On the dynamic non-equivalence of tariffs and quotas in the monetary model of the balance of payments: Comment

This comment uses a simple monetary model of the balance of payments to demonstrate that adjustment speed is higher under a tariff than under the quota which is equivalent to it in longrun equilibrium if and only if the tariff is less than the maximum expenditure tariff. This result contradicts the conclusion of Blejer and Hillman that adjustment under the tariff is always faster.