Arbeitspapier
Dynamic adjustment in open economies
This paper analyzes adjustment to exogenous shocks in a dynamic version of the specific-factors model in which capital is assumed to be a quasi-fixed factor. Capital allocation is treated as an issue in investment theory, thus endogeniz-ing long-run capital stocks of industries. Convex costs of adjustment generate finite Keynesian investment demand functions which are incorporated in a two-sector trade model. Depending on the source of the exogenous shock comparative static effects are ambiguous and the adjustment path to the long-run equilib-rium may be characterized by an overadjustment of capital stocks and/or of the national product. The long-run equilibrium is almost always characterized by non-equalization of capital rentals.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeiträge - Serie II ; No. 121
- Klassifikation
-
Wirtschaft
- Thema
-
Offene Volkswirtschaft
Wirtschaftliche Anpassung
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Meckl, Jürgen
- Ereignis
-
Veröffentlichung
- (wer)
-
Universität Konstanz, Sonderforschungsbereich 178 - Internationalisierung der Wirtschaft
- (wo)
-
Konstanz
- (wann)
-
1990
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Meckl, Jürgen
- Universität Konstanz, Sonderforschungsbereich 178 - Internationalisierung der Wirtschaft
Entstanden
- 1990
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