English, Article, Journal or magazine article edition: PHASING IN AND PHASING OUT PROTECTIONISM WITH COSTLY ADJUSTMENTS OF LABOUR Karp, Larry; Paul, Thierry

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Bookmark: http://trove.nla.gov.au/version/149061
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • PHASING IN AND PHASING OUT PROTECTIONISM WITH COSTLY ADJUSTMENTS OF LABOUR
Author
  • Karp, Larry
  • Paul, Thierry
Physical Description
  • preprint
Notes
  • We study the dynamics of optimal trade policy in a model with costly inter-sectoral adjustment of labour, where migrants pay less than the marginal social cost of migration. If workers have rational expectations, a future tariff has an announcement effect on the current migration decision. If the government is able to commit itself to future policy, the optimal trajectory involves phasing in and then phasing out protection of the dying sector. This contrasts with recommendations of gradual liberalization. Without the ability to make commitments, the equilibrium policy begins with and maintains free trade.
  • adjustment costs, dynamic tariffs, time inconsistency, Markov perfection, International Relations/​Trade,
  • RePEc:ags:iatrwp:51112
Language
  • English
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