The Smoot-Hawley Tariff: A Quantitative Assessment

@article{Irwin1998TheST,
  title={The Smoot-Hawley Tariff: A Quantitative Assessment},
  author={Douglas A. Irwin},
  journal={Review of Economics and Statistics},
  year={1998},
  volume={80},
  pages={326-334}
}
  • D. Irwin
  • Published 1 March 1996
  • Economics
  • Review of Economics and Statistics
In the two years after the imposition of the Smoot-Hawley tariff in June 1930, the volume of U.S. imports fell over 40. To what extent can this collapse of trade be attributed to the tariff itself versus other factors such as declining income or foreign retaliation? Partial and general equilibrium assessments indicate that the Smoot-Hawley tariff itself reduced imports by 4-8 (ceteris paribus), although the combination of specific duties and deflation further raised the effective tariff and… 

Changes in U.S. Tariffs: Prices or Policies?

In the century after the Civil War, roughly two-thirds of U.S. dutiable imports were subject to specific duties whose ad valorem equivalent was inversely related to the price level. This paper finds

From Smoot-Hawley to Reciprocal Trade Agreements: Changing the Course of U.S. Trade Policy in the 1930s

Four years after passing the infamous Smoot-Hawley tariff in 1930, Congress enacted the Reciprocal Trade Agreements Act (RTAA), which gave the president the authority to undertake tariff-reduction

The Smoot-Hawley Trade War

We document the outbreak of a trade war after the U.S. adopted the Smoot-Hawley tariff in June 1930. U.S. trade partners initially protested, with many eventually choosing to retaliate with

Do Tariffs Affect the Terms of Trade? Evidence from U.S. Tariff Shocks

A classic economic question concerns the incidence of import duties and the extent to which domestic consumers or foreign exporters bear the burden of the tariff, yet direct empirical evidence on

Investigating a Debt Channel for the Smoot-Hawley Tariffs: Evidence from the Sovereign Bond Market

  • Kevin Carey
  • Economics
    The Journal of Economic History
  • 1999
I examine the change in prices of foreign sovereign dollar bonds over several weeks in 1930 that marked major legislative progress for the Smoot-Hawley tariffs. If the market was preoccupied by

The Passage of the Smoot-Hawley Tariff Act: Why Did the President Sign the Bill?

  • K. Koyama
  • History
    Journal of Policy History
  • 2009
Th is article examines the reasons for the passage of the “Smoot-Hawley” Tariff Act in 1930 by focusing on President Herbert Hoover’s support for the bill. It is well known for imposing high tariff

THE I STITUTIO AL DETERMI A TS OF THE SMOOT-HAWLEY TARIFF

This paper examines the causes of the Smoot-Hawley tariff. A large literature exists that debates whether the tariff law of 1930 was a result of interest-group politics or strict partisanship. We

Barriers and the Collapse of World Trade During the Great Depression

Using panel data estimates of export and import equations for 17 countries in the interwar period, this paper estimates the effects of increasing tariff and nontariff trade barriers on worldwide
...

References

SHOWING 1-10 OF 17 REFERENCES

Estimating Long Run Economic Equilibria

Our subject is econometric estimation and inference concerning long-run economic equilibria in models with stochastic trends. Our interest is focused on single equation specifications such as those

Errors in Import-Demand Estimates Based upon Unit-Value Indexes

Disaggregated import-demand elasticity estimates based on import unit-value indexes are used in virtually all trade policy simulation models. However, unit-value indexes have been criticized

I. HISTORICAL DATA

Following are tables of historical data against which the FY 2010-11 budget can be compared. The first table summarizes three years of total revenues, segregating restricted revenues from

Effective rates of protection and the Fordney–McCumber and Smoot–Hawley Tariff Acts

This study presents the first calcualtions of effective rates of protection for 1920, 1923 and the first and second half of 1930 for the United States economy disaggregated to 39 sectors. The

The Political Economy of the Smoot-Hawley Tariff

Economic histories of the interwar years view the Great Depression and the Smoot Hawley Tariff as inextricably bound up with one another. They assign a central role to the Depression in explaining