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Report
The Interaction and Sequencing of Policy Reforms
In what order should a developing country adopt policy reforms? Do some policies complement each other? Do others substitute for each other? To address these questions, we develop a two-country dynamic general equilibrium model with entry and exit of firms that are monopolistic competitors. Distortions in the model include barriers to entry of firms, barriers to international trade, and barriers to contract enforcement. We find that a reform that reduces one of these distortions has different effects depending on the other distortions present. In particular, reforms to trade barriers and ...
Working Paper
Vertical specialization, intermediate tariffs, and the pattern of trade: assessing the role of tariff liberalization to U.S. bilateral trade 1989-2001
How important are intermediate tariffs in determining trade patterns? Empirical work measuring the impact of tariff liberalization most commonly focuses on the effects of barriers imposed by importers, but exporter trade policy should also matter when exports are produced with imported intermediates. Guided by extensions of the Eaton and Kortum (2002) model, I study the impact of trade liberalizations on U.S. bilateral trade from 1989-2001. I estimate the impact on U.S. bilateral trade flows of both intermediate tariffs imposed by countries exporting to the United States and U.S. tariffs. My ...
Journal Article
The costs of a protectionist cure
A discussion of the price and quantity effects on the U.S. consumer of the Japanese auto industry's voluntary export restraint program.
Working Paper
Emerging Markets and the New Geography of Trade: The Effects of Rising Trade Barriers
Protectionist sentiments have been rising globally in recent years. The consequences of a surge in protectionist measures present policy challenges for emerging markets (EMs), which have become increasingly exposed to global trade. This paper serves two main purposes. First, we collect several stylized facts that characterize EMs' role in the new geography of trade. We focus on differences between advanced economies (AEs) and EMs in trade linkages, production structures, and factor supplies. Second, we build a dynamic, general equilibrium, quantitative trade model featuring multiple ...
Journal Article
Will taxing imports help?
An examination of the possible impact on U.S. consumers and producers of placing an across-the-board tariff surcharge on imported goods.
Journal Article
The steel trigger price mechanism
An examination of the 1978 steel trigger price mechanism, with a description of its operation and economic impact, and a discussion of events that led to its suspension in 1982.
Journal Article
Beating border barriers in U.S.-Mexico trade
Journal Article
The mythology of domestic content
A commentary on free trade and the auto industry, with a discussion of the growth of Japanese auto imports, the cost and effect of import restrictions, and the probable effects of proposed domestic content legislation.
Journal Article
A fork in the free-trade road
Regional trade agreements are widespread and growing, and economists differ strongly on their ability to deliver global free trade