04493oam 22011894 450 991097515300332120250426110500.09786613824707978146233162814623316299781452765266145276526X9781283512251128351225497814519101791451910177(CKB)3360000000443463(EBL)3012539(SSID)ssj0000948679(PQKBManifestationID)11506975(PQKBTitleCode)TC0000948679(PQKBWorkID)10951192(PQKB)10015755(OCoLC)535146941(IMF)WPIEE2006304(MiAaPQ)EBC3012539(IMF)WPIEA2006304WPIEA2006304(EXLCZ)99336000000044346320020129d2006 uf 0engur|n|---|||||txtccrTrade Liberalization, Macroeconomic Adjustment, and Welfare : Unifying Trade and Macro Models /Ehsan Choudhri, Hamid Faruqee, Stephen Tokarick1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (28 p.)IMF Working Papers"December 2006."9781451865646 1451865643 Includes bibliographical references (p. 20-21).""Contents""; ""I. INTRODUCTION""; ""II. THEORETICAL FRAMEWORK""; ""III. QUANTITATIVE ANALYSIS""; ""IV. CONCLUSIONS""; ""REFERENCES""Trade liberalization leads to long-run gains, but it can also involve costly short-run macroeconomic adjustment. The paper explores the relative importance of these effects within a dynamic general equilibrium model that captures key elements of both international trade and macroeconomic models. The welfare effect of trade liberalization is decomposed into a steady-state efficiency gain and a transitional loss associated with wage-price stickiness. Our estimates show that the transitional loss is small relative to the steady-state gain, and tends to be lower under flexible as compared to fixed exchange rates. We also show that the loss can be reduced further by a flexible price-level targeting policy rule.IMF Working Papers; Working Paper ;No. 2006/304Free tradeEconometric modelsStructural adjustment (Economic policy)Econometric modelsCommercial policyimfConsumptionimfConventional pegimfCurrencyimfEconomicsimfExchange rate flexibilityimfExports and ImportsimfForeign ExchangeimfForeign exchangeimfInternational economicsimfInternational Trade OrganizationsimfMacroeconomicsimfMacroeconomics: ConsumptionimfPublic finance & taxationimfSavingimfTariffimfTariffsimfTaxationimfTrade liberalizationimfTrade PolicyimfWealthimfFree tradeEconometric models.Structural adjustment (Economic policy)Econometric models.Commercial policyConsumptionConventional pegCurrencyEconomicsExchange rate flexibilityExports and ImportsForeign ExchangeForeign exchangeInternational economicsInternational Trade OrganizationsMacroeconomicsMacroeconomics: ConsumptionPublic finance & taxationSavingTariffTariffsTaxationTrade liberalizationTrade PolicyWealthChoudhri Ehsan1816427Faruqee Hamid1810672Tokarick Stephen1815684International Monetary Fund.Research Dept.DcWaIMFBOOK9910975153003321Trade Liberalization, Macroeconomic Adjustment, and Welfare4372491UNINA