This paper examines the welfare effects of partial trade liberalization when trade is restricted by tariffs, quotas or … (using a new geometric technique) in both small and large open economies. A general expression for shadow prices of factors … of production, which applies in both small and large economies, with or without quotas, is also derived. Welfare …

applicable to both tariffs and quotas and allows international and intertemporal comparisons. The index is operational and we …

which maintains the same volume of trade as a given set of tariffs, quotas, and domestic taxes and subsidies. We relate this …

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 …