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Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs
Anderson, James E. - 2021
Government budget balance forces the endogenous use of distortionary tax instruments" when an exogenous reform is implemented. The aggregate efficiency of such reforms is based" on comparisons of simple summary measures of the Marginal Cost of Funds of the various tariff" or quota changes with...
Persistent link: https://www.econbiz.de/10013313650
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Trade Reform with a Government Budget Constraint
Anderson, James E. - 2021
The standard theory of trade reform uses a passive government budget constraint, in which changes in tariff revenue are …
Persistent link: https://www.econbiz.de/10013224938
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Intertemporal Distortions in the Second Best
Albanesi, Stefania - 2010
This paper studies the long run properties of intertemporal distortions in a broad class of second best economies. Our unified framework encompasses and extends many well known models, such as variants of the Ramsey taxation model with aggregate or idiosyncratic risk, and economies with...
Persistent link: https://www.econbiz.de/10012759663
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The Fallacy of the Fiscal Theory of the Price Level
Buiter, Willem H. - 2021
or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …
Persistent link: https://www.econbiz.de/10013223568
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Reforming Budgetary Language
Bradford, David F. - 2021
In the context of several examples of problems associated with present budgetary conventions, I revisit Musgrave's conceptual division of the government's program into Allocation, Distribution and Stabilization Branch subbudgets. I suggest progress towards Musgrave's ideal of a more informative...
Persistent link: https://www.econbiz.de/10013237545
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Public Versus Private Risk Sharing
Krueger, Dirk - 2010
Can public insurance through redistributive income taxation improve the allocation of risk in an economy in which private risk sharing is limited? The answer depends crucially on the fundamental friction that limits private risk sharing in the first place. If risk sharing is incomplete because...
Persistent link: https://www.econbiz.de/10013149824
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Unilateral Tariff Liberalisation
Baldwin, Richard - 2010
strives to partly redress this lacuna on the theory side by introducing three novel political economy mechanisms with …
Persistent link: https://www.econbiz.de/10013135235
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The New Regionalism : Trade Liberalization or Insurance?
Perroni, Carlo - 2010
Several of the recently negotiated regional trade agreements (Canada-U.S., NAFTA, E.C.-Hungary/Poland/Czeck and Slovak Republics) contain significantly fewer concessions by the large countries to smaller countries than vice versa. Yet, it is small countries that have sought them and see...
Persistent link: https://www.econbiz.de/10012763469
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Reciprocal Trade Liberalization
Bagwell, Kyle; Staiger, Robert W. - 2021
Why have governments found reciprocal trade agreements such as GATT to be a more effective means of facilitating trade liberalization than unilateral initiatives? We provide in this paper an analytic framework for the study of reciprocal trade agreements. We use this framework to establish three...
Persistent link: https://www.econbiz.de/10013221095
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Tariff Liberalization Policy and Financial Restrictions
Aizenman, Joshua - 2021
The purpose of this paper is to assess how restrictions on capital mobility affect adjustment to a tariff liberalization policy. This is done by comparing the adlustment process under free and restricted convertibility of foreign assets in a regime where the commercial exchange rate is pegged....
Persistent link: https://www.econbiz.de/10013224884