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Value of WTO Trade Agreements in a New Keynesian Model

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by Giovanni Ganelli & Juha Tervala
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Value of WTO Trade Agreements in a New Keynesian Model by Giovanni Ganelli & Juha Tervala

We revisit the question of the quantitative benefits of WTO trade agreements in a setup that is non-standard from the traditional trade policy point of view. We show that in a New Keynesian model, unilateral trade liberalization reduces welfare due to terms-of-trade deterioration, creating an incentive for a trade agreement. For realistic parameter values, the value of an agreement, which cuts tariffs by one percentage point, is 0.5% to 2% of consumption, much larger than in trade models. The intuition for this result hinges on some New Keynesian features of our framework, such as imperfect competition and endogenous labor supply.

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Ebook Details
Pages: 35
Size: 964 KB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2015
ISBN: 9781498375016 (DRM-EPUB)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

These authors have products in the following categories:

Nonfiction > Business & Economics
Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics
Nonfiction > Business & Economics > Corporate Governance
Nonfiction > Business & Economics > Money & Monetary Policy

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03/29/2017
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