Learning the Wealth of Nations

Giorgio Primiceri, Alexander Monge-Naranjo and Francisco Buera

No 179, 2008 Meeting Papers from Society for Economic Dynamics

Abstract: We study the evolution of trade policies over time and across countries. We consider a model in which own and neighbors' past experiences influence policy choices, through their effect on policymakers' beliefs. We estimate the model using a large panel of countries. We find that there is a strong geographical component to learning, which is crucial to explain the slow adoption of liberal policies during the post-war period. Our model also predicts that there would be a substantial reversal to protectionism if nowadays the world was hit by a shock of the size of the Great Depression.

Date: 2008
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Related works:
Journal Article: Learning the Wealth of Nations (2011)
Working Paper: Learning the Wealth of Nations (2010)
Working Paper: Learning the Wealth of Nations (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed008:179

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