skip to content
Protectionism and the business cycle Preview this item
ClosePreview this item
Checking...

Protectionism and the business cycle

Author: Alessandro Barattieri; Matteo Cacciatore; Fabio Ghironi; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 24353.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We study the consequences of protectionism for macroeconomic fluctuations. First, using high-frequency trade policy data, we present fresh evidence on the dynamic effects of temporary trade barriers. Estimates from country-level and panel VARs show that protectionism acts as a supply shock, causing output to fall and inflation to rise in the short run. Moreover, protectionism has at best a small positive effect on  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Links to this item

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Alessandro Barattieri; Matteo Cacciatore; Fabio Ghironi; National Bureau of Economic Research,
OCLC Number: 1024315170
Notes: "February 2018"
Description: 1 online resource (46, A-24 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 24353.
Responsibility: Alessandro Barattieri, Matteo Cacciatore, Fabio Ghironi.

Abstract:

We study the consequences of protectionism for macroeconomic fluctuations. First, using high-frequency trade policy data, we present fresh evidence on the dynamic effects of temporary trade barriers. Estimates from country-level and panel VARs show that protectionism acts as a supply shock, causing output to fall and inflation to rise in the short run. Moreover, protectionism has at best a small positive effect on the trade balance. Second, we build a small open economy model with firm heterogeneity, endogenous selection into trade, and nominal rigidity to study the channels through which protectionism affects aggregate fluctuations. The model successfully reproduces the VAR evidence and highlights the importance of aggregate investment dynamics and micro-level reallocations for the contractionary effects of tariffs. We then use the model to study scenarios where temporary trade barriers have been advocated as potentially beneficial, including recessions with binding constraints on monetary policy easing or in the presence of a fixed exchange rate. Our main conclusion is that, in all the scenarios we consider, protectionism is not an effective tool for macroeconomic stimulus and/or to promote rebalancing of external accounts.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/1024315170> # Protectionism and the business cycle
    a schema:MediaObject, schema:Book, schema:CreativeWork ;
    library:oclcnum "1024315170" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/4780536004#Topic/international_trade_econometric_models> ; # International trade--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/4780536004#Topic/business_cycles_econometric_models> ; # Business cycles--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/4780536004#Topic/commercial_policy_econometric_models> ; # Commercial policy--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/4780536004#Topic/protectionism_econometric_models> ; # Protectionism--Econometric models
    schema:author <http://experiment.worldcat.org/entity/work/data/4780536004#Person/barattieri_alessandro> ; # Alessandro Barattieri
    schema:author <http://experiment.worldcat.org/entity/work/data/4780536004#Person/cacciatore_matteo> ; # Matteo Cacciatore
    schema:author <http://experiment.worldcat.org/entity/work/data/4780536004#Person/ghironi_fabio> ; # Fabio Ghironi
    schema:bookFormat schema:EBook ;
    schema:datePublished "2018" ;
    schema:description "We study the consequences of protectionism for macroeconomic fluctuations. First, using high-frequency trade policy data, we present fresh evidence on the dynamic effects of temporary trade barriers. Estimates from country-level and panel VARs show that protectionism acts as a supply shock, causing output to fall and inflation to rise in the short run. Moreover, protectionism has at best a small positive effect on the trade balance. Second, we build a small open economy model with firm heterogeneity, endogenous selection into trade, and nominal rigidity to study the channels through which protectionism affects aggregate fluctuations. The model successfully reproduces the VAR evidence and highlights the importance of aggregate investment dynamics and micro-level reallocations for the contractionary effects of tariffs. We then use the model to study scenarios where temporary trade barriers have been advocated as potentially beneficial, including recessions with binding constraints on monetary policy easing or in the presence of a fixed exchange rate. Our main conclusion is that, in all the scenarios we consider, protectionism is not an effective tool for macroeconomic stimulus and/or to promote rebalancing of external accounts."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/4780536004> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/4780536004#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/4780536004#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:name "Protectionism and the business cycle"@en ;
    schema:productID "1024315170" ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/4780536004#Organization/national_bureau_of_economic_research> ; # National Bureau of Economic Research,
    schema:url <http://www.nber.org/papers/w24353> ;
    schema:url <http://dx.doi.org/10.3386/w24353> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/1024315170> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/4780536004#Organization/national_bureau_of_economic_research> # National Bureau of Economic Research,
    a schema:Organization ;
    schema:name "National Bureau of Economic Research," ;
    .

<http://experiment.worldcat.org/entity/work/data/4780536004#Person/barattieri_alessandro> # Alessandro Barattieri
    a schema:Person ;
    schema:familyName "Barattieri" ;
    schema:givenName "Alessandro" ;
    schema:name "Alessandro Barattieri" ;
    .

<http://experiment.worldcat.org/entity/work/data/4780536004#Person/cacciatore_matteo> # Matteo Cacciatore
    a schema:Person ;
    schema:familyName "Cacciatore" ;
    schema:givenName "Matteo" ;
    schema:name "Matteo Cacciatore" ;
    .

<http://experiment.worldcat.org/entity/work/data/4780536004#Person/ghironi_fabio> # Fabio Ghironi
    a schema:Person ;
    schema:familyName "Ghironi" ;
    schema:givenName "Fabio" ;
    schema:name "Fabio Ghironi" ;
    .

<http://experiment.worldcat.org/entity/work/data/4780536004#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1024315170> ; # Protectionism and the business cycle
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/4780536004#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1024315170> ; # Protectionism and the business cycle
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/4780536004#Topic/business_cycles_econometric_models> # Business cycles--Econometric models
    a schema:Intangible ;
    schema:name "Business cycles--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4780536004#Topic/commercial_policy_econometric_models> # Commercial policy--Econometric models
    a schema:Intangible ;
    schema:name "Commercial policy--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4780536004#Topic/international_trade_econometric_models> # International trade--Econometric models
    a schema:Intangible ;
    schema:name "International trade--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4780536004#Topic/protectionism_econometric_models> # Protectionism--Econometric models
    a schema:Intangible ;
    schema:name "Protectionism--Econometric models"@en ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.