Protectionism Isn’t Counter‐Cyclic (anymore)
AbstractConventional wisdom holds that protectionism is counter-cyclic; tariffs, quotas and the like grow during recessions. While that may have been a valid description of the data before the Second World War, it is now inaccurate. In the post-war era, protectionism has not actually moved counter-cyclically. Tariffs and non-tariff barriers simply do not rise systematically during cyclic downturns. I document this new stylized fact with a panel of data covering over 60 countries and 30 years, using eighteen measures of protectionism and seven of business cycles. I also provide some hints as to why protectionism is no longer counter-cyclic.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18062.
Date of creation: May 2012
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Other versions of this item:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
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- Chad Bown & Meredith Crowley, 2011.
"Import protection, business cycles, and exchange rates: evidence from the Great Recession,"
Working Paper Series
WP-2011-16, Federal Reserve Bank of Chicago.
- Bown, Chad P. & Crowley, Meredith A., 2013. "Import protection, business cycles, and exchange rates: Evidence from the Great Recession," Journal of International Economics, Elsevier, vol. 90(1), pages 50-64.
- Bown, Chad P. & Crowley, Meredith A., 2012. "Import protection, business cycles, and exchange rates : evidence from the great recession," Policy Research Working Paper Series 6038, The World Bank.
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