[PDF] Top 20 Tariff and Equilibrium Indeterminacy A Global Analysis

... Zhang’s analysis to prove that they are also equivalent in generating global indeterminacy (chaotic equilibria) under this balanced-budget ...A global analysis shows that as in Stockman ... See full document

... We explore the "channel equivalence" between the factor income taxes and tari¤ to gener- ate indeterminacy. The channel is through …scal increasing returns by endogenizing rates and making the government ... See full document

... the equilibrium conditions of the model, which, in addition to sunspot shocks, is also subject to technology and government purchases ...the equilibrium is indeterminate, the equilibrium conditions ... See full document

... on indeterminacy to a small open economy RBC model, in the way of relaxing the assumption that all tari¤ revenues are consumed by the ...the indeterminacy result is robust to this extension as long as the ... See full document

... local indeterminacy and sunspots when tari¤ rates are endogenously determined by a balanced-budget rule with a constant level of government expenditures (or lump- sum tansfers); and (2) indeterminacy ... See full document

... My results suggest that, in general, we should either impose some restrictions on the government ability to adjust tari¤ rates or reduce the level of tari¤ rates levied on the imported factors in order to avoid aggregate ... See full document

... of global dynamics of the two-sector growth model with accumulation of human and physical capital analyzed by Brito, ...an equilibrium point of a 3-dimensional ...minate equilibrium, in the former ... See full document

... general equilibrium in nature, meaning that it also captures both direct and indirect effect stemming from linkages across different countries and ...conducting global trade policy ... See full document

... if global indeterminacy occurs, public intervention becomes not sufficient to drive the economy towards a unique long-run steady state, even if the equilibrium is locally ...local analysis ... See full document

... the analysis more tractable, can be against the notion of ...the global behavior of the economy studied in [24], where indeterminacy may occur for a less stringent set of parametric ...the ... See full document

... These four indeterminacies-the indeterminacy of profes- sional responsibility doctrine, the indeterminacy of the moral jus- tification for the adversary system, the indete[r] ... See full document

... of nominal tariffs, an overvalued domestic currency and subsidised loans to traded goods sectors. These distorted incentives led to allocative and productive inefficiencies and created an anti-export bias. As a result, ... See full document

... The contention of the present argument is that recognition of the importance of causality specification, in the sense just described – i.e., of distinguishing expectational influences from inertial influences via ... See full document

... equilibria by augmenting the standard matching model with capital accumulation. Fur- thermore, Zanetti (2006) builds a New Keynesian model with search frictions showing that indeterminacy may be driven by the ... See full document

... which, in turn, implies that asset price does not change if there is a permanent increase in inflation. This is because the inefficiency of the collateral constraint Θ absorbs the effects of an increase in inflation. ... See full document

... The tracer transport model is driven by the velocity field and eddy diffusion tensor field derived from a dynamical ocean general circulation model (OGCM). The dynamical OCGM is a version of the climate model of the ... See full document

... import tariff is not only observed for US-China, but also for the other ...general equilibrium model to examine the impact of protectionism (import tariff and mineral export taxes) in ... See full document

... Remark 7.1: The global stability analysis shows that the stability established in the model with no time delays remains until the value of 5 and 5 . At the neighborhood of these threshold values, there is a ... See full document

... of indeterminacy is involved if the meter turns out to be indeterminate—that is, if there turns out to not the right number of minimal durations in a cesium ...semantic indeterminacy rather than ... See full document

... political equilibrium only production subsidies will be positive and the tariff will be zero (see Grossman and Helpman, 2001, chapter ...the tariff level – and, a fortiori , there is no substitution ... See full document