Nuno Limão




CV | Research | Teaching & Mentoring | Links




Current affiliations

·       Professor, Wallenberg Chair in International Business and Finance, Georgetown University

·       Faculty Research Associate, National Bureau of Economic Research

·       Research Fellow, Kiel Institute for the World Economy

·       Associate Editor of the Journal of International Economics

·       Associate Editor of the Portuguese Economics Journal




Google Scholar: Author Page

Working Papers

·       Economic and Policy Uncertainty: Export Dynamics and the Value of Agreements.” NBER Working Paper 24368, 2018 (with Kyle Handley and Jeronimo Carballo). R&R JIE.
Media coverage list


·       Firm Input Choice Under Trade Policy UncertaintyNBER Working Paper 27910, 2020 (with Kyle Handley, Rod Ludema and Zhi Yu).  R&R JIE.


·       Brexit Uncertainty and its (Dis)Service Effects;” NBER Working Paper 28053, 2020 (with Saad Ahmad, Sarah Oliver and Serge Shikher). R&R AEJ Policy.


·       Size, Trade, Technology and the Division of LaborNBER Working Paper 28969, 2021 (with Yang Xu).

Work in Progress


·       “An Import(ant) Price of Brexit” (with Alejandro Graziano and Kyle Handley).


·       Trade Policy Uncertainty,” Annual Review of Economics, Forthcoming (with Kyle Handley).

·       Brexit Uncertainty and Trade Disintegration.” Economic Journal, 2021, 131(635): 1150-85 (with Alejandro Graziano and Kyle Handley).


·       Brexit Uncertainty: Trade Externalities Beyond Europe,American Economic Association P&P, May 2020 (with Alejandro Graziano and Kyle Handley).

·       Policy Externalities and International Agreements,”
World Scientific Studies in International Economics series, Nov. 2018, 1-404.


·       Policy Uncertainty, Trade and Welfare: Theory and Evidence for China and the U.S.American Economic Review, 2017, 107(9): 2731-2783; with Kyle Handley.

·       Trade under T.R.U.M.P. policies,” Economics and Policy in the Age of Trump, CEPR, ed. Chad Bown, 2017, 141-152; with Kyle Handley.

·       Preferential Trade Agreements”, 2016, Handbook of Commercial Policy, (eds. Kyle Bagwell and Robert Staiger), NBER WP 22138.
Replication of graphs and PTA estimates: instructions and data/programs

·       Trade and Investment under Policy Uncertainty: Theory and Firm Evidence,” American Economic Journal Policy, 2015, 7(4): 189- 222; with Kyle Handley.
[Working paper]

·       Uncertainty and Trade Agreements,” NBER WP 18703. American Economic Journal Micro, 2015, 7(4): 1-42; with Giovanni Maggi. Lead article.
[Working paper]

·       Size Inequality, Coordination Externalities and International Trade Agreements,European Economic Review, October 2013, (63), p. 10-27; with Kamal Saggi
[Working paper]

·       Review of The Great Recession and Import Protection,” Journal of International Economics, 2012, 88(1), 209-210.

·       Policy Choice: Theory and Evidence from Commitment via International Trade Agreements,”  Journal of International Economics. November 2011, 85(2), p. 186-205; with Patricia Tovar Rodriguez
[Abstract] [Working paper]

·       Optimal Tariffs and Market Power: The Evidence,” American Economic Review, December 2008, 98(5), p. 2032-65; with Christian Broda and David Weinstein.
[Abstract] [Revised nber wp 12033]

·       Tariff Retaliation versus Financial Compensation in the Enforcement of International Trade Agreements,” Journal of International Economics. September 2008, 76(1), p. 48-60; with Kamal Saggi.
[Abstract] [Revised WP]

·       A Bargaining Theory of Inefficient Redistribution Policies,” International Economic Review. May 2008,  49(2), p. 621-657; with Allan Drazen.
[Abstract] [Working paper]

·       “Optimal Tariffs.” New Palgrave Dictionary of Economics, 2nd edition. 2008, eds. Steven N. Durlauf and Lawrence E. Blume. [Abstract]

·       The Clash of Liberalizations: Preferential vs. Multilateral Trade Liberalization in the European Union,” Journal of International Economics. March 2008, 74(2), p. 299-327; with Baybars Karacaovali.
[Abstract] [Revised WP]

·        Are Preferential Trade Agreements with Non-trade Objectives a Stumbling Block for Multilateral Liberalization? Review of Economic Studies. July 2007, 74(3), p. 821-855.
[Abstract] [Appendix] [Data]

§  Reprinted in “Economics Of International Trade Law” by Edward Elgar, ed. Alan O. Sykes.

·       Inequality and Endogenous Trade Policy Outcomes,” Journal of International Economics. July 2007, 72(2), p. 292-309; with Arvind Panagariya.
[Abstract] [Paper]

·       Political Contribution Caps and Lobby Formation: Theory and Evidence,” Journal of Public Economics. April 2007, 91(3-4), p. 723-754;  with Allan Drazen and Thomas Stratmann.
[Abstract] [Working paper]

·       Preferential Trade Agreements as Stumbling Blocks for Multilateral Trade Liberalization: Evidence for the U.S.American Economic Review. June 2006, 96(3), p. 896-914.
[Abstract] [Working paper] [Data]

§  Reprinted in “The WTO and Reciprocal Preferential Trading Agreements” by Edward Elgar, ed. Caroline Freund.

