{"id":6549,"date":"2020-11-05T08:05:31","date_gmt":"2020-11-05T07:05:31","guid":{"rendered":"http:\/\/ensai.fr\/?p=6549"},"modified":"2020-11-04T16:47:23","modified_gmt":"2020-11-04T15:47:23","slug":"stephane-auray-nber","status":"publish","type":"post","link":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/","title":{"rendered":"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting"},"content":{"rendered":"<p><strong>&#8220;Trade Wars, Currency Wars&#8221;, a paper written by <a href=\"https:\/\/ensai.fr\/en\/equipe\/stephane-auray\/\">St\u00e9phane Auray, Professor of Economics at ENSAI<\/a> and <a href=\"http:\/\/crest.science\/\" target=\"_blank\" rel=\"noopener noreferrer\">researcher at \u00a0CREST<\/a>, Michael Devereux and Aur\u00e9lien Eyquem has been presented at the National Bureau of Economic Research&#8217;s <a href=\"https:\/\/www.nber.org\/conferences\/ifm-program-meeting-fall-2020\" target=\"_blank\" rel=\"noopener noreferrer\">IFM Fall Meeting<\/a> on October 30th.<\/strong><\/p>\n<p>&#8220;The <a href=\"https:\/\/www.nber.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">National Bureau of Economic Research<\/a> (NBER) is a private, nonpartisan organization that facilitates cutting-edge investigation and analysis of major economic issues. It disseminates research findings to academics, public and private-sector decision-makers, and the public by posting more than 1,200 working papers\u00a0and convening more than 120 scholarly\u00a0conferences, each year&#8221;\u00b9.<\/p>\n<h3>Summary<\/h3>\n<p>&#8220;For most of the post WWII period, trade protectionism followed a declining trend, contained within international agreements. Even after the 2008-9 Great Recession, most countries forwent the temptation to restrict trade flows, and the key policy conflicts revolved around monetary policy spillovers, or &#8216;currency wars&#8217;. Recently however, there has been a sharp shift towards unilateral, discretionary trade policy focused on short-term macroeconomic objectives, and as a consequence, the phenomenon of &#8216;trade wars&#8217; has become entangled with &#8216;currency wars&#8217;.<\/p>\n<p>This paper explores the interaction of non-cooperative trade policy and monetary policy within a standard DSGE open economy macroeconomic model.<\/p>\n<p>Auray, Devereux, and Eyquem find that a non-cooperative trade policy can significantly worsen macroeconomic conditions. Moreover, the stance of monetary policy has major implications for the degree of protection in a non-cooperative equilibrium. In particular, cooperative determination of monetary policy (by eliminating &#8216;currency wars&#8217;) may significantly reduce welfare by increasing the size of trade restrictions. By contrast, when the exchange rate is pegged by one country, equilibrium rates of protection are generally lower, but in this case, there are multiple asymmetric equilibria in tariff rates which benefit one country relative to another&#8221;.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: left;\"><span class=\"hentry_link_contour\"><a href=\"http:\/\/conference.nber.org\/conf_papers\/f144336\/f144336.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Download paper<\/a> \u00a0 \u00a0<\/span><\/p>\n<p><em><strong>Find out more about <a href=\"https:\/\/ensai.fr\/en\/equipe\/stephane-auray\/\">St\u00e9phane Auray<\/a> and <a href=\"https:\/\/ensai.fr\/en\/recherche\/themes-de-recherche\/\">research at ENSAI<\/a>.\u00a0<\/strong><\/em><\/p>\n<p>\u00b9 Source: <a href=\"https:\/\/www.nber.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">NBER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Trade Wars, Currency Wars&#8221;, a paper written by St\u00e9phane Auray, Professor of&#8230; <br \/><a class=\"readmore\" href=\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/\">Lire la suite<\/a><\/p>\n","protected":false},"author":73,"featured_media":6552,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[185],"tags":[343,342],"class_list":["post-6549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research-innovation","tag-faculty","tag-publication"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting | ENSAI<\/title>\n<meta name=\"description\" content=\"&quot;Trade Wars, Currency Wars&quot;, a paper written by St\u00e9phane Auray, lecturer and researcher at ENSAI and CREST, Michael Devereux and Aur\u00e9lien Eyquem has been presented at the National Bureau of Economic Research&#039;s IFM Fall Meeting on October 30th.