Connolly, Michelle; Yi, Kei-Mu - Federal Reserve Bank of San Francisco - 2008
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dence Mall, Philadelphia, PA 19106; Kei-Mu.Yi@phil.frb.org. We thank participants at the SED Meetings,
AEA Meetings … (1977) show that, at least
until 1975, this was the most important export-oriented policy. Second, beginning in the 1970s … output, which they sell at market prices.
Stage 1 consumption good firms in country i maximize:
p
i1
(z)y
i1
(z)−w
i
l
i1
(z …