Growth, expectations and tariffs

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dc.contributor Bank of Finland Honkapohja, Seppo Turunen-Red, Arja H. Woodland, Alan D. 2014-09-22T07:58:14Z 2014-09-22T07:58:14Z 2011
dc.identifier.isbn 978-952-462-673-6
dc.identifier.issn 1456-6184
dc.description.abstract We study a many-country endogenous growth model in which decisions about innovation and new investment are influenced by growth expectations. Adaptive learning dynamics determine the country-specific short-run transition paths. The countries differ in basic structural parameters and may impose tariffs on imports of capital goods. Numerical experiments illustrate the adjustment dynamics that follow the use of tariffs. We show that countries that limit trade in capital goods can experience dynamic gains both in growth and in utility and that such gains persist longer the larger the structural advantages of the region that applies tariffs. Substantial differences in levels of innovation, consumption, output and utility can appear, and asymmetries in economic outcomes that were present before trade restrictions are made more severe.
dc.format.extent 52 s.
dc.language.iso eng
dc.subject ulkomaankauppa
dc.subject mallit
dc.subject kulutus
dc.subject tuottajahinnat
dc.subject tuotanto
dc.subject talouskasvu
dc.subject odotukset
dc.subject tuonti
dc.subject tullit
dc.subject innovaatiot
dc.subject SP
dc.subject RP
dc.subject investointitavarat
dc.title Growth, expectations and tariffs
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-20140807338 Bank of Finland Research Discussion Papers
dc.series.year 2011
dc.series.number 9/2011
dc.series.sortingnumber 0009 8.3.2011
dc.description.publication Published in Canadian Journal of Economics, 49, 2016: 1441-1469

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