Tariffs, Investment, and the Missing Trade Collapse
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U.S. tariff rates in 2025 rose to levels not seen since the Great Depression, yet imports increased. To account for the missing trade collapse, we develop an open-economy New Keynesian model with tariff heterogeneity, inventories, and shocks to investment that capture the AI-driven boom. The model
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美国国家经济研究局创建时间：
2026-08-01
