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Tariffs in an Economy with Incomplete Markets and Unemployment / Raquel Fernandez.
- Format:
- Book
- Author/Creator:
- Fernandez, Raquel.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2705.
- NBER working paper series no. w2705
- Language:
- English
- Subjects (All):
- Tariff--Mathematical models.
- Tariff.
- Unemployment--Mathematical models.
- Unemployment.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1988.
- Cambridge, Massachusetts : National Bureau of Economic Research, 1988.
- Summary:
- This paper examines the optimal labor contract in a small open economy with incomplete markets under international price uncertainty. The effect on employment, wages, and profits of different realizations of the state of nature is studied and agents' preferences concerning the implementation of a tariff are determined. The implicit contract equilibrium is shown to be constrained Pareto optimal; unanticipated tariff policy cannot be Pareto improving over free trade.
- Notes:
- Print version record
- September 1988.
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