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The Protectionist Bias of Duty Drawbacks and the New Regionalism
Cadot, Olivier; de Melo, Jaime; Olarreaga, Marcelo - C.E.P.R. Discussion Papers - 2000
-regional exporters. Evidence from Mercosur suggests that the elimination of duty-drawbacks for intra-regional exports, led to increased …
Persistent link: https://www.econbiz.de/10005792407
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What's Behind Mercosur's CET?
Olarreaga, Marcelo; Soloaga, Isidro; Winters, L. Alan - C.E.P.R. Discussion Papers - 1999
. Results suggest that in the case of the Common Market of the Southern Cone (Mercosur) both forces were important. Terms … that the terms-of-trade externalities among Mercosur's members have been internalized in the Common External Tariff (CET). …
Persistent link: https://www.econbiz.de/10005666986
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How Regional Blocs Affect Excluded Countries: The Price Effects of MERCOSUR
Chang, Won; Winters, L. Alan - C.E.P.R. Discussion Papers - 1999
employs a simple strategic pricing game in segmented markets to measure the effects of MERCOSUR on the pricing of 'non …-member' exports to the region. Working with detailed data on unit values and tariffs we find that the creation of MERCOSUR is … by tariff preferences offered to its partners. We focus on the Brazilian market (by far the largest in MERCOSUR) and show …
Persistent link: https://www.econbiz.de/10005789012
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Endogenous Tariff Formation: The Case of Mercosur
Olarreaga, Marcelo; Soloaga, Isidro - C.E.P.R. Discussion Papers - 1998
This paper confronts the results of the endogenous tariff literature with MERCOSUR (Mercado Comun del Sur, literally …, ‘the Common Market of the Southern Cone’) evidence. It is shown that MERCOSUR’s common external tariff (CET), and member … endogenous tariff literature. If political economy viability is a key to success, then MERCOSUR is here to stay. …
Persistent link: https://www.econbiz.de/10005792235
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Fiscal targets. A guide to forecasters?
Paredes-Lodeiro, Joan; Pérez, Javier J; … - C.E.P.R. Discussion Papers - 2015
Should rational agents take into consideration government policy announcements? A skilled agent (an econometrician) could set up a model to combine the following two pieces of information in order to anticipate the future course of fiscal policy in real-time: (i) the ex-ante path of policy as...
Persistent link: https://www.econbiz.de/10011272708
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Sovereign Debt and Structural Reforms
Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015
Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under limited commitment. The government of a sovereign country which has fallen into a recession of an uncertain duration issues one-period debt and can renege on its obligations by...
Persistent link: https://www.econbiz.de/10011276380
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Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
This paper uses a New Keynesian framework to study the coordination of fiscal and monetary policies, in response to an inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal policy plays no part in the optimal policy response,...
Persistent link: https://www.econbiz.de/10011276383
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Optimal Monetary and Fiscal Policy in an Economy with Inflation Persistence
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
This paper studies a simple New-Keynesian model of fiscal and monetary policy coordination when the policymaker acts under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary policy. But, when price-setters use a Steinsson (2003)...
Persistent link: https://www.econbiz.de/10011276384
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Stimulus versus Austerity: The Asymmetric Government Spending Multiplier
Barnichon, Régis; Matthes, Christian - C.E.P.R. Discussion Papers - 2015
Despite intense scrutiny estimates of the government spending multiplier remain highly uncertain with values ranging from 0.5 to 2. While a fiscal consolidation is generally assumed to have the same (mirror-image) effect as a fiscal expansion, we show that relaxing this assumption is crucial to...
Persistent link: https://www.econbiz.de/10011276385
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How Large Are the Effects of Tax Changes?
Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009
We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...
Persistent link: https://www.econbiz.de/10005082536