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180614 ||| eng |
| 020 |
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|a 9781484306116
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| 100 |
1 |
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|a Lindé, Jesper
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| 245 |
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0 |
|a The Macroeconomic Effects of Trade Tariffs
|b Revisiting the Lerner Symmetry Result
|c Jesper Lindé, Andrea Pescatori
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2017
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| 300 |
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|a 54 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Tariffs
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| 653 |
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|a Tariff
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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 Export subsidies
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| 653 |
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|a Taxes
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| 653 |
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|a Trade Policy
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| 653 |
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|a Currency
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| 653 |
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|a Trade: General
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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 Exchange
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| 653 |
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|a International trade
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| 653 |
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|a Real exchange rates
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| 653 |
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|a Central Banks and Their Policies
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| 653 |
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|a Exchange rates
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| 653 |
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|a Taxation
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Imports
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| 653 |
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|a Foreign exchange
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| 700 |
1 |
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|a Pescatori, Andrea
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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 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781484306116.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2017/151/001.2017.issue-151-en.xml?cid=44990-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy holds up approximately for a number of alternative assumptions, we obtain quantitatively important long-term deviations under complete international asset markets. Direct pass-through of tariffs and subsidies to prices and slow exchange rate adjustment can also generate significant short-term deviations from Lerner. Finally, we quantify the macroeconomic costs of a trade war and find that they can be substantial, with permanently lower income and trade volumes. However, a fully symmetric retaliation to a unilaterally imposed border adjustment tax can prevent any real or nominal effects
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