increasing the rental of capital relative to the wage, and has an ambiguous effect on welfare. At initial high levels of labor … share in total costs tighter credit lowers welfare. This pattern reverses during an expansionary phase caused by higher …

such barriers. Non-tariff barriers are shown to be unambiguously welfare-reducing, and tariff barriers raise welfare only … offshoring tax. Otherwise, free trade is optimal. Welfare reductions from an offshoring tax are more likely with several …

assumptions concerning the pure rate of time preference, the social welfare aggregator and the extent of climate damages. We focus …