In the Scandinavian model of wages and prices determination a fundamental distinction is drawn between sheltered and exposed industries. Exposed industries are exposed to strong competition from abroad, and sheltered industries are those whose products are sold at home under conditions that...

This short note presents a procedure to estimate effective rate of protection coefficient using an input-output approach. In the first section, the procedure to estimate nominal rate of protection on input and output will be quickly discussed. The section 2 points out two options in treating...

Following the bursts of inflation registered in the 1970s, many authors pointed to a generalization of the phenomenon of inflation and claimed that in a small economy highly integrated into international markets, the steady rise in general price levels might be attributable to foreign causes. In...