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The Macroeconomic Effects of Trade Tariffs : Revisiting the Lerner Symmetry Result. /cJesper Linde.

Author: Jesper Linde
Publisher: Washington, D.C. : International Monetary Fund, 2017.
Series: IMF Working Papers.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
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 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  Read more...
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Additional Physical Format: Print Version:
Linde, Jesper.
Macroeconomic Effects of Trade Tariffs: Revisiting the Lerner Symmetry Result.
Washington, D.C. : International Monetary Fund,2017
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jesper Linde
ISBN: 1484306112 9781484306116 9781484308790 1484308794
ISSN:1018-5941
OCLC Number: 1002728249
Description: 1 online resource (54 pages).
Series Title: IMF Working Papers.

Abstract:

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 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. 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 real or nominal effects.

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