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General-Equilibrium Implications of International Product-Market Competition for Jobs and Wages

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  • Hoon, Hian Teck

Abstract

This paper extends the insight that trade increases international product-market competition to show that in a world with an endogenous natural rate of unemployment, countries can benefit through a decline in the natural rate. When the number of firms in the integrated world market is greater than the number of firms in each economy in autarky, all trading nations in a world of identical factor proportions experience a decline in equilibrium unemployment. When factor proportions differ, equilibrium unemployment must fall in the labour-abundant country but may rise or decline in the capital-abundant country. Copyright 2001 by Oxford University Press.

Suggested Citation

  • Hoon, Hian Teck, 2001. "General-Equilibrium Implications of International Product-Market Competition for Jobs and Wages," Oxford Economic Papers, Oxford University Press, vol. 53(1), pages 138-156, January.
    • Handle: RePEc:oup:oxecpp:v:53:y:2001:i:1:p:138-56
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    Cited by:

    1. Erkki Koskela & Rune Stenbacka, 2001. "Equilibrium Unemployment with Credit and Labour Market Imperfections," CESifo Working Paper Series 419, CESifo.
    2. Gaston, Noel & Rajaguru, Gulasekaran, 2013. "How an export boom affects unemployment," Economic Modelling, Elsevier, vol. 30(C), pages 343-355.
    3. Michael W. Klein & Scott Schuh & Robert K. Triest, 2002. "Job creation, job destruction, and international competition: a literature review," Working Papers 02-7, Federal Reserve Bank of Boston.
    4. Carl Davidson & Steven J. Matusz, 2010. "Our Motivation," Introductory Chapters, in: International Trade with Equilibrium Unemployment, Princeton University Press.

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