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dc.contributor.authorFaruqee, Hamiden_US
dc.contributor.authorLaxton, Douglasen_US
dc.contributor.authorMuir, Dirken_US
dc.contributor.authorPesenti, Paoloen_US
dc.description.abstractIn the evolving analysis of global imbalances, the possibility that countries will resort to increased protectionism is often mentioned but rarely analyzed. This paper attempts to fill that gap, examining the macroeconomic implications of a shift to protectionist policies through the lens of a dynamic general equilibrium model of the world economy that encompasses four regional blocs. Simulation exercises are carried out to assess the consequences of imposing uniform and discriminatory tariffs on trading partners as well as the consequences of tariff retaliation. We also discuss a scenario in which a “globalization backlash” lowers the degree of competition in import-competing sectors, and compare the implications of higher markups in the product and labor markets.en_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 268en_US
dc.subject.keywordcurrent account deficit, multicountry dynamic general equilibrium models, net asset positions, trade policyen_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.titleWould protectionism defuse global imbalances and spur economic activity? A scenario analysisen_US
dc.typeWorking Paperen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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