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Keynesian and Classical Unemployment in an Open Economy

In: Unemployment

Author

Listed:
  • Erling Steigum

    (Norwegian School of Economics and Business Administration)

Abstract

This paper examines various unemployment equilibria in a fix-price model of an open economy with nontraded goods. The economy exports an internationally traded good and imports an intermediate input good. The comparative static effects of various exogenous variables on total employment and the balance of trade are derived and compared across regimes. Considerable emphasis is placed on the employment effects of external disturbances. Both price shocks, such as a rise in the price of the imported intermediate good, and quantity shocks, e.g. a slump in the demand for exportables, are examined, and the appropriate policy for restoring full employment is discussed in each case.

Suggested Citation

  • Erling Steigum, 1981. "Keynesian and Classical Unemployment in an Open Economy," Palgrave Macmillan Books, in: Lars Matthiessen & Steinar Strøm (ed.), Unemployment, pages 19-38, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05966-9_3
    DOI: 10.1007/978-1-349-05966-9_3
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    Cited by:

    1. Michael Bruno, 1982. "Import Competition and Macroeconomic Adjustment under Wage-Price Rigidity," NBER Chapters, in: Import Competition and Response, pages 9-38, National Bureau of Economic Research, Inc.
    2. Pierre-Yves Hénin, 1983. "L'impact macro-économique d'un choc pétrolier," Revue Économique, Programme National Persée, vol. 34(5), pages 865-896.
    3. Bryce Hool & J. David Richardson, 1980. "International Trade, Indebtedness, and Welfare Repercussions among Supply-Constrained Economies under Floating Exchange Rates," NBER Working Papers 0571, National Bureau of Economic Research, Inc.
    4. Marois, William, 1986. "Théorie du déséquilibre et politique économique en économie ouverte," L'Actualité Economique, Société Canadienne de Science Economique, vol. 62(2), pages 257-288, juin.
    5. Philippe Michel, 1982. "Trois facteurs de la crise dans un modèle de croissance contrainte," Revue Économique, Programme National Persée, vol. 33(5), pages 807-838.

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