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Dynamic effects of tariff liberalization: An intertemporal CGE approach

  • Keuschnigg,Christian
  • Kohler,Wilhelm

    (Institute for advanced studies,Vienna University of Essen)

The paper presents a multisectoral CGE model with overlapping generations in which intertemporal optimization by households and firms determines savings and investment under perfect foresight. We calibrate the model to Austrian data and simulate a unilateral tariff liberalization scenario. We find that unilateral tariff reductions are expansionary in the long-run but involve considerable diversity in sectoral adjustment. Foreign debt increases in the long-run, causing an improvement in the trade balance. In terms of welfare, some old generations gain at the expense of young and future generations. Budgetary policies are shown to be crucial for several effects. Copyright 1995 by Blackwell Publishing Ltd.

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Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 386.

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Date of creation: Dec 1992
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Handle: RePEc:bon:bonsfa:386
Contact details of provider: Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de

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