Neary, J. P. (1994) External shocks. CEPDP, 187. Centre for Economic Performance, London School of Economics and Political Science, London, UK.Full text not available from this repository.
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.
|Item Type:||Monograph (Discussion Paper)|
|Additional Information:||© 1994 J.P.Neary|
|Library of Congress subject classification:||H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor
|Sets:||Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
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