An input trade model with Keynesian unemployment: Bridging a gap between trade theory and international Input–Output analysis

Author:

Sato Hideo1

Affiliation:

1. Graduate School of Economics and Management Tohoku University Sendai Japan

Abstract

AbstractThis study presents a trade model with (1) intermediate inputs, (2) link commodities, and (3) Keynesian unemployment. The model has linear input coefficients, stable commodity prices, and short‐run adjustment of the quantity supplied on the occasion of demand changes, making it compatible with international input–output tables and analysis. Given production techniques, labor endowments, upper limits of unemployment rates, markup rates, and final demand in each country, this model specifies feasible trade patterns and determines commodity prices, wage rates, gross outputs, employment/unemployment rates, national income, income distribution, and trade volumes/values for each pattern. Starting with a two‐country, three‐commodity case, this model expands to a multi‐country, multi‐commodity case.

Publisher

Wiley

Subject

Economics and Econometrics

Reference33 articles.

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2. Ricardian comparative advantage with intermediate inputs

3. Produced means of production and the chain of comparative advantages

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