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Fiscal policy in a small open economy with unemployment and capital accumulation

Frank G. Barry

Abstract

This paper presents a two-sector model of a small open economy with wage rigidities and capital accumulation. The short- and medium-run effects of government expenditure policies are analysed and the results are contrasted with those of previous models which either ignore investment or restrict it to the case of inter-sectoral reallocation of capital.

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Key concepts: Economics, Small open economy, Open economy, Unemployment, Capital (architecture), Investment (military), Capital accumulation, Fiscal policy