| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12534 |
| DP12534 The Macroeconomic Effects of Trade Tariffs: Revisiting the Lerner Symmetry Result | |
| Jesper Linde; Andrea Pescatori | |
| 发表日期 | 2017-12-22 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | 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 change in 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. Deviations from symmetry, however, do not necessarily imply an impact on global output and are often limited to a redistribution of production and consumption across countries. 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 sizable adverse real or nominal effects. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Incomplete and complete markets Border adjustment tax Trade war New keynesian open-economy model Import tariffs and export subsidies Lerner condition |
| URL | https://cepr.org/publications/dp12534 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541345 |
| 推荐引用方式 GB/T 7714 | Jesper Linde,Andrea Pescatori. DP12534 The Macroeconomic Effects of Trade Tariffs: Revisiting the Lerner Symmetry Result. 2017. |
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