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Terms-of-Trade Uncertainty, Incomplete Markets and Unemployment

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Fernandez, Raquel

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Abstract

This paper examines a two-sector small open economy that is subject to shocks in its terms-of-trade. Risk-neutral entrepreneurs use implicit contracts to insure risk-averse workers against fluctuations in their income. The characteristics of these contracts are examined within a general framework and the implications for employment, wages, and utility of different realizations of relative prices are analyzed. The implicit contract equilibrium is shown to be constrained Pareto optimal when the social planner is unable to provide income directly to unemployed workers. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Publisher Info
Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 33 (1992)
Issue (Month): 4 (November)
Pages: 881-94
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Handle: RePEc:ier:iecrev:v:33:y:1992:i:4:p:881-94

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  1. Yu Sheng & Xingpeng Xu, 2007. "Terms of Trade Shocks and Endogenous Search Unemployment: A Two-sector Model with Non-Traded goods," DEGIT Conference Papers c012_025, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
  2. Eckhard Janeba, 2007. "Exports, Umemployment and the Welfare State," cege – Center for European, Governance and Economic Development Research Discussion Papers 60, cege – Center for European, Governance and Economic Development Research, University of Goettingen (Germany).. [Downloadable!]
  3. Donald R. Davis & Trevor A. Reeve, 2000. "Human capital, unemployment, and relative wages in a global economy," International Finance Discussion Papers 659, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  4. Eckhard Janeba, 2007. "Exports, Unemployment and the Welfare State," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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