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Input Price Shocks in the Small Open Economy

Edward F Buffie

Oxford Economic Papers, 1986, vol. 38, issue 3, 551-65

Abstract: This paper investigates the short run, macroeconomic effects of an OPEC-type price shock in a two-sector, tradables-nontradables model with a very general treatment of production. General conditions are derived under which the impact effects of the shock will be stag- inflationary and the outcomes, in a variety of special cases, are examined. Surprisingly, it is found that in many cases stag- deflationary Keynesian unemployment is to be expected. Copyright 1986 by Royal Economic Society.

Date: 1986
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