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A Dynamic Heckscher–Ohlin Model: The Case of Costly Factor Reallocation

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  • Murray C. Kemp
  • Koji Shimomura

Abstract

The role of the static Heckscher–Ohlin model in providing general equilibrium comparative statics is emphasized. It is shown that (i) market‐clearing dynamics can be constructed if and only if the costly reallocation of factors is accommodated, and (ii) the introduction of market‐clearing and resource‐using dynamics fails to sharpen (and may even blunt) the comparative statics. Thus, a new (non‐)Correspondence Principle is derived.

Suggested Citation

  • Murray C. Kemp & Koji Shimomura, 2003. "A Dynamic Heckscher–Ohlin Model: The Case of Costly Factor Reallocation," The Japanese Economic Review, Japanese Economic Association, vol. 54(3), pages 237-252, September.
    • Handle: RePEc:bla:jecrev:v:54:y:2003:i:3:p:237-252
    DOI: 10.1111/1468-5876.00257
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    Cited by:

    1. Yoonkyo Cho & Taehwan Kim & Jaewhak Roh, 2021. "An analysis of the effects of electronic commerce on the Korean economy using the CGE model," Electronic Commerce Research, Springer, vol. 21(3), pages 831-854, September.

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