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Theory and Policy of Adjustment in an Open Economy

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Neary, J Peter

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Abstract

This paper presents a non-technical introduction to the analysis of how an open economy adjusts to exogenous shocks. Three alternative models of adjustment are considered, each one appropriate to a different time horizon: the specific-factors model with transitional unemployment for the short run; the Heckscher-Ohlin model with temporary capital specificity for the medium run; and a new model of growth and structural change for the long run. Consideration is also given to the choice of policies towards the adjustment process, from both a welfare economic and a political economy perspective.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 61.

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Date of creation: Apr 1985
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Handle: RePEc:cpr:ceprdp:61

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Related research
Keywords: Adjustment; International Trade Theory; Long Run; Short Run; Structural Change;

Cited by:
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  1. Stephen Cameron & Shubham Chaudhuri & John McLaren, 2007. "Trade Shocks and Labor Adjustment: Theory," NBER Working Papers 13463, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Ferto, Imre, 2006. "Reconsidering Adjustment Costs of the Association Agreement. The Case of Hungarian Food Industry," 2006 Annual meeting, July 23-26, Long Beach, CA 21037, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  3. Anne Maasland, 1992. "Consecuencias Distributivas de las Políticas de Ajuste: Una Revisión de Metodologías," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 29(86), pages 141-162. [Downloadable!]
  4. Abdul Azhar & Robert Elliott, 2003. "On the measurement of trade-induced adjustment," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 139(3), pages 419-439, September. [Downloadable!] (restricted)
    Other versions:
  5. Maasland, Anne, 1990. "Methods for measuring the effect of adjustment policies on income distribution," Policy Research Working Paper Series 474, The World Bank. [Downloadable!]
  6. Stephen Cameron & Shubham Chaudhuri & John McLaren, 2002. "Mobility costs and the dynamics of labor market adjustment to external shocks: Theory," Discussion Papers 0102-53, Columbia University, Department of Economics. [Downloadable!]
  7. Imre Ferto & Károly Attila Soos, 2008. "Marginal Intra-Industry Trade and Adjustment Costs - A Hungarian-Polish Comparison," IEHAS Discussion Papers 0815, Institute of Economics, Hungarian Academy of Sciences. [Downloadable!]
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