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Advanced Lectures in Quantitative Economics by Frederick van Der Ploeg

By Frederick van Der Ploeg

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Neo-Keynesian Macroeconomics in an Open Economy 25 Effects of a Dévaluation Finally, the effects of a change in e (and so in/7) can be read off Figure 6. The effects on the trade balance are predictable, a devaluation tending in all cases to improve it, subject only to the same qualifications about the implications of an initial deficit which were already noted in the Walrasian case in the previous section. In addition, with the nominal wage rate fixed, a devaluation amounts to a cut in real wages, and so in all cases raises employment, until the full-employment ceiling is reached.

35 Finally, Figure lie considers the case where the wage rate w2 is below the Walrasian level. The aggregate supply schedule now intersects the aggregate demand schedule at a point H which lies to the right of the full-employment ceiling j>*, so this point is unattainable. * or belowpG the analysis is as before, the corresponding equilibria exhibiting Keynesian and Classical unemployment respectively. *, where both firms and households are rationed, since both notional demand and supply exceed the maximum productive potential of the economy.

However, it is rather implausible to assume that an economy faces a single constraint on the level of its net exports. Most authors therefore have preferred to disaggregate domestic production when considering Keynesian phenomena in open economies. Two distinct routes have been followed. One approach has been to disaggregate the traded sector, distinguishing between import-competing and exporting sectors. 41 The other approach has been to retain the assumption of a single composite traded good market in which trading is unconstrained but to append to it a domestic sector producing a non-traded good.

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