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We study the effects of unexpected changes in trade policy uncertainty (TPU) on the U.S. economy. We construct three measures of TPU based on newspaper coverage, firms' earnings conference calls, and aggregate data on tari rates. We document that increases in TPU reduce investment and activity...
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optimal policy consists of a production subsidy on the exportable and an import tariff. This model explains the widespread use …
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intertemporal elasticity of substitution. If tariff revenue is rebated, a recession follows the boom, but without rebates a boom or …
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Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...
Persistent link: https://www.econbiz.de/10012733915
to predict the evolution of a wealth distribution over time. Stochastic labour income follows a deterministic growth … interest rate implies a stationary long-run wealth distribution, a high interest rate implies non-stationary wealth … distributions.Our baseline model matches the evolution of the wealth distribution of the NLSY 79 cohort from 1986 to 2008 very well …
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income distribution. The latter specification causes an additional impact of income inequality on the SDR and SCC because …
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