Tariffs,quotas, and voluntary export restraints with endogenous labor supply |
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Authors: | Panos Hatzipanayotou Michael S Michael |
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Institution: | (1) Present address: Department of Economics, Aristotelian University of Tessaloniki, P. O. Box 170, GR-54006 Thessaloniki, Greece;(2) Present address: Department of Economics, University of Cyprus, 134 Nicosia, Cyprus |
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Abstract: | This paper develops a two-good, small-country, general equilibrium trade model with endogenous labor supply and wage taxes, and where trade is restricted by a tariff, or an import quota, or VERs. Within this framework we derive (i) the employment and welfare effects of the three types of trade restrictions, (ii) the price effect of an import quota and VERs, and (iii) the shadow price of foreign exchange under each type of trade restriction. The present results are compared to those where (i) factor supplies are fixed, and (ii) perfect international capital mobility exists. |
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