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Unemployment in Open Economies

A Search Theoretic Analysis

Pia Weiß (Autor)

Buch | Softcover

XII, 228 Seiten

2000 | 1. Softcover reprint of the original 1st ed. 2001
Springer Berlin (Verlag)
978-3-540-41161-1 (ISBN)

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Globalisation is normally associated with expanded international trade in goods and services. In view ofhigh and persistent unemploymentin European countries during the last two decades opponents of globali sation argue that increased import competition, particularly from low wage countries,influences the domestic labour markets adversely. How ever, the advocates of open markets stress that this is a misconception about the impact offoreign trade;their view is that the employment ef fects depend to a large extent on the degree offlexibility ofthe domestic labour markets. This debate has induced Pia WeiB to examine the unemployment prob lem in an open economy within a rigorously theoretical framework. The focus is on the mismatch between labour demand andlabour supply. For that purpose, new modelsin labour economics concerningthe searchand matching theory are used. It is shown that an increased competition on the world goods markets leads to an increase inthe industrialised coun try's unemployment rate only ifthe wages are not fully flexible. At the same time, it is demonstrated that changes on the world markets may help to explain the observed development ofthe unemployment vacancy ratio. The study provides valuable insights which might enrich the subjects taught at undergraduate courses. Scholars interested in the interaction of foreign trade and employment may find in the study suggestions for future research. The research forthis studyhasbeenundertakenatthe Institutfur Wirt- VIII Preface schaftspolitik (Institute of Political Economy), University of Cologne.

1 Introduction.- 2 Stylised Facts.- 2.1 Matching on the Labour Market and Unemployment.- 2.2 Trade and the Terms of Trade.- 3 A Two-Sector Search Model of an Open Economy without Capital.- 3.1 The Reference Model of Risk-Neutral Individuals.- 3.2 International Trade and Exchange Rate Shocks in the Medium Run.- 3.3 The Evolution to the New Equilibrium - The Adjustment Process.- 3.4 The Economy with Risk-Neutral Individuals and Individual Bargaining.- 3.5 Appendix A.- 4 The Generalised Model: An Open Economy with Risk- Averse Individuals.- 4.1 Individual Bargaining with Risk-Averse Individuals.- 4.2 The Effects of a Terms-of-Trade Shock on an Economy with Risk-Averse Individuals.- 4.3 The Economy with Risk-Averse Individuals and Individual Bargaining.- 4.4 Appendix B.- 5 An Open Economy with Industry-Level Bargaining.- 5.1 Trade Unions in Economic Models.- 5.2 Wages under Collective Bargaining.- 5.3 Trade Unions in an Open Economy.- 5.4 The Economy with Risk-Neutral Individuals and Collective Bargaining.- 5.5 An Illustrative Numerical Example of Risk Neutrality, Risk Aversion, and Collective Bargaining.- 5.6 Appendix C.- 6 A Simple Matching Model of a One-Sector Economy with Capital Accumulation.- 6.1 The Individual's and Firm's Decision Problem.- 6.2 The Equilibrium with Capital Accumulation - The Long-Run Perspective.- 6.3 Appendix D: The Wage Agreement.- 7 Summary.- List of Symbols.- List of Figures.- List of Tables.- Author Index.

Erscheint lt. Verlag	16.11.2000
Reihe/Serie	Lecture Notes in Economics and Mathematical Systems
Zusatzinfo	XII, 228 p.
Verlagsort	Berlin
Sprache	englisch
Maße	155 x 235 mm
Gewicht	365 g
Themenwelt	Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
Themenwelt	Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
Schlagworte	Employment • Job Search • Labor Market • Matching • Open Economy Macroeconomics • Unemployment • Unions
ISBN-10	3-540-41161-5 / 3540411615
ISBN-13	978-3-540-41161-1 / 9783540411611
Zustand	Neuware