Trade liberalization, macroeconomic adjustment, and welfare : unifying trade and macro models / / prepared by Ehsan Choudhri, Hamid Faruqee, and Stephen Tokarick

• Autore: Choudhri Ehsan U
• Pubblicazione: Washington, D.C., : International Monetary Fund, 2006
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (28 p.)
• Soggetto topico: Free trade - Econometric models; Structural adjustment (Economic policy) - Econometric models
• Altri autori: TokarickStephen FaruqeeHamid
• Note generali: "December 2006."
• Nota di bibliografia: Includes bibliographical references (p. 20-21).
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. THEORETICAL FRAMEWORK""; ""III. QUANTITATIVE ANALYSIS""; ""IV. CONCLUSIONS""; ""REFERENCES""
• Sommario/riassunto: 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.
• Titolo autorizzato: Trade liberalization, macroeconomic adjustment, and welfare
• ISBN: 1-4623-3162-9; 1-4527-6526-X; 1-283-51225-4; 1-4519-1017-7; 9786613824707
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910826876103321
• Lo trovi qui: Univ. Federico II
• Serie: IMF working paper ; ; WP/06/304.