Tariffs, The Terms of Trade and Domestic Prices in a Monetary Economy: A Further Analysis
The purpose of this note is to re-examine the recent Batra-Ramachandran (B-R, 1980) investigation of the effects of tariffs in a monetary economy. In particular, we show that under flexible exchange rates the Metzler condition is necessary and sufficient for avoiding the Metzler tariff paradox, as in the usual barter model, thus extending B-R's discussion. Furthermore, we show that the Metzler condition is sufficient for both a tariff-induced appreciation of the exchange rate (under flexible exchange rates) and a tariff-induced payments surplus (under fixed exchange rates). These results can be contrasted with B-R's negative contention that such effects are "indeterminate". This note thus reconciles B-R's results with those we reported elsewhere (Anderson and Takayama 1978).
M e t l z e r 's Paradox and the Optimum Ta r i f f in a Monetary Economy
We augment the standard two country, two-commodity and two-factor trade model by allowing for money to exist as an additional asset. We find that it is possi ble for an increase in the domestic tariff to worsen the terms of trade if the i m p o r table sector is severely distorted by the existence of money. More o v e r, the Metzler condition is no longer both necessary and sufficient to rule out the Metzler paradox. Finally, we show that the conventional formula for the optimum tariff , derived in barter trade models, has a downward (upward) bias if money is more (less) efficacious in the importable sector. “In the real world there is no simple dividing line between trade and monetary issues.” K r ugman and Obstfeld
Struggles for Visibility
This article addresses the ways in which terrorists are rendered visible in the news media. By studying images used in coverage of terrorists, the article focuses on the visual construction of this figure, which symbolizes the public’s notion of the “enemy”, in terms of specific attacks and the general threat thereof as well as terrorist actors, networks, and ideologies. The article takes its point of departure in the assumption that two visual forms are prevalent for representing terrorists in the news media, “surveillance representations” and “self-representations”. Based on this assumption, the article is guided by a principal research question, namely: How are terrorists made visible in the news media through surveillance representations and self-representations and what are the prevalent genres for visually representing terrorist actors? The article draws on a theoretical framework concerning the news media’s propensity to personalize the terrorist and the mediated visibility of terrorists. Empirically, the article is based on a quantitative content analysis of coverage of terrorism by Danish public service broadcasters DR and TV2 in 2016 to provide an overview of the proportions between surveillance representations and self-representations and develop a typology of the most widespread genres: ID photography, surveillance footage, selfies and similar, and private snapshots.