A two-country disequilibrium model

Owen, Robert F.

doi:10.1016/0022-1996(85)90059-5

Cited by 6 publications

(2 citation statements)

References 32 publications

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“…However, a proper explanation of the "Dutch Disease" requires a disequilibrium analysis (van Wijnbergen, 1984;1985;Neary and van Wijnbergen, 1986). An explanation is needed of why oil-producing countries such as Egypt, Mexico, United Kingdom snd the Netherlands experience problems of unemployment whilst the Gulf countries experience bottlenecks and labour shortages.…”

Section: The Effects Of An Oil Bonanzamentioning

confidence: 99%

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Rationing in open economy and dynamic macroeconomics: A survey

Ploeg¹

1987

De Economist

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A survey of rationing in micro theories of macroeconomics is presented. The survey starts with a closed economy with money and in~~entories, which consists of a representative household, a firm and government. After a discussion of the notional demands and supplies arid the properties of the Walrasian equilibrium, a discussion of the effective demands and supplies leads to an analysis of the four regimes (Keynesian unemployment, classical unemployment, repressed inflation and underconsumption). A fiscal and monetary contraction decreases sales and employment when there is Keynesian unemployment, but is expansionary (neutral) when there is repressed inflation (classical unemployment). The survey continues with an analysis of the effects of rationing in a small open economy. It considers the one-sector model and a model with a traded and a non-traded sector. The latter model is used to discuss the effects of an oil discovery on the Gulf countries and an Latin American countries. The survey ends up with a discussion of rationing in dynamic economies, which leads to an analysis of the effects oF expectations about future constraints on current regimes and to a discussion of "boot-strap" equilibria.

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Section: The Effects Of An Oil Bonanzamentioning

confidence: 99%

“…More extended surveys of rationing in open economies are Cuddington, Johansson and Lofgren (1984) and Neary (1986). Examples of two-country rationing models are presented in Owen (1985) and Rankín (1987b).…”

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confidence: 99%