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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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Journal Article: Learning the Wealth of Nations (2011)
Working Paper: Learning the Wealth of Nations (2010) Downloads
Working Paper: Learning the Wealth of Nations (2008) Downloads
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More papers in 2008 Meeting Papers from Society for Economic Dynamics Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA. Contact information at EDIRC.
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