Karanassou, Marika (contributor); Sala, Hector (contributor) - 2009
the 1990s and 2000s. Furthermore, although the recent boom in the terms of trade is equally important, its downward effect … terms of trade is equally important, its
downward effect on unemployment was partially reversed by the resulting decrease … employment in the steady state, since
its direct effect on employment is exactly offset by its indirect effect via wages (capital …