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This paper uses highly detailed, quarterly data for five major industrialized economies to estimate the impact of macroeconomic fluctuations on import protection policies over 1988:Q1 - 2010:Q4. First, estimates on a pre-Great Recession sample of data provide evidence of two key relationships....
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protection during the Great Recession — e.g., for the US and EU, the model predicts that new trade barriers would cover an …
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