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Tariffs Terms Of Trade And The Real Exchange Rate In An Intertemporal Optimizing Model Of The Current Account
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Book Synopsis Terms of Trade Disturbances, Real Exchange Rates, and Welfare by : International Monetary Fund
Download or read book Terms of Trade Disturbances, Real Exchange Rates, and Welfare written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-03-14 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many arguments that have been advanced in favor of maintaining capital controls within the EC have not paid sufficient attention to the welfare consequences of this type of market intervention. Our paper provides a simple, optimizing framework in which the welfare consequences of capital controls can be assessed. Two main issues are considered. First, how do capital controls affect the adjustment of macroeconomic variables to real disturbances? Second, what is the nature of second best arguments for maintaining capital controls given that certain distortions will remain after the European single market is in place in 1992?
Book Synopsis Tariffs, Terms of Trade, and the Real Exchange Rate in an Intertemporal Optimizing Model of the Current Account by : Sebastian Edwards
Download or read book Tariffs, Terms of Trade, and the Real Exchange Rate in an Intertemporal Optimizing Model of the Current Account written by Sebastian Edwards and published by . This book was released on 1987 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper a minimal general equilibrium intertemporal model, with optimizing consumers and producers, is developed to analyze the process of real exchange rate determination. The model is completely real, and considers a small open economy that produces and consumes three goods each period. The model is also used to analyze the way in which the current account responds to several shocks. The working of the model is illustrated for the case of two disturbances: the imposition of import tariffs, and external terms of trade shocks. In the case of import tariffs, a distinction is made between temporary, anticipated, and permanent changes. It is shown that, without imposing rigidities or adjustment costs, interesting paths for the equilibrium real exchange rate can be generated. In particular "overshooting" and movements in opposite directions in periods one and two can be observed. Precise conditions under which temporary import tariffs will improve the current account are derived. Finally, several ways in which the model can be extended to take into account other issues such as changes in the fiscal deficit, and financial deregulation are discussed in detail.
Book Synopsis The Balance of Trade, the Terms of Trade, and the Real Exchange Rate by : International Monetary Fund
Download or read book The Balance of Trade, the Terms of Trade, and the Real Exchange Rate written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-01-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses an intertemporal optimizing model of a small open economy to analyze how terms of trade changes affect real exchange rates and the trade balance. We consider temporary current, anticipated future, and permanent changes in the terms of trade. The results suggest that the relationship between the terms of trade and the current account (the so-called Harberger-Laursen-Metzler effect) may be quite sensitive to whether or not the model incorporates nontraded goods. Thus, the real exchange rate may be an important variable through which terms of trade shocks are transmitted to the current account.
Book Synopsis The Balance of Trade, the Terms of Trade, and the Real Exchange Rate by : Jonathan David Ostry
Download or read book The Balance of Trade, the Terms of Trade, and the Real Exchange Rate written by Jonathan David Ostry and published by . This book was released on 1988 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Macroeconomic Effects of Trade Tariffs by : Jesper Lindé
Download or read book The Macroeconomic Effects of Trade Tariffs written by Jesper Lindé and published by International Monetary Fund. This book was released on 2017-07-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The External Balance Assessment (EBA) Methodology by : Mr.Steven Phillips
Download or read book The External Balance Assessment (EBA) Methodology written by Mr.Steven Phillips and published by International Monetary Fund. This book was released on 2014-01-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
Book Synopsis International Macroeconomic Dynamics by : Stephen J. Turnovsky
Download or read book International Macroeconomic Dynamics written by Stephen J. Turnovsky and published by MIT Press. This book was released on 1997 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Macroeconomic Dynamics provides extensive applications of important macroeconomic dynamic models to the international economy. For a long time, the study of macroeconomics has focused almost exclusively on a closed economy and downplayed the role of international transactions. Today, however, researchers recognize that one cannot fully understand domestic macroeconomic relationships without considering the global economy within which each country operates. Increasingly, economists are treating international transactions as an integral part of the macroeconomic system, and international macroeconomics has become an area of intensive research activity. International Macroeconomic Dynamics provides extensive applications of important macroeconomic dynamic models to the international economy. It adopts the main contemporary macroeconomic framework, the representative agent model, and develops a series of models of increasing complexity. The author considers both small and large economies and analyzes them in both deterministic and stochastic contexts. The emphasis is very much on the development of the analytical models; a novel feature is the extensive use of continuous-time stochastic methods. While the author applies the models to a range of important policy issues, particularly issues of fiscal policy, the reader is invited to view the analyses as blueprints for other applications.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451930739 Total Pages :204 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1988-01-01 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: An intertemporal optimizing model of a small open economy is used to analyze how terms of trade changes affect real exchange rates and the trade balance. Temporary current, (expected) future, and permanent changes in the terms of trade are considered. The results suggest that the relationship between the terms of trade and the current account (the so-called Harberger-Laursen-Metzler effect) is sensitive to whether the model incorporates nontradable goods. Thus, the real exchange rate may be an important variable through which terms of trade shocks are transmitted to the current account.
