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OPTIMUM POLICIES WITH UNEMPLOYMENT AND INTERNATIONAL CAPITAL MOBILITY
MICHAEL, MICHAEL S.,HATZIPANAYOTOU, PANOS 한국국제경제학회 1990 International Economic Journal Vol.4 No.4
We examine a model of a small open economy with unemployment, diminishing returns to scale in production. and free international mobility of capital. Unemployment is due to a general wage function in which the wage rate is an increasing function of consumer prices. Unemployment due to an exogenously determined minimum real wage is treated as a special case to the general wage function. Two main conclusions emerge from the analysis. First, we reconfirm that within such a framework, a labor subsidy is the first-best policy option, and that the size of the optimum production, consumption, or trade subsidy (tax) is zero. When a labor subsidy, for a variety of reasons, cannot be implemented at its optimal level, the optimal policy requires a production or consumption subsidy on the importable good. An import tariff or subsidy is called for, according to whether overall employment increases with such a policy. When unemployment is due to an exogenously determined minimurn real wage as in Batra and Seth (1977), the optimal policies towards the imported good are a production subsidy, zero consumption subsidy, and an import tariff regardless of the factor intensity of the imported good. Second, in the presence of an import tariff and zero capital subsidy the optimal policy can be a labor subsidy or tax. Alternatively, in the presence of a tariff and zero labor subsidy the optimal policy can be a capital subsidy or tax. Thus, the optimal policy towards either factor is a subsidy (tax) when income gains generated from increased employment exceed (are smaller than the)income losses from excessive payments to foreign capital. Finally, if trade is free, the optimal policy towards either factor is always a subsidy.
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