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Risk Aversion and Unemployment in an Open Economy

Author

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  • Weiß Pia

    (Institut für Wirtschaftspolitik an der Universität zu Köln, Pohligstraße 1, D-50969 Köln, Germany)

Abstract

The paper analyses the impact which risk aversion has on a small open economy characterised by search frictions on the labour market. It is shown that the long-run qualitative effects caused by a terms-of-trade shock are independent of individual risk behaviour. As far as quantitative aspects are concerned risk aversion always leads to higher equilibrium employment; however the increase in unemployment due to a price shock is the higher the more risk-averse individuals are.

Suggested Citation

  • Weiß Pia, 2000. "Risk Aversion and Unemployment in an Open Economy," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 49(2), pages 137-156, August.
    • Handle: RePEc:lus:zwipol:v:49:y:2000:i:2:p:137-156:n:3
    DOI: 10.1515/zfwp-2000-0203
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