Value of WTO Trade Agreements in a New Keynesian Model

Released on by Mr.Giovanni Ganelli
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  • Value of WTO Trade Agreements in a New Keynesian Model Book Detail

  • Author : Mr.Giovanni Ganelli
  • Release Date : 2015-02-25
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 35
  • ISBN 13 : 1498372678
  • File Size : 21,21 MB
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Value of WTO Trade Agreements in a New Keynesian Model by Mr.Giovanni Ganelli PDF Summary

Book Description: 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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IMF Research Bulletin, June 2015

IMF Research Bulletin, June 2015

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In the June 2015 issue, the Research Summaries review "Migration: An Attractive Insurance Option in African Countries" (Ahmat Jidoud) and "Investment in Emergin