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting | ENSAI\" \/>\n<meta property=\"og:description\" content=\"&quot;Trade Wars, Currency Wars&quot;, a paper written by St\u00e9phane Auray, lecturer and researcher at ENSAI and CREST, Michael Devereux and Aur\u00e9lien Eyquem has been presented at the National Bureau of Economic Research&#039;s IFM Fall Meeting on October 30th.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/\" \/>\n<meta property=\"og:site_name\" content=\"ENSAI\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Ensai35\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-05T07:05:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"421\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Flore Ithor\u00e9-Tilly\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Flore Ithor\u00e9-Tilly\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/\"},\"author\":{\"name\":\"Flore Ithor\u00e9-Tilly\",\"@id\":\"https:\/\/ensai.fr\/#\/schema\/person\/c9cdfe8987c29837993d1a90c7e951d1\"},\"headline\":\"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting\",\"datePublished\":\"2020-11-05T07:05:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/\"},\"wordCount\":310,\"publisher\":{\"@id\":\"https:\/\/ensai.fr\/#organization\"},\"image\":{\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg\",\"keywords\":[\"faculty\",\"publication\"],\"articleSection\":[\"Research &amp; Innovation\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/\",\"url\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/\",\"name\":\"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting | ENSAI\",\"isPartOf\":{\"@id\":\"https:\/\/ensai.fr\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg\",\"datePublished\":\"2020-11-05T07:05:31+00:00\",\"description\":\"\\\"Trade Wars, Currency Wars\\\", a paper written by St\u00e9phane Auray, lecturer and researcher at ENSAI and CREST, Michael Devereux and Aur\u00e9lien Eyquem has been presented at the National Bureau of Economic Research's IFM Fall Meeting on October 30th.\",\"breadcrumb\":{\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#primaryimage\",\"url\":\"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg\",\"contentUrl\":\"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg\",\"width\":720,\"height\":421,\"caption\":\"stephane auray paper nber\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/ensai.fr\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ensai.fr\/#website\",\"url\":\"https:\/\/ensai.fr\/\",\"name\":\"ENSAI\",\"description\":\"La Science des Donn\u00e9es\",\"publisher\":{\"@id\":\"https:\/\/ensai.fr\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ensai.fr\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ensai.fr\/#organization\",\"name\":\"ENSAI\",\"url\":\"https:\/\/ensai.fr\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ensai.fr\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ensai.fr\/wp-content\/uploads\/2019\/05\/Ensai-logo.png\",\"contentUrl\":\"https:\/\/ensai.fr\/wp-content\/uploads\/2019\/05\/Ensai-logo.png\",\"width\":493,\"height\":463,\"caption\":\"ENSAI\"},\"image\":{\"@id\":\"https:\/\/ensai.fr\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Ensai35\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/ensai.fr\/#\/schema\/person\/c9cdfe8987c29837993d1a90c7e951d1\",\"name\":\"Flore Ithor\u00e9-Tilly\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ensai.fr\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f86ed95b523ba36d583949e04974eedc813967e510ad55e33cd993c04c1e0a14?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f86ed95b523ba36d583949e04974eedc813967e510ad55e33cd993c04c1e0a14?s=96&d=mm&r=g\",\"caption\":\"Flore Ithor\u00e9-Tilly\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting | ENSAI","description":"\"Trade Wars, Currency Wars\", a paper written by St\u00e9phane Auray, lecturer and researcher at ENSAI and CREST, Michael Devereux and Aur\u00e9lien Eyquem has been presented at the National Bureau of Economic Research's IFM Fall Meeting on October 30th.