Shock Versus Gradualism in Models of Rational Expectations : The Case of Trade Liberalization

The Case of Trade Liberalization

Shock Versus Gradualism in Models of Rational Expectations : The Case of Trade Liberalization
This paper provides a new argument for "shock" versus "gradualism" in the implementation of trade policies. In the simple context of a small open economy with rational expectations, we consider the comparative welfare effects of eliminating an import tariff either immediately as an unanticipated shock, or gradually over a preannounced length of... READ MORE...

Publication date: September 1997
ISBN 9781451854459
$15.00

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