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The 2008 financial crisis did not precipitate global retaliatory trade intervention, in seeming contrast to the Great Depression in 1930s. This paper discusses the influence of model structure in optimal tariff (OT) calculations in explaining this puzzle. We emphasize how earlier literature...
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tariffs ; retaliation ; tariff wars ; heterogeneous firms ; World Trade Organization ; Nash equilibrium …
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. Through our projects, China's foremost economic experts share their insights with the world, generating innumerable original …, promote informed decision-making, and bridge the communication gap between China and the rest of the world on economic matters …Introduction -- Chapter 1 Keynote speech & Dialogue: Global Financial Turbulence and Changes in the World Order …
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Using a detailed calibrated general equilibrium model, we evaluate the effects of greater cooperation or confrontation in bilateral trade relations between the U.S. and Japan. Our numerical results indicate that, if a trade war between the two were precipitated, the U.S. would eventually benefit...
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China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade … disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are … undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade …
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