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/","og_locale":"en_US","og_type":"article","og_title":"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting | ENSAI","og_description":"\"Trade Wars, Currency Wars\", a paper written by St\u00e9phane Auray, lecturer and researcher at ENSAI and CREST, Michael Devereux and Aur\u00e9lien Eyquem has been presented at the National Bureau of Economic Research's IFM Fall Meeting on October 30th.","og_url":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/","og_site_name":"ENSAI","article_publisher":"https:\/\/www.facebook.com\/Ensai35\/","article_published_time":"2020-11-05T07:05:31+00:00","og_image":[{"width":720,"height":421,"url":"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg","type":"image\/jpeg"}],"author":"Flore Ithor\u00e9-Tilly","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Flore Ithor\u00e9-Tilly","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#article","isPartOf":{"@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/"},"author":{"name":"Flore Ithor\u00e9-Tilly","@id":"https:\/\/ensai.fr\/#\/schema\/person\/c9cdfe8987c29837993d1a90c7e951d1"},"headline":"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting","datePublished":"2020-11-05T07:05:31+00:00","mainEntityOfPage":{"@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/"},"wordCount":310,"publisher":{"@id":"https:\/\/ensai.fr\/#organization"},"image":{"@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#primaryimage"},"thumbnailUrl":"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg","keywords":["faculty","publication"],"articleSection":["Research &amp; Innovation"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/","url":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/","name":"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting | ENSAI","isPartOf":{"@id":"https:\/\/ensai.fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#primaryimage"},"image":{"@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#primaryimage"},"thumbnailUrl":"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg","datePublished":"2020-11-05T07:05:31+00:00","description":"\"Trade Wars, Currency Wars\", a paper written by St\u00e9phane Auray, lecturer and researcher at ENSAI and CREST, Michael Devereux and Aur\u00e9lien Eyquem has been presented at the National Bureau of Economic Research's IFM Fall Meeting on October 30th.","breadcrumb":{"@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ensai.fr\/en\/stephane-auray-nber\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#primaryimage","url":"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg","contentUrl":"https:\/\/ensai.fr\/wp-content\/uploads\/2020\/11\/stephane-auray-nber.jpg","width":720,"height":421,"caption":"stephane auray paper nber"},{"@type":"BreadcrumbList","@id":"https:\/\/ensai.fr\/en\/stephane-auray-nber\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/ensai.fr\/en\/"},{"@type":"ListItem","position":2,"name":"A Paper by St\u00e9phane Auray Presented at NBER Fall Meeting"}]},{"@type":"WebSite","@id":"https:\/\/ensai.fr\/#website","url":"https:\/\/ensai.fr\/","name":"ENSAI","description":"La Science des Donn\u00e9es","publisher":{"@id":"https:\/\/ensai.fr\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ensai.fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ensai.fr\/#organization","name":"ENSAI","url":"https:\/\/ensai.fr\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ensai.fr\/#\/schema\/logo\/image\/","url":"https:\/\/ensai.fr\/wp-content\/uploads\/2019\/05\/Ensai-logo.png","contentUrl":"https:\/\/ensai.fr\/wp-content\/uploads\/2019\/05\/Ensai-logo.png","width":493,"height":463,"caption":"ENSAI"},"image":{"@id":"https:\/\/ensai.fr\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Ensai35\/"]},{"@type":"Person","@id":"https:\/\/ensai.fr\/#\/schema\/person\/c9cdfe8987c29837993d1a90c7e951d1","name":"Flore Ithor\u00e9-Tilly","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ensai.fr\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f86ed95b523ba36d583949e04974eedc813967e510ad55e33cd993c04c1e0a14?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f86ed95b523ba36d583949e04974eedc813967e510ad55e33cd993c04c1e0a14?s=96&d=mm&r=g","caption":"Flore Ithor\u00e9-Tilly"}}]}},"_links":{"self":[{"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/posts\/6549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/users\/73"}],"replies":[{"embeddable":true,"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/comments?post=6549"}],"version-history":[{"count":5,"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/posts\/6549\/revisions"}],"predecessor-version":[{"id":6560,"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/posts\/6549\/revisions\/6560"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/media\/6552"}],"wp:attachment":[{"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/media?parent=6549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/categories?post=6549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ensai.fr\/en\/wp-json\/wp\/v2\/tags?post=6549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}