Optimal Trade Policies for a Small Open Economy.
This paper investigates optimal trade policies for a small open economy with unemployment. When factor prices are rigid, random foreign prices result in random unemployment of resources. The ranking of second-best policies is investigated. If the marginal propensity to consume the importable is positive and nonincreasing in income, the optimal composite tariff dominates the optimal target price, which in turn dominates the optimal quota. Copyright 1993 by The London School of Economics and Political Science.
Year of publication: |
1993
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Authors: | Choi, E Kwan ; Beladi, Hamid |
Published in: |
Economica. - London School of Economics (LSE). - Vol. 60.1993, 240, p. 475-86
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Publisher: |
London School of Economics (LSE) |
Saved in:
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