Welfare Costs of U.S. Quotas in Textiles, Steel and Autos
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 restrictions is estimated at approximately U.S. $20 billion (1984 dollars). Due to the high rent transfer component of quantitative restrictions (about 75 percent), the average across-the-board tariff equivalent of quantitative restrictions (in terms of welfare costs) is estimated at about 20 percent, a rate which predates the early days of multilateral tariff reduction. Copyright 1990 by MIT Press.
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Volume (Year): 72 (1990)
Issue (Month): 3 (August)
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References listed on IDEAS
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- Feenstra, Robert C, 1988. "Quality Change under Trade Restraints in Japanese Autos," The Quarterly Journal of Economics, MIT Press, vol. 103(1), pages 131-46, February.
- Anderson, James E, 1985. "The Relative Inefficiency of Quotas: The Cheese Case," American Economic Review, American Economic Association, vol. 75(1), pages 178-90, March.
- Richard Harris, 1983.
"Applied General Equilibrium Analysis of Small Open Economies with Scale Economies and Imperfect Competition,"
524, Queen's University, Department of Economics.
- Harris, Richard, 1984. "Applied General Equilibrium Analysis of Small Open Economies with Scale Economies and Imperfect Competition," American Economic Review, American Economic Association, vol. 74(5), pages 1016-32, December.
- Baldwin, Robert E. & Mutti, John H. & Richardson, J. David, 1980. "Welfare effects on the United States of a significant multilateral tariff reduction," Journal of International Economics, Elsevier, vol. 10(3), pages 405-423, August.
- Jones, Ronald W & Berglas, Eitan, 1977. "Import Demand and Export Supply: An Aggregation Theorem," American Economic Review, American Economic Association, vol. 67(2), pages 183-87, March.
- John Whalley, 1984. "Trade Liberalization among Major World Trading Areas," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262231204, June.
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