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| Author: | Beladi, H. |
| Title: | Equilibrium unemployment rate and customs union |
| Journal: | Pacific Economic Review
1998 : OCT, VOL. 3:3, p. 189-199 |
| Index terms: | UNEMPLOYMENT CUSTOMS UNIONS ECONOMICS |
| Language: | eng |
| Abstract: | This paper utilizes the macroeconomics concept of the equilibrium rate of unemployment for theorems on free trade and the formation of customs union. The notion of an equilibrium rate of unemployment appears in the literature on labour, macroeconomics, business cycles and trade theory. Such an equilibrium rate can be derived in a number of ways, for example, by introducing labour-leisure choice in the utility functions of the workers; a labour turnover model and/or by introducing shirking. |
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