A General Equilibrium Analysis of US Foreign Trade PolicyUsing applied general equilibrium methods to analyze recent debates about the conduct of US foreign trade policy, de Melo and Tarr show that in terms of costs to the economy and to consumers, non-tariff barriers in textiles, automobiles, and steel have more than reversed the benefits of cumulative tariff liberalization achieved in successive postwar GATT rounds. |
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Contents
A | 1 |
Trade Policy Analysis in a OneSector General Equilibrium | 15 |
The Basic General Equilibrium Trade Model | 41 |
Quota Premium Rates and Rent Capture | 65 |
Welfare Costs of US Quotas in Textiles and Apparel | 85 |
Appendix 5A Liberalization with Endogenous Quota Premia | 107 |
Welfare Costs of Quantitative Restrictions with Imperfect | 145 |
Evaluation of Alternative Strategies | 173 |
Conclusions | 191 |
Appendixes | 203 |
B Elasticity Specification and Data Sources | 229 |
B 5 | 235 |
Notes | 241 |
| 261 | |
| 277 | |
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A General Equilibrium Analysis of U. S. Foreign Trade Policy Jaime de Melo,David Tarr No preview available - 2008 |
Common terms and phrases
aggregate apparel products appendix 3A assume assumption auto industry automobiles autos and steel average billions of 1984 calibration central elasticity chapter composite conjectures constant returns consumer contestable market costs of protection costs of QRs crude oil discussed distortionary cost domestic price economies of scale elasticity estimate elasticity of demand elasticity of substitution endogenous equation equivalent variation excise tax exogenous factor firm entry foreign high elasticity Hong Kong imperfect competition income intermediate international capital mobility labor supply labor-leisure choice low elasticity marginal costs Melo monopolistic competition monopsony monopsony power Morkre oil and gas output partial equilibrium percent premia price elasticity product differentiation quota rents quota rights real exchange rate removing QRs removing quotas rent capture returns to scale suppliers tariff rate Tarr terms-of-trade textiles and apparel three sectors tion trade policy United value added VERS voluntary export restraints wage distortions welfare costs welfare gain workers
Popular passages
Page 262 - Baldwin, ed., Trade, growth and the balance of payments. Chicago: Rand McNally.