Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation

Hashimoto, Ken-ichi; Miyagiwa, Kaz; Ono, Yoshiyasu; Schlegl, Matthias

Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation

Hashimoto, Ken-ichi; Miyagiwa, Kaz; Ono, Yoshiyasu et al.

Institute of Social and Economic Research Discussion Papers, 2024, 1245, 1-29

アクセス数:16件（2025-05-16 16:46 集計）

固定URL: https://hdl.handle.net/11094/97106

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タイトル	Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation
著者	NRID 1000070403219 1000070403219 著者名 Hashimoto, Ken-ichi
	著者名 Miyagiwa, Kaz
	NRID 1000070130763 1000070130763 著者名 Ono, Yoshiyasu
	NRID 1000050844982 1000050844982 著者名 Schlegl, Matthias
キーワード等	demand shortage
	unemployment
	tariffs
	secular stagnation
JEL分類コード (JEL)	E24
	E31
	F13
	F41
	J20
抄録	This paper first presents a dynamic model that features both real and monetary aspects of international trade and is capable of dealing with both full employment and secular un-employment. The model is then utilized to examine the effect of a tariff on the terms of trade, the trade pattern, real consumption and employment of labor. It is shown that with full employment in both countries, a tariff by the home country improves its terms of trade and increases its national welfare at the expense of the foreign country. These results how-ever are reversed in the presence of unemployment in both countries. We also examine the asymmetric cases and calibrate our model to evaluate numerically the effect of large tariff changes. The main finding is that the tariff only worsens the economy when it is already stagnant.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1245
ページ	1-29
刊行年月	2024-06
言語	英語
ハンドルURL	https://hdl.handle.net/11094/97106
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2024/DP1245.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2024, 1245, p. 1-29
DC.title	Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation
DC.creator	Hashimoto, Ken-ichi
	Miyagiwa, Kaz
	Ono, Yoshiyasu
	Schlegl, Matthias
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2024-06
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2024/DP1245.pdf
DC.subject	demand shortage
	unemployment
	tariffs
	secular stagnation
DCTERMS.abstract	This paper first presents a dynamic model that features both real and monetary aspects of international trade and is capable of dealing with both full employment and secular un-employment. The model is then utilized to examine the effect of a tariff on the terms of trade, the trade pattern, real consumption and employment of labor. It is shown that with full employment in both countries, a tariff by the home country improves its terms of trade and increases its national welfare at the expense of the foreign country. These results how-ever are reversed in the presence of unemployment in both countries. We also examine the asymmetric cases and calibrate our model to evaluate numerically the effect of large tariff changes. The main finding is that the tariff only worsens the economy when it is already stagnant.
DC.format	97106
citation_title	Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation
citation_author	Hashimoto, Ken-ichi
	Miyagiwa, Kaz
	Ono, Yoshiyasu
	Schlegl, Matthias
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2024-06
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1245
citation_firstpage	1
citation_lastpage	29
citation_public_url	https://hdl.handle.net/11094/97106
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2024/DP1245.pdf

Was Keynes right? A reconsideration of the effect of a protective tariff under stagnation

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