Hidden Bibliographic Details
| Other authors / contributors: | Tokarick, Stephen, author.
Faruqee, Hamid, author.
International Monetary Fund. Research Department.
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| ISBN: | 1283512254
9781283512251
1451910177
9781451910179
1462331629
9781462331628
145276526X
9781452765266
9786613824707
6613824704
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| Digital file characteristics: | text file
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| Notes: | Includes bibliographical references (pages 20-21).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | Trade liberalization leads to long-run gains, but it can also involve costly short-run macroeconomic adjustment. The paper explores the relative importance of these effects within a dynamic general equilibrium model that captures key elements of both international trade and macroeconomic models. The welfare effect of trade liberalization is decomposed into a steady-state efficiency gain and a transitional loss associated with wage-price stickiness. Our estimates show that the transitional loss is small relative to the steady-state gain, and tends to be lower under flexible as compared to fixed exchange rates. We also show that the loss can be reduced further by a flexible price-level targeting policy rule.
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| Other form: | Print version: Choudhri, Ehsan U. Trade liberalization, macroeconomic adjustment, and welfare. Washington, D.C. : International Monetary Fund, 2006
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| Standard no.: | 10.5089/9781451910179.001
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