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Effects of Productivity, Total Domestic-Product Demand and "Incentive Wages" on Unemployment in a Non-monetary Customer-Market Model of the Small Open Economy

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  • Phelps, Edmund S

Abstract

A small, open economy is studied where the labor market exhibits job rationing owing to the elevated wage induced by the "shirking" problem. With the world product market "neoclassical," a (bad) national productivity shock reduces employment and the real wage even in the short run; a "demand" shock is undefined for a country too small to affect price nonnegligibly. With the world a "customer market," employment may rise with the domestic productivity shock before it falls; increased foreign demand raises both employment and the relative world price. But it does not follow that a general increase of demand raises world employment. Copyright 1990 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 92 (1990)
Issue (Month): 2 ()
Pages: 353-67

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Handle: RePEc:bla:scandj:v:92:y:1990:i:2:p:353-67

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Web: http://www.blackwellpublishing.com/subs.asp?ref=0347-0520

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Cited by:
  1. David G. Blanchflower & Andrew Oswald, 1995. "International Wage Curves," NBER Chapters, in: Differences and Changes in Wage Structures, pages 145-174 National Bureau of Economic Research, Inc.
  2. David G. Blanchflower & Andrew J. Oswald, 1995. "Estimating a Wage Curve for Britain 1973-1990," NBER Working Papers 4770, National Bureau of Economic Research, Inc.

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