266 research outputs found
Making America Great Again? The Economic Impacts of Liberation Day Tariffs
Get PDFOn April 2, 2025, President Trump declared “Liberation Day,” announcing broad tariffs to reduce trade deficits and revive U.S. industry. We analyze the long-term economic impacts of these tariffs. If trading partners do not retaliate, the tariffs could decrease the U.S. trade deficit and improve its terms of trade, yielding modest welfare gains when tariff revenues reduce the income tax burden for American workers. However, reciprocal retaliation results in net welfare losses for the U.S. economy. We derive the unilaterally optimal tariff policy and find that the USTR proposed tariffs, based on bilateral trade deficits, diverge markedly from the optimal design. The optimal tariff is 19%, uniformly applied across all trading partners, and determined solely by the aggregate trade deficit, rather than bilateral imbalances. Under optimal foreign retaliation to the USTR tariffs, U.S. welfare declines by up to 3.38% when accounting for input–output linkages, while global employment contracts by 0.58%
Fishing for Trouble The Impact of the 2014 Agricultural Embargo on Russian Consumer Welfare
Get PDFThe use of trade sanctions has surged in recent decades as a means of deterrence and to prompt policy changes among nations. While research has predominantly focused on sanctions imposed by western countries, the exploration of trade sanctions as a retaliatory measure has been limited. However, following the Russian agricultural embargo of 2014, such measures have become increasingly common. This paper investigates the impact of unilateral trade sanctions on consumer welfare by studying the 2014 Russian agricultural embargo. Focusing on seafood exports to Russia before and after the embargo, we apply the theory of comparative advantage and utilize the work of Redding and Weinstein,
2020 to assess the impact on consumer welfare through three hypotheses: price, quality composition, and variety. We employ a revised difference-in-differences approach with continuous treatment intensity, combined with high-dimensional fixed effects, to quantify the short term impact of the embargo. Our findings indicate that the embargo negatively impacted Russian consumer welfare through increased prices, decreased product variety, and reduced access to high-quality goods
Sanctions as a new policy tool: A multiple case study on how sanctions affect trade
Get PDFThis thesis aims to assess the impact of trade sanctions on the export and import levels in targeted countries by using a multiple case study. The motivation for this research stems from the growing prominence of sanctions as a foreign policy tool and the need to evaluate the effect compared to traditional tools like tariffs. Based on the theoretical framework, our hypothesis was that the imposition of trade sanctions would cause a decrease in both exports and imports in the targeted countries. To examine our hypothesis, we chose to look at countries that have experienced varying degrees of sanctions and thus landed on Iran, Syria, and Russia. We use data from the Global Sanctions Database (GSDB), the Observatory of Economic Complexity (OEC), and the World Bank to examine the changes in exports and imports before, during, and after the sanctions.
Our findings partially align with the theoretical framework and our hypothesis, while also revealing gaps between the model and the empirical evidence. While trade sanctions negatively impact both exports and imports in targeted countries, the severity of this impact varies based on several factors, including the intensity of the sanctions, the countries’ adaptation strategies, and their position in the global trade market. Compared to tariffs, sanctions are more extensive measures which could help explain their broader effects. Our research contributes to the existing literature by providing new insights on how sanctions as a policy tool affects trade in targeted countries.This thesis aims to assess the impact of trade sanctions on the export and import levels in targeted countries by using a multiple case study. The motivation for this research stems from the growing prominence of sanctions as a foreign policy tool and the need to evaluate the effect compared to traditional tools like tariffs. Based on the theoretical framework, our hypothesis was that the imposition of trade sanctions would cause a decrease in both exports and imports in the targeted countries. To examine our hypothesis, we chose to look at countries that have experienced varying degrees of sanctions and thus landed on Iran, Syria, and Russia. We use data from the Global Sanctions Database (GSDB), the Observatory of Economic Complexity (OEC), and the World Bank to examine the changes in exports and imports before, during, and after the sanctions.
