Feasible Alternatives under Deteriorating Terms of Trade*
نویسندگان
چکیده
The paper presents a dynamic general equilibrium model of a small open economy which employs an essential imported input in production. The economy is said to be capable of survival, if, given the technology and the time-pat:: of world prices, there is at least one sequence of feasible decisions on intertemporal resource allocation sustaining a positive stationary level of consumption indefinitely. The principal results of she paper characterize necessary and sufficient conditions on the technology and the rate of declitle of the terms of trade that ensure survival.
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