Tervala, Juha; Ganelli, Giovanni - International Monetary Fund (IMF) - 2012
and an advanced region. In our baseline calibration, a revenue-neutral reform that lowers tariffs in developing countries … dominated by the welfare losses stemming from the deterioration of the terms of trade. On the other hand, the reform increases …-for-point" reform, for example, price stickiness implies that the international dynamics of output is reversed compared to a revenue …