Macroeconomic Consequences Of Tariffs
DOWNLOAD
Download Macroeconomic Consequences Of Tariffs PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Macroeconomic Consequences Of Tariffs book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Macroeconomic Consequences Of Tariffs
DOWNLOAD
Author : Davide Furceri
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-15
Macroeconomic Consequences Of Tariffs written by Davide Furceri and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-15 with Business & Economics categories.
We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines in domestic output and productivity. Tariff increases also result in more unemployment, higher inequality, and real exchange rate appreciation, but only small effects on the trade balance. The effects on output and productivity tend to be magnified when tariffs rise during expansions, for advanced economies, and when tariffs go up, not down. Our results are robust to a large number of perturbations to our methodology, and we complement our analysis with industry-level data.
Macroeconomic Consequences Of Tariffs
DOWNLOAD
Author : Davide Furceri
language : en
Publisher:
Release Date : 2018
Macroeconomic Consequences Of Tariffs written by Davide Furceri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Industrial productivity categories.
We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines in domestic output and productivity. Tariff increases also result in more unemployment, higher inequality, and real exchange rate appreciation, but only small effects on the trade balance. The effects on output and productivity tend to be magnified when tariffs rise during expansions, for advanced economies, and when tariffs go up, not down. Our results are robust to a large number of perturbations to our methodology, and we complement our analysis with industry-level data.
The Macroeconomic Consequences Of Import Tariffs And Trade Policy Uncertainty
DOWNLOAD
Author : Lukas Boer
language : en
Publisher: International Monetary Fund
Release Date : 2024-01-19
The Macroeconomic Consequences Of Import Tariffs And Trade Policy Uncertainty written by Lukas Boer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-19 with Business & Economics categories.
We estimate the macroeconomic effects of import tariffs and trade policy uncertainty in the United States, combining theory-consistent and narrative sign restrictions in Bayesian SVARs. We find mostly adverse consequences of protectionism, in aggregate and across sectors and regions. Tariff shocks are more important than trade policy uncertainty shocks. Tariff shocks depress trade, investment, and output persistently. The general equilibrium import elasticity is –0.8. Historically, NAFTA/WTO raised output by 1-3% for twenty years. Undoing the 2018/19 measures would raise output by 4% over three years. The findings imply higher gains of trade than partial equilibrium or static trade models.
The Macroeconomic Effects Of Trade Tariffs
DOWNLOAD
Author : Jesper Lindé
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-07
The Macroeconomic Effects Of Trade Tariffs written by Jesper Lindé and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-07 with Business & Economics categories.
We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy holds up approximately for a number of alternative assumptions, we obtain quantitatively important long-term deviations under complete international asset markets. Direct pass-through of tariffs and subsidies to prices and slow exchange rate adjustment can also generate significant short-term deviations from Lerner. Finally, we quantify the macroeconomic costs of a trade war and find that they can be substantial, with permanently lower income and trade volumes. However, a fully symmetric retaliation to a unilaterally imposed border adjustment tax can prevent any real or nominal effects.
The Macroeconomic Effects Of Trade Tariffs
DOWNLOAD
Author : Jesper Lindé
language : en
Publisher:
Release Date : 2019
The Macroeconomic Effects Of Trade Tariffs written by Jesper Lindé and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The Effect Of Tariffs In Global Value Chains
DOWNLOAD
Author : Johannes Eugster
language : en
Publisher: International Monetary Fund
Release Date : 2022-02-25
The Effect Of Tariffs In Global Value Chains written by Johannes Eugster and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-25 with Business & Economics categories.
This paper empirically investigates the impact of tariffs when production is organized in global value chains. Using global input-output matrices, we construct four different tariff measures that capture the direct and indirect exposure to tariffs at different stages of the production chain for a broad set of countries and industries. Our results suggest that tariffs have significant effects on economic outcomes, including on countries and sectors not directly targeted. We find that tariffs higher up and further down in the value chain depress value added, employment, labor productivity and total factor productivity to varying degrees. We find no benefits for the sector that enjoys additional protection, yet there is some evidence of economic activity being diverted, i.e. positive effects on value added and employment from tariffs imposed on competitors. Our paper relates to recent innovations in theoretical gravity models and provides an empirical assessment of possible long-term effects of recent trade tensions.
