Consumers bare the costs of tariffs. Not large, but uncertainty could have long term impacts . Is it a blip or the beginning of a new era of deglobalisation? #IFSAnnualLecture
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Hecksher-Ohlin model says trade played only a small role in the rise of the skill premium (--> labour market inequality) but since 2000 trade is getting more attention. Why China shock? Or focus on regional inequality?
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China joined the WTO, Chinese imports hit as US coming out of recession -- manufacturing employment never recoveredpic.twitter.com/RN9S5FVua5
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But other countries did not see the same impact. Alternative interpretation -- regional inequality , limited labour mobility accross space
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Liberalisation in Brazil followed by long fall in employment and earnings over 20 yearspic.twitter.com/z8FY95yOfj
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Do consumers benefit? In India prices fall, quality and variety rise, but markups increases, cost reductions not fully passed on to consumerspic.twitter.com/ohpgym1k9h
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But you don't see this in every industry. Eg. Not in transport.
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