Unemployment in Open Economies: A Search Theoretic Analysis

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Globalisation is normally associated with expanded international trade in goods and services. In view ofhigh and persistent unemploymentin European countries during the last two decades opponents of globali sation argue that increased import competition, particularly from low wage countries, influences the domestic labour markets adversely. How ever, the advocates of open markets stress that this is a misconception about the impact offoreign trade;their view is that the employment ef fects depend to a large extent on the ...

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