Detail Terms-of-Trade Uncertainty, Incomplete Markets, and Unemployment   Oleh:  Fernandez, Raquel Jenis: Article from Bulletin/Magazine Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 33 no. 4 (1992), page 881-894. Topik: MARKETS; trade; markets; unemployment Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel This paper examines a two - sector small open economy that is subject to shocks in its terms - of - trade. Risk - neutral entrepreneurs use implicit contracts to insure risk - averse workers against fluctuations in their income. The characteristics of these contracts are examined within a general equilibrium framework and the implications for employment, wages and utility of different realizations of relative prices are analyzed. The implicit contract equilibrium is shown to be constrained Pareto optimal when the social planner is unable to provide income directly to unemployed workers. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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