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|z 9781498372671
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Ganelli, Giovanni.
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|a Value of WTO Trade Agreements in a New Keynesian Model /
|c Giovanni Ganelli, Juha Tervala.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2015.
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|a 1 online resource (35 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 We revisit the question of the quantitative benefits of WTO trade agreements in a setup that is non-standard from the traditional trade policy point of view. We show that in a New Keynesian model, unilateral trade liberalization reduces welfare due to terms-of-trade deterioration, creating an incentive for a trade agreement. For realistic parameter values, the value of an agreement, which cuts tariffs by one percentage point, is 0.5% to 2% of consumption, much larger than in trade models. The intuition for this result hinges on some New Keynesian features of our framework, such as imperfect competition and endogenous labor supply.
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|a Mode of access: Internet
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|a Tervala, Juha.
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|a IMF Working Papers; Working Paper ;
|v No. 2015/037
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2015/037/001.2015.issue-037-en.xml
|z IMF e-Library
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