Tariffs and aggregate economic activity: lessons from the Great Depression

Article Abstract:

A dynamic equilibrium three-sector trade framework has been used to understand that the macroeconomic significance of tariffs during the Great Depression in the 1930s is substantially larger than previously perceived. Results of the simulation of the model and steady-state analysis showed that the tariff war may have decreased the US' GNP by up to 2% in the early 1930s. There is also a stated possibility that trade war can contribute to the collapse of international trade even if trade shares were small.

Tariffs & Duties, International trade, Tariffs, Great Depression

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Economic growth: a review essay

Article Abstract:

A study evaluates how data is used in several literatures that explain economic growth. It points in particular studies that introduce several growth-sustaining factors only to depart from objectivity by applying some kind of capital accumulation that overcomes diminishing returns to physical capital accumulation. The study also claims that these literatures appear restricted in terms of extensive empirical work testing to discriminate between theories of endogenous growth.

Econometrics & Model Building, Models, Analysis, Econometrics, Economic development, Literature, Empiricism, Capital, Business models

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Monetary targets as a policy rule: lessons from the Swiss experience

Article Abstract:

Floating exchange rates were adopted by Switzerland in 1973. Although the transition to a monetary target scheme proved useful in maintaining inflation rates at a manageable level, the Swiss National Bank failed to resolve the problem on price stabilization. It has been determined that such failures are caused by the bank's inefficient policy rules. Further, recurring occurrences of inflation are attributed to SNB's inadequate and unsatisfactory policy performance.

Currency Stabilization Programs, Management, Planning, Switzerland, Prevention, Inflation (Finance), Central banks, Monetary policy, Currency stabilization, Price control, Price regulations, Inflation (Economics), Swiss National Bank

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