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factor Price Rigidities in an Open Economy

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  • Cornes, Richard

Abstract

The objective of this paper is to analyze some issues raised by exogenous determination of factor prices in an open economy. To do this, we exploit the tools of duality analysis, particularly the restricted profic function. Some of these ideas have been discussed by Brecher (1974) and Schweinberger (1978). Our treatment is closer in spirit to that of Schweinberger, which restricts attention to the small country case and which has n produced commodities. The present analysis considerably simplifies derivation of existing results, extends the discussion to consider the effects of exogenous commodity price changes on the system, and looks at an instructive special case.

Suggested Citation

  • Cornes, Richard, 1979. "factor Price Rigidities in an Open Economy," The Warwick Economics Research Paper Series (TWERPS) 160, University of Warwick, Department of Economics.
    • Handle: RePEc:wrk:warwec:160
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    File URL: https://warwick.ac.uk/fac/soc/economics/research/workingpapers/1978-1988/twerp160.pdf
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