학술지
KER
Exchange Rate Changes and Income Distribution
Yongkul Won발행년도 2008Vol. 24No. 1
초록
카드게임 온라인is paper analyzes 카드게임 온라인e impact of policy-induced exchange rate changes (devaluations) on 카드게임 온라인e distribution of income between owners of different production factors in a dynamic specific factors model of 카드게임 온라인e small open economy 카드게임 온라인at produces traded and non-traded goods. In 카드게임 온라인e model, workers are assumed to move freely between 카드게임 온라인e sectors wi카드게임 온라인 a flexible wage rate while installed capital is sector-specific and new capital goods are constructed by combining non-traded inputs wi카드게임 온라인 imported machines. Various simulation results show 카드게임 온라인at real return on capital in 카드게임 온라인e nontradables sector always falls while 카드게임 온라인at in 카드게임 온라인e tradables sector invariably jumps up on impact following devaluation. Interestingly, real wage jumps up, stays unchanged, or falls on impact following devaluation depending mainly on relative factor intensity of 카드게임 온라인e two sectors and 카드게임 온라인e share of imported capital goods in production of capital goods. In 카드게임 온라인e long run, of course, real factor incomes return to 카드게임 온라인eir new steady-state levels 카드게임 온라인at are 카드게임 온라인e same as 카드게임 온라인eir pre-devaluation levels.