When President Trump came into office the US administration launched a detailed analysis of American trade relations. It aimed to identify "unfair trade practices" that are supposedly increasingly being used by other countries, and that are economically damaging to America. This study simulates...

In models with heterogeneous agents, issues of distribution and redistribution jump to the fore, raising the question: Which policies - monetary or fiscal - work most effectively in transferring income between groups? From Townsend's turnpike model, two basic results emerge to help answer this...