It is well recognized that there emerged a trend of inward looking trade policies even before COVID pandemic crippled the world. These were reflected in both BREXIT and US-China trade conflict. As countries become inward oriented, usually local prices start rising. With this backdrop this paper...

It is well recognized that there emerged a trend of inward looking trade policies even before COVID pandemic crippled the world. These were reflected in both BREXIT and US-China trade conflict. As countries become inward oriented, usually local prices start rising. With this backdrop this paper...

Although firms may face radically different production conditions, this dimension of firm heterogeneity is often overlooked. We model input demand across local factor markets, explicitly considering search costs which explain why firms care about both the price and availability of inputs. The...

Although firms may face radically different production conditions, this dimension of firm heterogeneity is often overlooked. We model input demand across local factor markets, explicitly considering search costs which explain why firms care about both the price and availability of inputs. The...

Although firms may face radically different production conditions, this dimension of firm heterogeneity is often overlooked. We model input demand across local factor markets, explicitly considering search costs which explain why firms care about both the price and availability of inputs. The...

We study Pareto improvements whose implementation requires knowledge of only market prices and traded quantities, not utility and demand functions. Quantity stabilization gives agents the right to repeat the net trades they previously conducted, but requires policymakers to have records of those...

This paper applies the infra-marginal analysis, which is a combination of marginal and total cost-benefit analysis, to the Ricardian model. It demonstrates that the rule of marginal cost pricing does not always hold. It shows that in a 2x2 Ricardian model, there is a unique general equilibrium...

This paper provides an assessment of the potential economic impacts of the Vietnam-Korea free trade agreement on Vietnam, by using general equilibrium modeling. The results show that Vietnam-Korea FTA will increase aggregate welfare for both countries in the long run. The most important gains...

In this paper, we perform different simulations to assess the effect of the Trump administration's international trade policy on the Chinese and American economies in the next five years. To do so, we develop a new economic simulator, namely the “Foreign Trade War Smash Wave Effect Simulator...