Estimating the welfare costs of autarky: A sufficient statistics approach
2020
Esposito, Federico
This paper uses the Jeffersonian Embargo enacted in 1807 to estimate the welfare costs of autarky. I use an Armington trade model to compute the welfare losses using two sufficient statistics: the share of expenditures on domestic goods and the elasticity of substitution between domestic and imported goods. I use historical data from 1792 to 1807 to estimate the Armington elasticity, using import tariffs as instrument for relative prices. The empirical findings suggest welfare losses of 2.83–8.14% of real income.
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书目信息
出版者
Elsevier Inc.
其它主题
N70; F14; Economic independence; Armington elasticity; F11; Welfare costs of autarky; Elasticity of substitution
语言
英语
类型
Journal Article; Text
2024-02-27
MODS