Two implications of habit formation for international trade |
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Authors: | Wolfgang Mayer |
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Affiliation: | University of Cincinnati, Cincinnati, OH 45221, USA |
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Abstract: | A country's choice set of trade policies becomes very constrained when its consumers are subject to habit formation. Free trade may, in fact, lie outside the choice set. Furthermore, the rise in import elasticities' values over time can be attributed to habit formation. |
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