countries take the import tariffs of other importers as given) are normally time-inconsistent. The paper shows why, and derives … time-consistent, open-loop Nash tariffs in a natural formulation of the problem. The two tariffs can be readily computed … and compared, and differ except for a special class of import demands. The time paths of tariffs and the welfare cost of …

distribution into three main components: efficiency, amenities, and frictions. Higher efficiency and better amenities lead to … MSAs in the United States, we parametrize the model and empirically estimate efficiency, amenities and frictions …

an attempt to manipulate security prices to their benefit. This leads to incomplete risk-sharing, despite the existence … of complete markets and the absence of aggregate risk. When a fiscal union centralizes fiscal policy, security prices can …