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A Model of the Exchange Auction
Analysis of Protection
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absolute value added per unit assumed balance of payments balance of trade Brazil Brazilian Center-South changes in value CM CM cruzeiro dB/dp deflated demand for non-tradeables domestic prices economy Economy of Brazil elasticities of demand equal equation equilibrium estimates exchange auction system exogenous export free trade exchange free trade rate H cd impact of protection import Imposing Protection imposition of protection income elasticities industrial initial input coefficients input-output table intermediate demand linear programming listed in Table measured money flexibility multiple rates non-tradeables prices Northeast output changes parameter sets price changes price elasticities price level prices of non-tradeables protection raises rate of protection real wage regional income relative change resulting rise sector's price sectoral rankings sectoral values added shifts short run single free trade Table A.l tariffs trade exchange rate tradeable prices tradeables sectors value added changes variation world prices