| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5872 |
| DP5872 Unemployment Dynamics among Migrants and Natives | |
| Klaus F. Zimmermann; Arne Uhlendorff | |
| 发表日期 | 2006-10-08 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the impact of terms of trade and risk-premium shocks on a small open economy in an intertemporal, Dutch disease model, with international capital mobility. It is shown that when the economy experiences a permanent improvement in the terms of trade, the Dutch disease effect (real exchange rate appreciation) goes away in the new steady state, while the economy experiences de-industrialization even stronger than in the short-run. Second, a permanent improvement in the terms of trade coupled with a permanent reduction in the risk-premium leads to pro-industrialization and a real exchange rate appreciation. The mechanism behind appreciation of the real exchange rate in the long-run is different from the Dutch disease story. It occurs because reduction in the risk-premium reduces the costs of the production in the economy, and because (non-oil) traded sector benefits more from cheaper capital than the non-traded sector. The economy also accumulates more debt in response to these two shocks in the long-run. |
| 主题 | International Macroeconomics |
| 关键词 | Capital inflows Dutch disease External debt Optimizing models Overborrowing Real exchange rate |
| URL | https://cepr.org/publications/dp5872 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534706 |
| 推荐引用方式 GB/T 7714 | Klaus F. Zimmermann,Arne Uhlendorff. DP5872 Unemployment Dynamics among Migrants and Natives. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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