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150128 ||| eng |
| 020 |
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|a 9781451854459
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| 100 |
1 |
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|a Auernheimer, Leonardo
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| 245 |
0 |
0 |
|a Shock Versus Gradualism in Models of Rational Expectations
|b The Case of Trade Liberalization
|c Leonardo Auernheimer, Susan George
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1997
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| 300 |
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|a 20 pages
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| 653 |
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|a Wealth
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| 653 |
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|a Investments, Foreign
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| 653 |
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|a Tariff
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| 653 |
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|a Tariffs
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| 653 |
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|a International Trade Organizations
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Saving
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| 653 |
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|a Trade Policy
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| 653 |
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|a Trade liberalization
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| 653 |
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|a Long-term Capital Movements
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| 653 |
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|a Open Economy Macroeconomics
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| 653 |
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|a Exports and Imports
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| 653 |
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|a International economics
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| 653 |
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|a Foreign assets
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| 653 |
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|a Investments: Commodities
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| 653 |
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|a Commodities
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| 653 |
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|a Commercial policy
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| 653 |
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|a Consumption; Economics
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| 653 |
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|a Consumption
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Investment & securities
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| 653 |
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|a Taxation
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| 653 |
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|a Commercial products
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| 653 |
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|a Commodity Markets
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| 653 |
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|a International Investment
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| 700 |
1 |
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|a George, Susan
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781451854459.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/1997/122/001.1997.issue-122-en.xml?cid=2341-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a 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 time. The gradualist policy introduces a distortion in consumption-accumulation decisions and generates welfare costs. And if the gradual change is extended over “too long” a period, these costs may exceed the long-run benefits of liberalization
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