Our findings partially align with the theoretical framework and our hypothesis, while also revealing gaps between the model and the empirical evidence. While trade sanctions negatively impact both exports and imports in targeted countries, the severity of this impact varies based on several factors, including the intensity of the sanctions, the countries’ adaptation strategies, and their position in the global trade market. Compared to tariffs, sanctions are more extensive measures which could help explain their broader effects. Our research contributes to the existing literature by providing new insights on how sanctions as a policy tool affects trade in targeted countries
The sustainability of recycling systems?: The fundamental limits, system flexibility and resource use efficiency
No full textApplied Science
Integration of dispatchable with non-dispatchable renewable systems and market power : An assessment of the Nordlink interconnector
Get PDFAn increase in integration of electricity markets is allowing for a frequent collaboration
between dispatchable and non-dispatchable technologies. The dispatchable nature of the
former technology creates a potential for market power amongst firms that host dispatchable
technology. As Europe is increasingly embracing non-dispatchable renewables like wind and
solar for power generation, it is crucial to address this issue in the presence of dispatchable
hydropower systems in the Nordics. A market power analysis has become imperative ever
since the NordLink interconnector was opened between hydro-rich Norway with Germany
that has enormous share of renewables in its generation mix. My thesis therefore attempts to
empirically contribute to the limited literature that has so far addressed this concern but is
surely gathering pace. Relying on the theoretical findings from Brekke et al. (2022) and other
limited literature on this aspect, I find evidence of non-competitive behaviour by Norwegian
hydropower firms in NO2 area after the interconnector was commissioned. By compiling a
rich dataset at hourly frequencies, I could show that gaining pivotal status even for shorter
time-period has encouraged firms to engage in non-competitive behaviour. The thesis further
compares such behaviour during both pre-NordLink and post-NordLink period and finds key
differences in the patterns. Whereas a long-run seasonal price elasticity drove such behaviour
earlier, pivotal firms engaged in peculiar short-run as well as long-run non-competitive
behaviour concurrently. This new-found short-run behaviour was influenced by variations in
prevailing German power prices while the long-run behaviour was induced by an interplay of
erstwhile seasonal effect as well as a long run price effect. This long-run price effect is
collective influenced by current and future price expectations in Germany and variation in
available water endowments. My study is finally made robust by demonstrating a stronger
impact of non-competitive behaviour on market outcomes in the post-NordLink regime as
compared to pre-NordLink period by a factor of three. After the connection, the market power
behaviour contributed significantly to price rise despite the presence of other factors driving
German prices. This bodes well with the theoretical findings of Brekke et al. (2022) that
attributes presence of non-competitive behaviour in Norway that does not allow high price
variations that generate in Germany to smoothen as they propagate into Norwegian electricity
markets due to integration.nhhma
Competition and Price Discrimination in International Transportation
Get PDFThis paper documents price discrimination by transport companies, revealing their market power. Larger shipments of similar products sharing a container receive lower prices. A trade model with non-linear pricing of transportation rationalizes this with economies of scale and price discrimination, highlighting their distinct policy implications. To distinguish them, I test for the effect of competition on freight price variation specific to price discrimination. Using unexpected water level changes to instrument for competition in river transportation, I find increased competition causes steeper discounts for larger shipments. Thus, market power in transportation is less distortionary for larger firms gaining additional cost advantages
Inflation and Bank of Russia's policy: is there a link?
No full textOne of the most important aims of monetary policy of the Bank of Russia is to reduce CPI inflation under simultaneous stabilization of ruble exchange rate to the major world currencies. While such task setting is obviously contradictory and requires usage of additional instrument, it is unclear whether Central bank can influence inflation processes at all. The work inquires into how inflation is influenced by credit aggregates, oil prices and exchange rate as the major factors limiting possibilities of Bank of Russia's influence on the price level. Conclusions include recommendations on monetary policy of the Bank of Russia. (in Russian)monetary policy, inflation, Bank of Russia, oil prices, exchange rate pass through
Chronotope of M. A. Bulgakov's novel Heart of a Dog
No full textСтатья посвящена детальному рассмотрению хронотопа повести М. Булгакова "Собачье сердце". Выявлены хронотопические маркеры, которые позволяют осмыслить ключевые пространственно-временные оппозиции, усложняющие содержательный пласт произведения. В конечном итоге это дает возможность уточнить позицию М. Булгакова, неизменно отстаивающего традиционные культурные и нравственные ценности.The article is devoted to the detailed review of chronotope inM. A. Bulgakov's novel Heart of a Dog. The author reveals the chronotopic markers that allow comprehending key spatial-temporary oppositions which complicate the essence of the novel. Attention to chronotope allows the author to uncover the position of Bulgakov, who constantly protected traditional cultural and moral values
Chronotope of M. A. Bulgakov's novel Heart of a Dog
No full textСтатья посвящена детальному рассмотрению хронотопа повести М. Булгакова "Собачье сердце". Выявлены хронотопические маркеры, которые позволяют осмыслить ключевые пространственно-временные оппозиции, усложняющие содержательный пласт произведения. В конечном итоге это дает возможность уточнить позицию М. Булгакова, неизменно отстаивающего традиционные культурные и нравственные ценности.The article is devoted to the detailed review of chronotope inM. A. Bulgakov's novel Heart of a Dog. The author reveals the chronotopic markers that allow comprehending key spatial-temporary oppositions which complicate the essence of the novel. Attention to chronotope allows the author to uncover the position of Bulgakov, who constantly protected traditional cultural and moral values
The development of international relations of regions-donors in the context of the implementation of the state regional policy of Russia
No full textThe article considers the development of international relations of subjects of the Russian Federation as one of the main tasks of state regional policy of the country. The author notes that the international activity of regions contributes to strengthening the democratic foundations of the Russian state and has a direct influence on the formation of foreign policy and economic relations. Special attention is paid to consideration of the international activities of the donor regions of Russia
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