01932cas a2200277 a 4500 AALejournalIMF018964 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484390061 1018-5941 BD-DhAAL BD-DhAAL Furceri, Davide. Macroeconomic Consequences of Tariffs / Davide Furceri, Swarnali Hannan, Jonathan Ostry, Andrew Rose. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (57 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines in domestic output and productivity. Tariff increases also result in more unemployment, higher inequality, and real exchange rate appreciation, but only small effects on the trade balance. The effects on output and productivity tend to be magnified when tariffs rise during expansions, for advanced economies, and when tariffs go up, not down. Our results are robust to a large number of perturbations to our methodology, and we complement our analysis with industry-level data. Mode of access: Internet Hannan, Swarnali. Ostry, Jonathan. Rose, Andrew. IMF Working Papers; Working Paper ; No. 2019/009 Full text available on IMF http://elibrary.imf.org/view/journals/001/2019/009/001.2019.issue-009-en.xml IMF e-Library