search query: @freeterm Factor reallocation / total: 1
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| Author: | Kemp, M.C. Shimomura, K. |
| Title: | A dynamic Heckscher-Ohlin model: the case of costly factor reallocation |
| Journal: | Japanese Economic Review
2003 : SEP, VOL. 54:3, p. 237-252 |
| Index terms: | Equilibrium analysis |
| Freeterms: | Factor reallocation Static models |
| Language: | eng |
| Abstract: | The role of the static Heckscher-Ohlin model in providing genral equilibrium comparative statics is emphasized. The article shows that 1) market-clearing dynamics can be constructed if and only if the costly reallocation of factors is accomodated and 2) the introduction of market-clearing and resource-using dynamics fails to sharpen (and may even blunt) the comparative statics. Hence, a new (non)Correspondence Principle is derived. |
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