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External Shocks

This paper examines the responsiveness of real income and the balance of payments to external shocks in a small open economy. It is shown that tariff restrictions and wage rigidities tend to increase responsiveness and quota restrictions tend to reduce it. The implications for policy response are considered and a micro-theoretic foundation for the distinction between expenditure-reducing and expenditure-switching policies is provided.
Year of publication:
1994-01
Authors: Neary, J.P.
Institutions: Centre for Economic Performance, LSE
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Type of publication: Book / Working Paper
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The price is 5 pounds sterling
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Persistent link: https://www.econbiz.de/10004967672
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