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Theory and Policy of Adjustment in an Open Economy

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  • Neary, J Peter

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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Bibliographic Info

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;

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Cited by:
  1. 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.
  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).
  3. Anne Maasland, 1992. "Consecuencias Distributivas de las Políticas de Ajuste: Una Revisión de Metodologías," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 29(86), pages 141-162.
  4. Maasland, Anne, 1990. "Methods for measuring the effect of adjustment policies on income distribution," Policy Research Working Paper Series 474, The World Bank.
  5. Tobal, Martin, 2011. "A Rationale For Evidence On Service Offshoring," University of California at San Diego, Economics Working Paper Series qt5s4056z6, Department of Economics, UC San Diego.
  6. Stephen Cameron & Shubham Chaudhuri & John McLaren, 2007. "Trade Shocks and Labor Adjustment: Theory," NBER Working Papers 13463, National Bureau of Economic Research, Inc.
  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, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.

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