Pure Joint Production, Income Distribution, Employment And The Exchange Rate
This paper deals with an open economy with heterogeneous capital and linear processes of pure joint production from a long-period perspective. It is shown that: (1) an effective exchange rate change has ambiguous effects on the distribution of income and the competitiveness of domestic output; (2) the matrix of super-multipliers linking exports to gross output is not always uniquely defined; and (3) the volume of exports and the volume of total employment may be inversely related, even if prices and distribution do not change. Copyright © 2008 The Author. Journal compilation © 2008 Blackwell Publishing Ltd.
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Volume (Year): 59 (2008)
Issue (Month): 4 (November)
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