This paper quantifies welfare costs and resource shifts that would occur if US quantitative restrictions in textiles, steel and autos were removed. Estimates are derived from a static ten-sector general the equilibrium model of the US economy. The welfare loss from the quantitative restrictions...

This paper simulates the costs of the US-Japan auto VER. Under a standard constant returns to scale (CRTS) formulation, the costs are estimated at about $10 billion. It then sequentially introduces important features of the auto VER: endogenous rent premium determination, wage distortions in...

In 1981, the United States (U.S.) induced the Japanese to agree to a voluntary export restraint (VER) on their export of autos to the U.S. The countries negotiated the VERagainst a backdrop of falling U.S. production and employment in the auto industry and several legislative attempts to curb...

This paper quantifies the welfare effects and resource shifts that would occur if U.S. quantitative restrictions in textiles, steel, and autos were removed. Estimates are derived from a static ten-sector general equilibrium model of the U.S. economy. The welfare loss from the quantitative...

Should the United States increase taxes and tariffs in the energy sector to reduce its federal deficit? This paper uses a twelve sector general equilibrium model to estimate the fiscal effects, and the effects on welfare and employment, of : (i) a 25 percent import tax on imported crude...

This paper examines the welfare effects of protection in two high wage premia sectors--autos and steel--to determine if protection is justified to correct for the labor misallocation due to the wage premia. If wage premia are exogenous, under most product market structures, labor misallocation...

This paper deals with the problems of partial equlibrium analysis by presenting estimates from a static ten sector computable general equilibrium (CGE) model of the U.S. economy calibrated to the year 1984. Following the introduction, the paper is organized as follows. Section 2 outlines the...