tariff shocks are more important than trade policy uncertainty shocks. Tariff shocks depress trade, investment, and output persistently. The general equilibrium import elasticity is –0.8. Historically, NAFTA/WTO raised output by 1-3% for twenty years. Undoing the 2018/19 measures would raise output by 4% over three years. The findings imply higher gains of trade than partial equilibrium or static trade models.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 98 |
| Release | : 1989-09-08 |
| Genre | : Business & Economics |
| ISBN | : 1451960263 |
Download Tariffs and the Macroeconomy Book in PDF, ePub and Kindle
This paper examines the macroeconomic impact of tariffs. Existing theoretical models do not provide clear-cut predictions concerning the co-movement between unilateral tariff changes and a set of macroeconomic variables consisting of the real exchange rate, the trade balance, and the level of output. Three different data sets are found to be consistent with the hypothesis that tariffs have no statistically significant impact on the trade balance, the real exchange rate, or the level of output.
| Author | : Jesper Lindé |
| Publisher | : |
| Total Pages | : |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
Download The Macroeconomic Effects of Trade Tariffs Book in PDF, ePub and Kindle
| Author | : Craig K. Elwell |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 1985 |
| Genre | : |
| ISBN | : |
Download The Macroeconomic Consequences of a Temporary Tariff on Imports Book in PDF, ePub and Kindle
| Author | : Davide Furceri |
| Publisher | : |
| Total Pages | : |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
Download Macroeconomics Consequences of Tariffs Book in PDF, ePub and Kindle
| Author | : Mr.Kanda Naknoi |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 2003-03-01 |
| Genre | : Business & Economics |
| ISBN | : 145184753X |
Download Trade Costs, Market Integration, and Macroeconomic Volatility Book in PDF, ePub and Kindle
This paper examines the effects of trade costs on macroeconomic volatility. We first construct a dynamic, two-country general equilibrium model, where the degree of market integration depends directly on trade costs (transport costs, tariffs, etc.). The model is a extension of Obstfeld and Rogoff (1995). Naturally, a reduction in trade costs leads to more market integration, as the relative price of foreign goods falls and households increase their consumption of imported goods. In addition, with more market integration, the model predicts that the variability of the real exchange rate should fall, while the variability of the trade balance should increase. Trade costs have ambiguous effects on the volatility of other macro variables, such as income and consumption. Finally, we present some empirical findings that provide mixed support for the model's predictions.
| Author | : Tom Krebs |
| Publisher | : World Bank Publications |
| Total Pages | : 51 |
| Release | : 2005 |
| Genre | : Commercial policy |
| ISBN | : |
Download Trade Policy, Income Risk and Welfare Book in PDF, ePub and Kindle
"This paper studies empirically the relationship between trade policy and individual income risk faced by workers, and uses the estimates of this empirical analysis to evaluate the welfare effect of trade reform. The analysis proceeds in three steps. First, longitudinal data on workers are used to estimate time-varying individual income risk parameters in various manufacturing sectors. Second, the estimated income risk parameters and data on trade barriers are used to analyze the relationship between trade policy and income risk. Finally, a simple dynamic incomplete-market model is used to assess the corresponding welfare costs. In the implementation of this methodology using Mexican data, we find that trade policy changes have a significant short run effect on income risk. Further, while the tariff level has an insignificant mean effect, it nevertheless changes the degree to which macroeconomic shocks affect income risk"--NBER website
