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Recessionary shock and factor return in an underemployed economy

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  • Beladi, Hamid
  • Mandal, Biswajit

Abstract

This paper builds a general equilibrium model for a small open economy with unemployment of unskilled labor to assess the impact of a recessionary shock. It is shown that irrespective of the factor intensity assumption skilled wage and rental ratio goes up if recession led price fall is significant. However, when the price fall is not sufficiently big, factor intensity assumption becomes crucial for the eventual effect on factors’ return ration.

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File URL: http://mpra.ub.uni-muenchen.de/33733/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33733.

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Date of creation: 2011
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Handle: RePEc:pra:mprapa:33733

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Keywords: International Trade; General Equilibrium;

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  1. Mandal, Biswajit & Marjit, Sugata & Beladi, Hamid, 2010. "Recessionary shock, capital mobility and the informal sector," MPRA Paper 33736, University Library of Munich, Germany, revised Jan 2011.
  2. Ronald W. Jones, 1965. "The Structure of Simple General Equilibrium Models," Journal of Political Economy, University of Chicago Press, vol. 73, pages 557.
  3. Marjit, Sugata & Chaudhuri, Sarbajit & Kar, Saibal, 2009. "Recession in the Skilled Sector and Implications for Informal Wage," MPRA Paper 18003, University Library of Munich, Germany.
  4. Chaudhuri, Sarbajit, 2009. "Economic Recession and Informal Sector Workers," MPRA Paper 18033, University Library of Munich, Germany.
  5. Leiderman,Leonardo & Razin,Assaf (ed.), 2010. "Capital Mobility," Cambridge Books, Cambridge University Press, number 9780521142731.
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