The Experts below are selected from a list of 61230 Experts worldwide ranked by ideXlab platform
Nuno Limão - One of the best experts on this subject based on the ideXlab platform.
-
Policy Uncertainty, Trade, and Welfare: Theory and Evidence for China and the United States
American Economic Review, 2017Co-Authors: Kyle Handley, Nuno LimãoAbstract:We examine the impact of policy uncertainty on trade, prices, and real income through firm entry investments in general equilibrium. We estimate and quantify the impact of trade policy on China's export boom to the United States following its 2001 WTO accession. We find the accession reduced the US threat of a trade war, which can account for over one-third of that export growth in the period 2000-2005. Reduced policy uncertainty lowered US prices and increased its consumers' income by the equivalent of a 13-percentage-point permanent tariff decrease. These findings provide evidence of large effects of policy uncertainty on economic activity and the importance of agreements for reducing it.
-
Policy Uncertainty, Trade and Welfare: Theory and Evidence for China and the U.S
2013Co-Authors: Kyle Handley, Nuno LimãoAbstract:We assess the impact of U.S. trade policy uncertainty (TPU) toward China in a tractable general equilibrium framework with heterogeneous firms. We show that increased TPU reduces investment in export entry and technology upgrading, which in turn reduces trade flows and real income for consumers. We apply the model to analyze China's export boom around its WTO accession and argue that in the case of the U.S. the most important policy effect was a reduction in TPU: granting permanent normal trade relationship status and thus ending the annual threat to revert to Smoot-Hawley tariff levels. We construct a Theory-consistent measure of TPU and estimate that it can explain between 22-30% of Chinese exports to the US after WTO accession. We also estimate a Welfare gain of removing this TPU for U.S. consumers and find it is of similar magnitude to the U.S. gain from new imported varieties in 1990-2001.
Kyle Handley - One of the best experts on this subject based on the ideXlab platform.
-
Policy Uncertainty, Trade, and Welfare: Theory and Evidence for China and the United States
American Economic Review, 2017Co-Authors: Kyle Handley, Nuno LimãoAbstract:We examine the impact of policy uncertainty on trade, prices, and real income through firm entry investments in general equilibrium. We estimate and quantify the impact of trade policy on China's export boom to the United States following its 2001 WTO accession. We find the accession reduced the US threat of a trade war, which can account for over one-third of that export growth in the period 2000-2005. Reduced policy uncertainty lowered US prices and increased its consumers' income by the equivalent of a 13-percentage-point permanent tariff decrease. These findings provide evidence of large effects of policy uncertainty on economic activity and the importance of agreements for reducing it.
-
Policy Uncertainty, Trade and Welfare: Theory and Evidence for China and the U.S
2013Co-Authors: Kyle Handley, Nuno LimãoAbstract:We assess the impact of U.S. trade policy uncertainty (TPU) toward China in a tractable general equilibrium framework with heterogeneous firms. We show that increased TPU reduces investment in export entry and technology upgrading, which in turn reduces trade flows and real income for consumers. We apply the model to analyze China's export boom around its WTO accession and argue that in the case of the U.S. the most important policy effect was a reduction in TPU: granting permanent normal trade relationship status and thus ending the annual threat to revert to Smoot-Hawley tariff levels. We construct a Theory-consistent measure of TPU and estimate that it can explain between 22-30% of Chinese exports to the US after WTO accession. We also estimate a Welfare gain of removing this TPU for U.S. consumers and find it is of similar magnitude to the U.S. gain from new imported varieties in 1990-2001.
Vivian Walsh - One of the best experts on this subject based on the ideXlab platform.
-
entanglement throughout economic science the end of a separate Welfare economics
Review of Political Economy, 2009Co-Authors: Hilary Putnam, Vivian WalshAbstract:In the 1980s, Amartya Sen (1987, p. 51) complained of 'the impoverishment of Welfare economics'. By 1993, Sir Partha Dasgupta (1993, p. 71), citing Hilary Putnam, had embraced the entanglement of Theory, facts and values, and presented a theoretically rigorous, factually based, and deeply ethical social Welfare function, which has rich non-utilitarian ethical elements sharply distinguishing it from the old 'welfarist' construction, and which he called a social evaluation function. Those things that the 'new' Welfare economics had notoriously shied away from, above all interpersonal comparisons, are in full flower in Dasgupta's concept, and he is so confident of the moral support of his colleagues in the field that he seldom discusses ethical issues. Could one ask for anything more? We believe one can, and that framing this work as a separate branch of economics called 'Welfare Theory' limits its reach and influence, and offers its enemies an excuse for evading its message. What is more we argue that the logical entailments of entanglement render the concept of a separate 'Welfare' economics meaningless.
L Caliendo - One of the best experts on this subject based on the ideXlab platform.
