Tariffs, employment and the current account : the role of the real wage resistance and the macroeconomics of protectionism (anglais)

Using a standard complete specialization model of a small open economy within a rigorous intertemporal optimization framework with contract-based wage rigidity, we show that permanent tariffs lead to a current account deterioration and a fall in employment, contradicting most of the literature on macro-economic effects of import tariffs. The crucial factor in this complete reversal of standard results is the impact of tariffs on domestic real product...
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