Fiscal Policy in a Small Open Economy with Unemployment and Capital Accumulation
构建了一个包含工资刚性和可变资本存量的两部门小型开放经济模型，分析政府支出政策的短期与中期效应，并与忽略投资或仅考虑资本跨部门再分配的模型进行对比。
A two-sector model of a small open economy with wage rigidities and a variable capital stock is presented in this paper. The short- and medium-run effects of government expenditure policies are analyzed, and the results are contrasted with those of previous models which either ignore investment or restrict it to the case of intersectoral reallocation of capital. I. Introduction Theoretical studies of the small open economy have tended to deal either with a short-run period in which the stock of capital in each sector of the economy is fixed while employment is variable, or with a period in which capital stocks can change but full employment is assumed to prevail. Several recent contributions, however, have analysed the behaviour of economies in which sectoral capital stocks can change whilst wage rigidities prevent the adjustment to full employment, adopting the position that medium term resource allocation will be substantially affected by rigidities stemming from the current distribution of income between capital and labour. Amongst these have been papers by Helpman (1976), Brecher (1978) and Kouri (1979, 1982). The only explicit analysis of the medium-run effects of fiscal policy is carried out by Helpman. He employs the Heckscher-Ohlin model of international trade theory which postulates that changes in sectoral capital stocks occur through the movement of physical capital between sectors. This assumption of intersectoral capital mobility is often considered by trade theorists as the long-run analogue to short-run models with sectorspecific capital, as in e.g. Mayer (1974), Mussa (1974), but the present