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Abstract

This paper builds a general equilibrium model for a small open economy withunemployment of unskilled labor to assess the impact of a recessionary shock. Itis shown that irrespective of the factor intensity assumption skilled wage andrental ratio goes up if recession led price fall is significant. However, when theprice fall is not sufficiently big, factor intensity assumption becomes crucial forthe eventual effect on factors’ return ration.



Item Type: MPRA Paper -

Original Title: Recessionary shock and factor return in an underemployed economy-

English Title: Recessionary Shock and Factor Return in an Underemployed Economy-

Language: English-

Keywords: International Trade, General Equilibrium-

Subjects: D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D50 - GeneralF - International Economics > F1 - Trade > F11 - Neoclassical Models of Trade-





Autor: Beladi, Hamid

Fuente: https://mpra.ub.uni-muenchen.de/33733/







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