·       Trade Preferences to Small Developing Countries and the Welfare Costs of Lost Multilateral Liberalization  World Bank Economic Review. June 2006, 20(2), p. 217-240; with Marcelo Olarreaga.
[Abstract] [Working paper]

§  Reprinted in “WTO Law and Developing Nations” by Cambridge University Press, eds. G. Breman and P. Mavroidis

·       Preferential vs. Multilateral Trade Liberalization: Evidence and Open Questions,” World Trade Review. July 2006, 5(2), p. 155-176. Lead Article.

·       Trade Policy, Cross-border Externalities and Lobbies: Do Linked Agreements Enforce More Cooperative Outcomes?Journal of International Economics, sep. 2005, 67(1), p. 175-199.
[Abstract] [Working paper]

§  Reprinted in “The WTO and Labour and Employment” by Edward Elgar, ed. Drusilla Brown and Robert Stern.

§  Reprinted in “Recent Papers in Trade and the Environment” by Edward Elgar, ed. Brian Copeland.   

·       Anti-trade Bias in Trade Policy and General Equilibrium,” Contributions to Economic Analysis & Policy, 2004, Vol. 3: No. 1, Article 14; with Arvind Panagariya.

·       Geographical Disadvantage: a Hecksher-Ohlin-Von-Thunen Model of International Specialisation,” Journal of International Economics , dec. 2002, 58(2), p.239-63; with Anthony Venables. Lead article.

§  Reprinted in “Economic Integration and Spatial Location of Firms and Industriesby Edward Elgar, ed. M. Jovanovic.

·       Infrastructure, Geographical Disadvantage, Transport Costs and Trade,” World Bank Economic Review, 2001, 15, p.451-479; with Anthony Venables. [Abstract] [Data]

§  Reprinted in Spanish for a special volume on trade and transport costs by ICE, Revista de Economia, Jan.-Feb. 2007, 834, p. 23-43.


Other work


·       “Globalisation, specialisation, and the division of labour,” 2021,; with Yang Xu.

·       “Brexit uncertainty and trade disintegration in Europe and beyond,” 2021,; with Alejandro Graziano and Kyle Handley.

·       “The Policy Uncertainty Aftershocks of Trade Wars and Trade Tensions,” Trade Wars, CEPR, ed. Meredith Crowley, 2019, 71-76; with Kyle Handley.

·       “Trade cold wars and the value of agreements during crises,” 2018,; with Jeronimo Carballo and Kyle Handley.

·       “Does policy uncertainty reduce economic activity? Insights and evidence from large trade reforms.” 2013,; with Kyle Handley.


Teaching & Mentoring

Courses taught

·      Advanced Topics in International Economics (Econ 742)

·      Advanced Topics in International Trade (Econ 745)

·      International Economics (Econ 441)

·      Game Theory (Econ 414)

·      Undergraduate Honors’ Seminar and Thesis (Econ 396 and Econ 397)


Undergraduate Economics Honors Program

·      Home page including

o   Information for potential applicants

o   Application form

o   Recent theses

·      Syllabi for Econ 396 and Econ 397



·      My 6-step “program” to writing a dissertation!

·      Information for graduate students (surviving the 1st year, finding a topic, getting funding, a job and a Nobel prize!)

·      Former students, dissertation topics and placements

·      Become part of the trade economists' family



·       Allan Drazen

·       Alejandro Graziano

·       Anthony Venables

·       Arvind Panagariya

·       Baybars Karacaovali

·       Christian Broda

·       David Weinstein

·       Giovanni Maggi

·       Jeronimo Carballo

·       Kamal Saggi

·       Kyle Handley

·       Marcelo Olarreaga

·       Patricia Tovar Rodriguez

·       Rodney Ludema

·       Thomas Stratmann

·       Yang Xu

·       Zhi Yu


·       University of Maryland, Economics Department

·       Columbia University, Economics Department

·       London School of Economics, Economics Department

·       Yale University, Economics Department

·       National Bureau of Research (NBER)

·       Centre for Economic Policy Research (CEPR)

·       Kiel Institute for the World Economy

·       National Science Foundation (NSF)

·       Maryland Center for Economics and Policy

·       Yale University, MacMillan Center

·       Stanford Institute for Theoretical Economics (SITE)

·       US Census Bureau

·       World Bank's Trade Research Group

·       World Trade Organization (WTO)


·      Trade Talks (hosted by Chad Bown and Soumaya Keynes)

·      BBC News 

·      Economist

·      National Public Radio (NPR)

·      Vox

·      Marginal Revolution

·      Paul Krugman

·      Policy uncertainty index (Baker, Bloom and Davis)

·      Brexit: LSE blog, VOX EU


·      United World College

·      Fundação para a Ciência e a Tecnologia

·      Fundação Calouste Gulbenkian

·      Portuguese American Post-Graduate Society


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