This paper is concerned with the appropriate time path of commercial policy, assuming a more liberal trade policy is favored. It considers the minimization of adjustment costs incurred in moving resources out of protected industries and into new activities in relation to various time paths. In the presence of distortions that affect the adjustment process, an immediate move to the optimal long-run commercial policy as the best time path of policy...
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INFORMATION
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1984/05/31
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Document de travail départemental
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CPD8415
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1
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1
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2017/11/15
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Disclosed
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The adjustment process and the timing of trade liberalization
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