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Wednesday, May 6, 2020 | History

2 edition of Tariffs, capital accumulation, and the current account in a small open economy found in the catalog.

Tariffs, capital accumulation, and the current account in a small open economy

Partha Sen

Tariffs, capital accumulation, and the current account in a small open economy

by Partha Sen

  • 245 Want to read
  • 3 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Tariff -- Econometric models.,
  • Capital -- Econometric models.,
  • Saving and investment -- Econometric models.

  • Edition Notes

    StatementPartha Sen, Stephen J. Turnovsky.
    SeriesNBER working paper series ; Working paper no. 2781, Working paper series (National Bureau of Economic Research) -- working paper no. 2781.
    ContributionsTurnovsky, Stephen J.
    The Physical Object
    Pagination26, [9] p. :
    Number of Pages26
    ID Numbers
    Open LibraryOL22437929M

    FISCAL POLICY, CAPITAL ACCUMULATION, AND DEBT IN AN OPEN ECONOMY* By STEPHEN J. TURNOVSKY** and PARTHA SEN*** 1. Introduction THE emergence of large fiscal and current account deficits in the United States during the s stimulated interest in the theoretical analysis of fiscal policies in open economies. Partha SEN of delhi school of economics, New Delhi | Read 67 publications | Contact Partha SEN Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy.

    Start studying Macro Economics Chapter 1,2, Learn vocabulary, terms, and more with flashcards, games, and other study tools. _____ is the discipline that examines either the economy as a whole or its total. Macro. Investment describes spending. that pays for the production and accumulation of capital . Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy. by Sen, Partha & Turnovsky, Stephen J. The Growth and Welfare Consequences of Differential Tariffs. by Brock, Philip L. & Turnovsky, Stephen J. Macroeconomic Policies, Growth, and Welfare in a Stochastic Economy. by Turnovsky, Stephen J.

    Tariffs, capital accumulation, and the current account in a small open economy P Sen, SJ Turnovsky National Bureau of Economic Research Working Paper Series, Dynamic Effects in Senegal of the Regional Trade Agreement Among Uemoa Countries. Review of International Economics, Vol. 10, pp. , Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy.


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Tariffs, capital accumulation, and the current account in a small open economy by Partha Sen Download PDF EPUB FB2

The fail in the long-run capital stock causes an immediate reduction in the rate of investment, which in turn leads to a current account surplus. While this response of the current account is in accordance with much (but not all) of the existing literature, the mechanism by which it is achieved, namely the decumulation of capital, has not been previously by: The declining capital stock is accompanied by a current account surplus.

The response of savings is unclear. The model has the property that the steady state depends upon the initial stocks of assets. As a consequence of this, a temporary tariff has a permanent (contractionary) effect on the economy.

Sen, Partha & Turnovsky, Stephen J, "Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(4), pagesNovember.

Tariffs, capital accumulation, and the current account in a small open economy Author: Partha Sen ; Stephen J Turnovsky ; National Bureau of Economic Research. Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy By Partha Sen and Stephen J.

Turnovsky Download PDF (0 MB)Author: Partha Sen and Stephen J. Turnovsky. Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy. By Partha Sen and Stephen J Turnovsky. Abstract.

This paper analyzes the effects of tariffs in an intertemporal optimizing framework emphasizing the role of capital accumulation. Unanticipated permanent, anticipated temporary, and anticipated permanent increases in.

"Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol.

30(4), pagesNovember. In this section we consider the case in which the two regions are not only open to international trade but also open to capital flows. First, note that the small open economy assumption implies that if both regions were open to international capital flows, technical change in the origin would not have any effect on the destination region.

In Section 3 we first present the numerical results for both the LST and the ITC versions of the model. We then discuss different types of revenue-neutral tariff reforms. We summarize the main findings in Section 4. The basic model of a small, open economy In this section we present a decentralized, intertemporal model of a small, open economy.

TARIFFS, CAPITAL ACCUMULATION, AND THE CURRENT ACCOUNT IN A SMALL OPEN ECONOMY ABSTRACT This paper analyzes the effects of a tariff in an intertemporal optimizing model, emphasizing the role of capital accumulation.

Three types of increases in the tariff rate Cited by: Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy International Economic Review,30, (4), View citations (42) See also Working Paper () The Term Structure of Interest Rates and the Effects of Macroeconomic Policy Journal of Money, Credit and Banking,21, (3), View citations (19).

The evolution of the current account is seen to mirror that of capital. The welfare of such policies is also assessed in tans of the intertemporal utility of the representative agent.

Both permanent and temporary policy changes are considered, with the latter being shown to have a permanent effect on the economy. Turnovsky (b): “Tariffs, Capital Accumulation and the Current Account in a Small Open To submit an update or takedown request for this paper, please.

This paper develops an optimizing model of a small open economy to study the ad justment of investment, saving, and the current account to a deterioration in the terms of trade.

w Tariffs, Employment and the Current Account: Real Wage Resistance and the Macroeconomics of Protectionism: Edwards: w Tariffs, Terms of Trade, and the Real Exchange Rate in an Intertemporal Optimizing Model of the Current Account: Sen and Turnovsky: w Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy.

w Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy. O'Rourke and Taylor. w Democracy and Protectionism. Edwards and van Wijnbergen. w Tariffs, the Real Exchange Rate and the Terms of Trade: On Two Popular Propositions in International Economics.

This paper analyzes the impact of differential tariffs on consumption and investment in a specific factors model of a small open economy in which capital is accumulated over time. small open economy that takes the world interest rate as given.

Because neither saving nor investment changes, net exports, which equal S - I, do not change either. This is shown in Figure as the unmoving S - I curve. The decreased popularity of Leverett's exports leads to a shift inward of the net exports curve, as shown in Figure Title: Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy Created Date: Z.

Workers at a local mining company are paid $ per hour, and they have incorporated a 3 percent annual raise in their contracts to account for expected inflation. Explain how unexpected inflation of 5 percent will affect the real wage and the unemployment rate.

The much larger welfare gains in the steady state of the dynamic economy, labeled “Λ ss steady states” reflect the fact that capital goods are relatively intensive in tradeable inputs. Tariffs impose a heavy tax on capital accumulation and tariff removal has much larger effects on the long-run capital stock than it does on consumption.a.) the government is likely to spend less and tax more in an open economy b.) the marginal propensity to consume is likely to be smaller in an open economy c.) in a closed economy, the government budget must be balanced d.) in an open economy, increases in income also cause imports to rise.Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy NBER Working Paper No.

w Number of pages: 37 Posted: 05 Jul Last Revised: 09 Aug