Ben Bernanke in Doha: The Effect of Monetary Policy on Optimal Tariffs
研究名义价格刚性和货币政策如何影响最优关税设定，发现短期规划的政策制定者会因价格刚性而设置更低关税，而积极反通胀的货币政策进一步降低最优关税。
Abstract Trade liberalization can imply slow and long adjustment processes. Taking account of these adjustment processes can change the evaluation of trade policy, especially when policymakers care more about the next couple of years than the infinite future. In this paper, I analyze the setting of tariffs in a two‐country model taking account of adjustment processes with special emphasis on the effects of nominal price rigidity and monetary policy. I show that nominal price rigidity induces policymakers with a short planning horizon to set lower tariffs because it enhances the short‐run drop in consumption following an increase in tariffs. Monetary policy that aggressively fights deviations from its inflation target implies even lower optimal tariffs.