Book Synopsis Agricultural Trade Negotiations by : Mary E. Lassanyi
Download or read book Agricultural Trade Negotiations written by Mary E. Lassanyi and published by . This book was released on 1988 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade Restrictions with Imported Intermediate Inputs by : Ramon Eugenio Lopez
Download or read book Trade Restrictions with Imported Intermediate Inputs written by Ramon Eugenio Lopez and published by World Bank Publications. This book was released on 1989 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Dimensions of Trade Policy by : International Monetary Fund
Download or read book Fiscal Dimensions of Trade Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-05-18 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assembles findings on the use of trade taxes, examines the main contributing factors, and reviews the fiscal aspects of trade policy as they relate to both efficiency and macroeconomic stabilization. It demonstrates why trade taxes would generally not be part of an optimal tax package, and describes the conditions under which they could be used and what their structure would be. The paper also reviews the channels of the effects of trade taxes under fixed and flexible exchange rates, and concludes that the distortions and welfare loss that they create put them at a disadvantage vis-à-vis other fiscal and exchange rate policies.
Book Synopsis Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy by : Partha Sen
Download or read book Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy written by Partha Sen and published by . This book was released on 1988 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyze these effects of a tariff in an intertemporal optimizing model, emphasizing the role of capital accumulation. Three types of increases in the tariff rate are considered: (i) unanticipated permanent; (ii) unanticipated temporary; (iii) anticipated permanent. There are two main general conclusions to be drawn from the analysis. The first is that the introduction (or increase) of a tariff is contractionary, both in the short run and in the long run. In particular, employment is reduced both in the short run and in the long run, so that there is no significant intertemporal tradeoff, as obtained by previous authors. The fail in the long-run capital stock causes an immediate reduction in the rate of investment, which in turn leads to a current account surplus. While this response of the current account is in accordance with much (but not all) of the existing literature, the mechanism by which it is achieved, namely the decumulation of capital, has not been previously considered. Also, the fact that the declining capital stock is accompanied by an accumulation of foreign bonds means that the savings effect of the tariff is unclear, depending upon which influence dominates. This ambiguity of savings is, however, very different from those occurring in other studies. The second major conclusions stems from the fact that the steady state depended upon the initial stocks of the assets. As a consequence, a temporary tariff, by altering these initial conditions for some later date when the tariff is removed, leads to a permanent effect on the economy.
Book Synopsis Methods of Macroeconomic Dynamics by : Stephen J. Turnovsky
Download or read book Methods of Macroeconomic Dynamics written by Stephen J. Turnovsky and published by MIT Press. This book was released on 2000 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Just as macroeconomic models describe the overall economy within a changing, or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous time stochastic models. The author uses examples from both closed and open economies. Whereas others commonly introduce models in a closed context, tacking on a brief discussion of the model in an open economy, Turnovsky integrates the two perspectives throughout to reflect the increasingly international outlook of the field. This new edition has been extensively revised. It contains a new chapter on optimal monetary and fiscal policy, and the coverage of growth theory has been expanded substantially. The range of growth models considered has been extended, with particular attention devoted to transitional dynamics and nonscale growth. The book includes cutting-edge research and unpublished data, including much of the author's own work.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781557751331 Total Pages :394 pages Book Rating :4.7/5 (513 download)
Book Synopsis Choosing an Exchange Rate Regime by : International Monetary Fund
Download or read book Choosing an Exchange Rate Regime written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-09-15 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of papers, edited by Victor Argy and Paul De Grauwe, examines issues surrounding the choice of exchange rate regime in smaller industrial countries. It contains a comprehensive summary by Jacques J. Polak.
Book Synopsis Temporary Terms of Trade Disturbances, the Real Exchange Rate and the Current Account by : Sebastian Edwards
Download or read book Temporary Terms of Trade Disturbances, the Real Exchange Rate and the Current Account written by Sebastian Edwards and published by . This book was released on 1988 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The External Balance Assessment Methodology: 2018 Update by : Mr.Luis M. Cubeddu
Download or read book The External Balance Assessment Methodology: 2018 Update written by Mr.Luis M. Cubeddu and published by International Monetary Fund. This book was released on 2019-03-19 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The assessment of external positions and exchange rates is a key mandate of the IMF. This paper presents the updated External Balance Assessment (EBA) framework—a key input in the conduct of multilaterally-consistent external sector assessments of 49 advanced and emerging market economies—following the two rounds of refinements adopted since the framework was introduced in 2012 (as described in Phillips et al., 2013). It also presents new complementary tools for shedding light on the role of structural factors in explaining external imbalances and assessing potential biases in the measurement of external positions. Remaining challenges and areas of future work are also discussed.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451957092 Total Pages :268 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers, Volume 43 No. 1 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers, Volume 43 No. 1 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1996-01-01 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simulation experiments suggest that a substantial long-term “peace dividend”—in the form of higher capacity output—may result from markedly lower military expenditure levels achieved in most regions during the late 1980s, and the further military spending cuts that would be possible if global peace could be secured.
