Protectionism and the Business Cycle

We thank our discussants—Giancarlo Corsetti, Aurélien Eyquem, Fabrizio Perri, Katheryn Russ, and Joseph Steinberg—for very helpful comments. We are also grateful to Chad Bown, Ambrogio Cesa-Bianchi, Charles Engel, Luca Gambetti, Greg Ip, Yida Li, John Shea, Dalibor Stevanovic, and audiences at the AMSE-Banque de France Workshop on Heterogeneity in International Economics, Bank of Canada, Bank of England, Bank of Italy, Banque de France, CEPREMAP, the 2017 Joint Central Bankers’ Conference, the 2017 Midwest Macro Meetings, the 2017 NBER IFM Summer Institute, Ohio State University, Peking University PHBC, the Pontificia Universidad Católica de Chile, Université Paris-Dauphine, University of Kent, University of Maryland, University of Tübingen, University of Wisconsin-Madison, the 2017 West Coast Workshop in International Finance, the XVI Workshop on Macroeconomic Dynamics: Theory and Applications, and the 2018 Tsinghua Workshop in International Finance. The views in this paper are those of the authors and do not represent the views or policies of the CEPR and NBER. Alessandro Barattieri acknowledges financial support from the Unicredit and Universities Foundation Modigliani Research Grant.

• February 20, 2018