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|z 9781451865646
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|a 1018-5941
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|a Choudhri, Ehsan.
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|a Trade Liberalization, Macroeconomic Adjustment, and Welfare :
|b Unifying Trade and Macro Models /
|c Ehsan Choudhri, Hamid Faruqee, Stephen Tokarick.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2006.
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|a 1 online resource (26 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 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.
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|a Mode of access: Internet
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|a Faruqee, Hamid.
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|a Tokarick, Stephen.
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|a IMF Working Papers; Working Paper ;
|v No. 2006/304
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2006/304/001.2006.issue-304-en.xml
|z IMF e-Library
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