Adjustment of Wages and Equilibrium Unemployment in a Ricardian Global Economy
This paper develops a dynamic Ricardian model of the world economy exhibiting endogenous wages and equilibrium unemployment. It is shown that international trade serves to give workers an increased stake in job-holding, and, in general equilibrium, leads to higher real earnings and lower equilibrium...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2001
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/76 |
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| Institution: | Singapore Management University |
| Language: | English |