significant gains for liberalization of trade through the World Trade Organization. It is not clear that the reported gains are at … multilateral trade liberalization are very small even in a formal New Keynesian model incorporating economies with significant …

add up. This seems to be especially common in the case of debates on trade policy. This paper is intended to clarify some … of the key issues. The first part is a simple accounting exercise showing that a large trade deficit implies that a … budget deficits and negative private savings are generally viewed as undesirable, this means that a lower trade deficit …

protectionism and a trade war reminiscent of what the world experienced in the Great Depression. Such concerns are both overblown … for merchandise trade. Other areas, most notably alternative intellectual property regimes and freer trade in highly paid … professional services, offer much larger potential gains than further reductions in barriers to trade in goods. …

than that of Portugal or Greece. It is unlikely that immigration reform would be a major political issue in the United …

very small — only 0.13 percent of GDP by 2025. Taking into account the un-equalizing effect of trade on wages, this paper … potential gains of the TPP, and more than five times as large as the possible gains resulting from a much broader trade agenda. …