-
Tariff Reductions, Entry, and Welfare: Theory and Evidence for the Last Two Decades - eScholarship
2015Co-Authors: L Caliendo, Rc Feenstra, J Romalis, Am TaylorAbstract:Tariff Reductions, Entry, and Welfare: Theory and Evidence for the Last Two Decades ∗ Lorenzo Caliendo Yale University and NBER Robert C. Feenstra UC Davis and NBER John Romalis University of Sydney and NBER Alan M. Taylor UC Davis, NBER, and CEPR November 2016 Abstract We use a multi-sector, heterogeneous-firm trade model to study the trade and Welfare effects of commercial policy. We show that the effect of tariffs on entry, especially in the presence of production linkages, can reverse the traditional positive optimal-tariff argument. We then use a new tariff dataset, and apply it to a 189-country, 15-sector version of our model, to quantify the trade, entry, and Welfare effects of trade liberalization over the period 1990–2010. We find that the impact on firm entry was larger in Advanced relative to Emerging and Developing countries; that more than 90% of the gains from trade are a consequence of the reductions in MFN tariffs (the Uruguay Round); and that for some countries, particularly some Emerging and Developing countries, there are additional gains from a further move to complete free trade. The countries gaining from the elimination of tariffs have a strong rank correlation with those that gain from a negative optimal tariff, which comprise one-quarter of the countries in the world. Keywords: trade policy, monopolistic competition, gains from trade, input-output linkages, multilateralism, bilateralism. JEL Codes: F10, F11, F12, F13, F15, F17, F60, F62. Contact information: Caliendo: lorenzo.caliendo@yale.edu; Feenstra, rcfeenstra@ucdavis.edu; Romalis, john.romalis@sydney.edu.au; Taylor, amtaylor@ucdavis.edu. Financial support from the National Science Foun- dation is gratefully acknowledged. We thank Federico Esposito and Mingzhi Xu for excellent research assistance. For their helpful comments we thank Andres Rodr´iguez-Clare, Kyle Bagwell, Fernando Parro, Stephen Redding, Esteban Rossi-Hansberg, Ina Simonovska, and seminar participants. The usual disclaimer applies.
-
Tariff Reductions, Entry, and Welfare: Theory and Evidence for the Last Two Decades
2015Co-Authors: L Caliendo, J Romalis, Robert C. Feenstra, Alan M. TaylorAbstract:Tariffs have fallen significantly around the globe over the last two decades. Yet very little is known about the trade, entry, and Welfare effects generated by this unprecedented shift in trade policy. We use a heterogeneous-firm quantitative trade model to study the effects of observed changes in trade policy. Importantly, in our model, tariffs affect the entry decision of firms across markets, a channel that has been unduly overlooked in the literature. We first show how trade policy influences entry and selection of firms into markets. We then use a new tariff dataset, and apply a 189-country, 15-sector version of our model, to quantify the trade, entry, and Welfare effects of trade liberalization over the period 1990–2010. We find that the impact on firm entry was larger in Advanced relative to Emerging markets; that more than 90% of the gains from trade are a consequence of the reductions in MFN tariffs (the Uruguay Round); that PTAs have not contributed much to the overall gains from trade; and that, with the exception of a few Emerging and Developing countries, most countries do not gain much (and some lose) from a move to complete free trade under zero tariffs.
Luigi Bradizza - One of the best experts on this subject based on the ideXlab platform.
-
Richard T. Ely’s Critique of Capitalism
2013Co-Authors: Luigi BradizzaAbstract:Introduction 1. Ely's Progressive Individualism 2. Ely's 'General Welfare' Theory of Property: Theoretical Problems 3. Ely's 'General Welfare' Theory of Property: Institutional Effects 4. Ely's View of Historical Change: Means and Ends Conclusion
-
Ely’s “General Welfare” Theory of Property: Theoretical Problems
2013Co-Authors: Luigi BradizzaAbstract:Ely proposes a foundation for the concept of property that he terms “the general Welfare Theory.”1 He claims that “[p]roperty exists because it promotes the general Welfare and by the general Welfare its development is directed.”2 Ely hopes that his Theory of property will replace the view that men have a natural right to property. This chapter examines Ely’s “general Welfare” Theory of property from a theoretical perspective. (The next chapter examines the effects of his Theory of property on American political institutions.) Ely’s writings display an obvious, strong, and repeated opposition to fixed notions of property based on the older, natural rights understanding.3 Ely makes it plain that he wants a much more flexible view of property that allows for adjustments to property distribution by the government in the service of the greater good. That greater good is the greatest possible development of each person. And so it is Ely’s progressive individualism that drives his view of property.
-
Ely’s “General Welfare” Theory of Property: Institutional Effects
2013Co-Authors: Luigi BradizzaAbstract:Ely would modify and use government institutions to implement his Theory of property, discussed in the previous chapter. It is the argument of this chapter that Ely hopes to implement his “general Welfare” Theory of property by revising judicial and administrative procedures so as to produce rule, in part, by unelected legislators trained in social science and located mainly in the judiciary and executive branch. His plan is to staff the judiciary with lawyers educated not only in law but also in social science. The executive branch would assist the legislative branch in passing laws by means of various industrial commissions, with the commissioners also trained in social science. These various experts are to be trained in universities, the very source of social science. These alterations to American political institutions are necessary, in Ely’s view, so as to allow for the introduction into political life of trained experts who otherwise cannot be identified by democratic means. Moreover, these alterations are also necessary in order to remove traditional, pre-Progressive Era constitutional impediments to a broader, deeper, and less democratic government. I show that there are problems reconciling Ely’s proposals for the scientific management of property law with democracy. The changes he proposes impair the habits of republican self-government, and go a long way to reducing citizens to mere objects of legislation.
