Technological Progress, the Real Exchange Rate, and the Natural Rate of Unemployment
This paper relates two canonical issues in macroeconomics: the effect of technological progress on the real exchange rate and the effect of technological progress on the natural rate of unemployment. In the context of a Ricardian model with traded and nontraded goods, I show that technological progress in tradables an nontradables can have dramatically different effects on unemployment rates, depending upon the structure of wage bargaining.
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