Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation

Material type: 文書・図像類

Author: Hashimoto, Ken-ichiほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2024-06

Material Format: Paper

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Note (General)：: This paper first presents a dynamic model that features both real and monetary aspects of international trade and is capable of dealing with both full...

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Paper

Material Type: 文書・図像類
Title: Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation
Author/Editor: Hashimoto, Ken-ichi
Miyagiwa, Kaz
Ono, Yoshiyasu
Schlegl, Matthias
Author Heading: Hashimoto, Ken-ichi
https://nrid.nii.ac.jp/nrid/1000070403219
Miyagiwa, Kaz
Ono, Yoshiyasu
https://nrid.nii.ac.jp/nrid/1000070130763
Schlegl, Matthias
https://nrid.nii.ac.jp/nrid/1000050844982
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2024-06
Publication Date (W3CDTF): 2024-06
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1245
Volume: 1245
Pages: 1-29
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: demand shortage
unemployment
tariffs
secular stagnation
Target Audience: 一般
Note (General): This paper first presents a dynamic model that features both real and monetary aspects of international trade and is capable of dealing with both full employment and secular un-employment. The model is then utilized to examine the effect of a tariff on the terms of trade, the trade pattern, real consumption and employment of labor. It is shown that with full employment in both countries, a tariff by the home country improves its terms of trade and increases its national welfare at the expense of the foreign country. These results how-ever are reversed in the presence of unemployment in both countries. We also examine the asymmetric cases and calibrate our model to evaluate numerically the effect of large tariff changes. The main finding is that the tariff only worsens the economy when it is already stagnant.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2024/DP1245.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華