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Exogenous changes and policy reforms, labor migration, and welfare in a Keynesian economy

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  • Panos Hatzipanayotou

Abstract

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

Suggested Citation

  • Panos Hatzipanayotou, 1993. "Exogenous changes and policy reforms, labor migration, and welfare in a Keynesian economy," Open Economies Review, Springer, vol. 4(1), pages 27-37, March.
  • Handle: RePEc:kap:openec:v:4:y:1993:i:1:p:27-37
    DOI: 10.1007/BF00999552
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    Keywords

    tariff reform; migration; unemployment; welfare;

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