Value of WTO Trade Agreements in a New Keynesian Model

Value of WTO Trade Agreements in a New Keynesian Model
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... READ MORE...

Publication date: February 2015
ISBN 9781498372671
$18.00

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Publication date: February 2015

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Publication date: February 2015

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