On the costs of temporary policy
研究临时贸易自由化实验的成本，发现经常账户在自由化期间恶化且期限越短恶化越严重，成本与期限呈非单调关系，并扩展至耐用品、本国商品、货币和静态贸易收益。
The effects and costs of a temporary trade liberalization experiment are studied in terms of a model with an infinitely-lived individual, under perfect capital mobility and no static gains from trade. It is shown that the current account deteriorates during liberalization, and becomes more negative, the shorter is the liberalization period. The costs are non-monotonic with respect to the latter, and timing of their maximum varies widely with parameters. The analysis is extended to include durable and home goods, money, and static gains from trade.