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G. P. Kouretas - Wages, Flexible Exchange Rates and Commercial Policy

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  • Kouretas, Georgios P.

    (Department of Business Administration Athens University of Economics and Business (AUEB))

Abstract

The purpose of this paper is to analyze the macroeconomic effects of commercial policy in the form of a general non-retaliatory tariff imposed by a small open economy under flexible exchange rates. The Mundellian analysis which has dominated the discussion in this area has been that a tariff will reduce output and employment. We show that these results are not robust and we derive sufficient conditions in a consistently specified aggregate demand-supply model, under which tariffs may increase output and employment in the long-run. It is further shown that the final outcome depends on the wage-setting regime and on the assumptions we make about the form of the demand for money function.

Suggested Citation

  • Kouretas, Georgios P., 1993. "G. P. Kouretas - Wages, Flexible Exchange Rates and Commercial Policy," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 46(2-3), pages 225-246.
    • Handle: RePEc:ris:ecoint:0440
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