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A MACROECONOMIC MODEL OF A SMALL OPEN
STABILIZATION POLICY IN A TWOSECTOR ECONOMY
AGGREGATE SUPPLY MANAGEMENT
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adjustment AW curve AW locus bonds Canada changes Chapter closed economy constant countries demand for labour demand for non-tradables determined disequilibrium effects equation equilibrium equilibrium condition excess demand excess supply exogenous expectations expenditures exportables factor fall fiscal policy foreign government demand guest-workers higher important increase inflation rate inflationary initial labour and non-tradable labour market long-run macroeconomic policy ment money market money supply move natural rate NN curve nominal interest rate nominal prices nominal variables nominal wage non-tradable industries non-tradable market non-tradable sector Phillips curve positively sloped price level price of non-tradables price of tradables price-taker purchasing power parity rate of inflation rate of unemployment real interest rate real tradable real wage reduce relative prices rise short-run small open economy social welfare function SOE model supply of labour supply shock tradable industries tradable sector tradables and non-tradables unemployment rate units of tradables workers