Theory and Policy of Adjustment in an Open Economy.
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; t...
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| Formatua: | Working paper |
| Hizkuntza: | English |
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CEPR
1985
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