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|z 9781451854459
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|a 1018-5941
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|a Auernheimer, Leonardo.
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|a Shock Versus Gradualism in Models of Rational Expectations :
|b The Case of Trade Liberalization /
|c Leonardo Auernheimer, Susan George.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1997.
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|a 1 online resource (20 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper provides a new argument for 'shock' versus 'gradualism' in the implementation of trade policies. In the simple context of a small open economy with rational expectations, we consider the comparative welfare effects of eliminating an import tariff either immediately as an unanticipated shock, or gradually over a preannounced length of time. The gradualist policy introduces a distortion in consumption-accumulation decisions and generates welfare costs. And if the gradual change is extended over 'too long' a period, these costs may exceed the long-run benefits of liberalization.
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|a Mode of access: Internet
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|a George, Susan.
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|a IMF Working Papers; Working Paper ;
|v No. 1997/122
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1997/122/001.1997.issue-122-en.xml
|z IMF e-Library
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