Tariffs and other policy distortions typically lower real national income relative to what it otherwise would have been for any given rate of factor accumulation. Even so, policy distortions may raise an economy's real measured growth rate and, somewhat deceivingly, give the impression that...

Frequently in applied work, researchers need to utilize values for price elasticities of import demand and export supply. Unfortunately, econometric estimates of these elasticities are limited, perhaps due to the difficulties inherent in estimating them. This paper uses a methodology for...

An important objective of recent General Agreement on Tariffs and Trade (GATT)/World Trade Organization (WTO) rounds of trade negotiations has been to urge member countries to adopt trade policies that are more transparent in their effects. One example in this regard has been the move towards...

An important objective of recent General Agreement on Tariffs and Trade (GATT)/World Trade Organization (WTO) rounds of trade negotiations has been to urge member countries to adopt trade policies that are more transparent in their effects. One example in this regard has been the move towards...

There has been a great deal of public discussion over the impact that agricultural trade liberalization would likely have, especially on low-income countries. Unfortunately, the public discussion has been characterized by a number of misconceptions. This paper provides a clarifying discussion of...

It has long been argued that the presence of nominal rigidities could cause adverse macroeconomic adjustment to trade liberalization and thus reduce the benefits of freer trade. The paper explores the welfare cost of macroeconomic adjustment within the framework of new open economy macroeconomic...