Real exchange rate and elasticity of labour supply in a balance-of-payments-constrained macrodynamics
构建了一个宏观动态模型，研究实际汇率与劳动供给弹性如何相互作用，影响发展中经济的增长路径和收入分配，并强调劳动供给弹性通过防止汇率升值来维持国际竞争力。
A macrodynamic model is proposed in which the real exchange rate and the elasticity of labour supply interact defining different trajectories of growth and income distribution in a developing economy. Growth depends on imports of capital goods which are paid with exports (there are no capital flows) and hence is constrained by equilibrium in current account. The role of the elasticity of labour supply is to prevent the real exchange rate from appreciating as the economy grows, thereby sustaining international competitiveness. The model allows for endogenous technological change and considers the impact of migration from the subsistence to the modern sector on the cumulative (Kaldor-Verdoorn) process of learning.