The Effects of Trade-Balance-Triggered Tariffs
用一个跨期优化模型研究小国开放经济中，根据贸易平衡状况定期征收关税对实际利率、消费和贸易平衡动态的影响，发现该政策在衰退期改善贸易平衡、在繁荣期恶化贸易平衡。
An intertemporal optimizing model of a small open economy is used to study the effects on the dynamics of real interest rates, consumption, and the trade balance of a policy where tariffs are regularly enacted in response to trade balance difficulties. Starting from a free trade equilibrium characterized by trade balance deficits during recessions and surpluses during booms, it is shown that trade-balance-triggered tariffs improve the trade balance during recessions and worsen it during booms. This result is due to the policy's intertemporal substitution effects. The implications of investment spending for the effects of trade-balance-triggered tariffs are also discussed. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.