| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25517 |
| 来源ID | Working Paper 25517 |
| Endogenous Trade Protection and Exchange Rate Adjustment | |
| Stéphane Auray; Michael B. Devereux; Aurélien Eyquem | |
| 发表日期 | 2019-02-04 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper explores the relationship between exchange rate adjustment and trade policy in a simple New Keynesian open economy macro model. We show that movement in exchange rates have a direct implication for trade policy when governments choose tariffs endogenously. In particular, we show that the strategic incentive to impose trade restrictions is greater under flexible exchange rates than when exchange rates are fixed. This surprising result goes counter to conventional wisdom, which suggests that pressures to impose trade restrictions are greater when countries resist adjustments in exchange rates. But in fact, we show that the empirical evidence supports the model predictions. The paper goes on to characterize the path of equilibrium sustainable tariffs in the presence of sticky prices and flexible exchange rates. In our baseline model, tariff rates will rise in response to monetary policy shocks, but fall in response to productivity shocks. Estimating an SVAR model, we also find evidence in support of this prediction. |
| 主题 | International Economics ; Trade ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w25517 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583191 |
| 推荐引用方式 GB/T 7714 | Stéphane Auray,Michael B. Devereux,Aurélien Eyquem. Endogenous Trade Protection and Exchange Rate Adjustment. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25517.pdf（645KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
