G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12534
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
URLhttps://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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