Claro, Sebastián - Instituto de Economía, Facultad de Ciencia Económicas … - 2003
differences, limited or restricted integration may generate wage and employment adjustments that could be avoided if countries … on wages than countries that do specialize. Moreover, if non-tradable prices are downward rigid and there are some limits … to the current account deficits countries can run, employment costs may arise. The model shows that these costs may be …