This paper examines the appropriate time path of the tariff rate for a small open economy that has decided to move from protection of import competing industries to free trade. Adjustment costs for moving resources to alternative uses do not provide a rationale for gradual adjustment of the...

Cover -- Contents -- Preface -- 1 C. Fred Bergsten: Intellectual Entrepreneur -- Evangelist for the Open Economy -- The Happy Cassandra -- Star Player, Team Leader -- Observations: C. Fred Bergsten, the Man and His Institute -- 2 Constant Ends, Flexible Means: C. Fred Bergsten and the Quest for...