Exogenous changes and policy reforms, labor migration, and welfare in a Keynesian economy
This paper examines the potential interaction between international labor migration, exogenous changes or policy reforms, and pre-existing distortions, such as generalized excess supply due to price-wage rigidities. Within this Keynesian income-expenditure context, it is suggested that (i) when international labor migration exists, the traditional Keynesian conclusions regarding the welfare effects of exogenous distortions, i.e., increase in exports need to be modified, and (ii) in the presence of price-wage rigidities, regardless of whether or not labor is internationally mobile, a policy reforming the country's tariff-subsidy structure may not be welfare improving. Copyright Kluwer Academic Publishers 1993
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- Hatta, Tatsuo, 1986. "Welfare effects of changing commodity tax rates toward uniformity," Journal of Public Economics, Elsevier, vol. 29(1), pages 99-112, February.
- Hatta, Tatsuo & Fukushima, Takashi, 1979. "The welfare effect of tariff rate reductions in a many country world," Journal of International Economics, Elsevier, vol. 9(4), pages 503-511, November.
- Lloyd, P. J., 1974. "A more general theory of price distortions in open economies," Journal of International Economics, Elsevier, vol. 4(4), pages 365-386, November.
- Panos Hatzipanayotou, 1991. "International Migration and Remittances in a Two-country Temporary Equilibrium Model," Journal of Economic Studies, Emerald Group Publishing, vol. 18(2), pages 49-62, May.
- Rodrik, Dani, 1987. "Trade and capital-account liberalization in a keynesian economy," Journal of International Economics, Elsevier, vol. 23(1-2), pages 113-129, August.
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