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Theory and Policy of Adjustment in an Open Economy.

Abstract:

This paper presents a non-technical introduction to the analysis of how an open economy adjusts to exogenous shocks. Three alternative models of adjustment are considered, each one appropriate to a different time horizon: the specific-factors model with transitional unemployment for the short run; the Heckscher-Ohlin model with temporary capital specificity for the medium run; and a new model of growth and structural change for the long run. Consideration is also given to the choice of polici...

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Volume:
61
Publication date:
1985-01-01
URN:
uuid:2ea8edc0-35e7-4a30-a23e-5bb63b15ab93
Local pid:
oai:economics.ouls.ox.ac.uk:11743
Language:
English

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