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Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation

Hashimoto, Ken'ichi; Miyagiwa, Kazuyuki; Ono, Yoshiyasu; … - 2024

This paper first presents a dynamic model that features both real and monetary aspects of international trade and is capable of dealing with both full employment and secular unemployment. The model is then utilized to examine the effect of a tariff on the terms of trade, the trade pattern, real...

Persistent link: https://www.econbiz.de/10015054255

Tariffs, time preference, and the current account under weakly nonseparable preferences

Ikeda, Shinsuke - 2000

Incorporating weakly nonseparable preferences into the familiar time-preference model, we emphasize a role of steady …-state welfare changes in determining the effect of permanent tariffs on the current account. The effect consists of: a welfare … effect, due to steady-state welfare changes, which is negative (positive) when preferences toward imports are more (less …

Persistent link: https://www.econbiz.de/10010332294

Tariffs, time preference, and the current account under weakly nonseparable preferences

Ikeda, Shinsuke - 2000

Persistent link: https://www.econbiz.de/10001546476

Obstacles to Transforming Centrally-Planned Economies : The Role of Capital Markets

Frenkel, Jacob A. - 2006

This paper identifies obstacles hindering the transformation of centrally-planned economies (CPEs) into well-functioning market economies. The obstacles identified relate to (i) anticipatory dynamics, (ii) monetary overhang and the budget, and (iii) underdeveloped credit markets. It is...

Persistent link: https://www.econbiz.de/10012781150

Effective Trade Costs and the Current Account : An Empirical Analysis

Boz, Emine - 2019

A view receiving increased support is that the height of trade costs in prime export sectorshas a strong effect on current account balances: countries specializing in sectors that facerelatively high trade costs, such as services, tend to run current account deficits, andsimilarly, countries...

Persistent link: https://www.econbiz.de/10012892901

External Adjustment in Oil Exporters : The Role of Fiscal Policy and the Exchange Rate

Behar, Alberto - 2016

After the decline in oil prices, many oil exporters face the need to improve their externalbalances. Special characteristics of oil exporters make the exchange rate an ineffectiveinstrument for this purpose and give fiscal policy a sizeable role. These conclusions aresupported by regression...

Persistent link: https://www.econbiz.de/10012977864

Policy Responses to Balance-of-Payments Crises : The Role of Elections

Broz, J. Lawrence - 2016

Governments have a number of policy tools that can be used to address pressure on the balance of payments. When market pressure leads to an unsustainable decline in the relative value of the domestic currency, authorities can: (1) sell reserves, (2) raise interest rates, (3) impose capital...

Persistent link: https://www.econbiz.de/10013003077

A U.S. Perspective on China's External Economic Disputes in the Past 40 Years and in the Coming 40 Years

Woo, Wing Thye - 2018

Persistent link: https://www.econbiz.de/10012917121

Global Imbalances: Trade Effects and Policy Challenges

Kowalski, Przemyslaw; Lesher, Molly - Trade and Agriculture Directorate, Organisation de … - 2011

The search for balanced, sustainable growth clearly involves the unwinding of large and persistent global imbalances. Much of the attention in the rebalancing debate has centred on how shifts in monetary and fiscal policies affect current account imbalances. This paper goes beyond macroeconomic...

Persistent link: https://www.econbiz.de/10010555560

US Trade Deficit, a Reality Check : New Evidence Incorporating Asymmetric and Nonlinear Effects of Exchange Rate Dynamics

Nasir, Muhammad Ali - 2020

In the context of the debate on the global imbalances, this study investigates the determinants of US trade balance in a Non-linear ARDL framework which accounts for the asymmetric and nonlinear effects of real exchange rate dynamics. Drawing on the data from 1994Q1 to 2018Q1, our key empirical...

Persistent link: https://www.econbiz.de/10012848144