FRB: Tariffs and the Macroeconomy: Evidence From the USA

International Finance Discussion Papers

Tariffs and the Macroeconomy: Evidence From the USA
Andrew K. Rose and Jonathan D. Ostry
1989-365 (November 1989)

Abstract: This paper examines the macroeconomic impact of tariffs. The effects of unilateral tariff changes are reviewed in a variety of theoretical models. Three different sets of data are consistent with the hypothesis that tariff rates have no significant effect on a system consisting of the real exchange rate, the real trade balance, and real output (both foreign and domestic) .

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