Effects of Productivity, Total Domestic-Product Demand and "Incentive Wages" on Unemployment in a Non-monetary Customer-Market Model of the Small Open Economy
AbstractA 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 InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 92 (1990)
Issue (Month): 2 ()
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
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- David G. Blanchflower & Andrew Oswald, 1995.
"International Wage Curves,"
in: Differences and Changes in Wage Structures, pages 145-174
National Bureau of Economic Research, Inc.
- 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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