11 pages matching Industria's welfare in this book
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analyze whether oil assumption borrowing from OPEC demand for oil discounted value elasticities are sufficiently equal excess demand exhaustibility of oil exogenous oil prices expenditure function factor lower world Feenstra higher discount factor improving for Industria Industria's welfare INTERTEMPORAL TERMS intuition Marion and Svensson market clearing condition monopoly power numeraire offset the terms oil demand elasticities oil importing oil market OPEC pricing behaviour OPEC's expenditure optimal tariff arguments payments to OPEC period goods market price in terms price of future price of oil price qz production function qzqz raise the cost rate of interest rate of return recent paper Marion rule for OPEC schedule in q second period trade standard optimal tariff structure of optimal subsidy tax interest payments tax on borrowing tax on interest terms of final terms of trade trade gain trade loss trade surplus two-goods welfare loss world capital market world interest rate world rate zero