Wage Sensitivity Ranking And Temporal Convergence
This paper examines the two-sector general equilibrium model under a variety of labor-market distortions, including minimum wages and factor price differentials (both absolute and proportional). We introduce a new concept - the "wage sensitivity" ranking between sectors - and show that a necessary and sufficient condition for temporal convergence locally is that the physically labor-intensive sector be the wage-sensitive sector.
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|Date of creation:||1988|
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