Tariffs And The Macroeconomy
DOWNLOAD
Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-09-08
Tariffs And The Macroeconomy written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-09-08 with Business & Economics categories.
This paper examines the macroeconomic impact of tariffs. Existing theoretical models do not provide clear-cut predictions concerning the co-movement between unilateral tariff changes and a set of macroeconomic variables consisting of the real exchange rate, the trade balance, and the level of output. Three different data sets are found to be consistent with the hypothesis that tariffs have no statistically significant impact on the trade balance, the real exchange rate, or the level of output.
Trade Costs Market Integration And Macroeconomic Volatility
DOWNLOAD
Author : Mr.Kanda Naknoi
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01
Trade Costs Market Integration And Macroeconomic Volatility written by Mr.Kanda Naknoi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.
This paper examines the effects of trade costs on macroeconomic volatility. We first construct a dynamic, two-country general equilibrium model, where the degree of market integration depends directly on trade costs (transport costs, tariffs, etc.). The model is a extension of Obstfeld and Rogoff (1995). Naturally, a reduction in trade costs leads to more market integration, as the relative price of foreign goods falls and households increase their consumption of imported goods. In addition, with more market integration, the model predicts that the variability of the real exchange rate should fall, while the variability of the trade balance should increase. Trade costs have ambiguous effects on the volatility of other macro variables, such as income and consumption. Finally, we present some empirical findings that provide mixed support for the model's predictions.
Trade Policy Implications Of A Changing World Tariffs And Import Market Power
DOWNLOAD
Author : Adam Jakubik
language : en
Publisher: International Monetary Fund
Release Date : 2023-01-13
Trade Policy Implications Of A Changing World Tariffs And Import Market Power written by Adam Jakubik and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-13 with Business & Economics categories.
Economic theory suggests that countries’ tariff commitments in trade agreements reflect their import market power at the time of negotiations. However, as countries grow, their market power in different sectors can change in unforeseen ways and their commitments may no longer reflect changed economic conditions. Using a newly built dataset of pre-Uruguay Round applied tariffs and relying on the theoretical framework of the terms-of-trade motive for trade agreements, we estimate hypothetical tariff commitments under current levels of market power and compare them with actual tariff commitments. We find that lower tariff commitments required to reflect current economic conditions would amount to a reduction in annual tariff costs of up to $26.4 billion – equivalent to nearly 10% of global tariff costs. Our results reveal substantial heterogeneity between countries and sectors. The sectors with the largest potential tariff cost reductions are vehicles (HS 87) and machinery and appliances (HS 84-85). Product-level tariff reductions would range from 0 to 18.5 percentage points and are on average largest for China. In the past, the GATT/WTO system has updated tariff commitments through periodic rounds of negotiations, and our findings support the revival of the WTO's negotiation function in this area.
Peeling Away The Layers Impacts Of Durable Tariff Elimination
DOWNLOAD
Author : Arevik Gnutzmann-Mkrtchyan
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-10
Peeling Away The Layers Impacts Of Durable Tariff Elimination written by Arevik Gnutzmann-Mkrtchyan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-10 with Business & Economics categories.
We demonstrate that durable MFN tariff elimination affects trade patterns through several layers, which generates non-linear impacts. First, complete tariff elimination results in a large additional trade gains over and above tariff reductions. Second, commitment to durable tariff elimination, through WTO bindings, further boosts both imports and exports of ITA members. The unique setting of the WTO Information Technology Agreement (ITA) allows us to identify these effects of non-discriminatory trade policies because (i) ITA constitutes a quasi-natural experiment as several “passive” signatories joined it as an unavoidable part of pursuing of a larger policy objective, and (ii) ITA's partial coverage of the IT sector provides a natural control group for cross-product identification. Commitments under the ITA spurned development of a downstream IT export sector in “passive” signatories.