Agriculture Reference
In-Depth Information
Lght manufacturng
1.49
Heavy manufacturing
1.08
Transport
1.44
Infrastructure services
0.34
Construction and dwellings
0.73
Other servces
0.76
Real GDP,
Y
0.41
Unsklled wage and employment (per cent)
Nominal (unskilled) wage,
W
-0.42
Production real wage,
w=W/PY
1.51
Employment,
LD
0.00
Unit factor rewards CPI delated (per cent)
Land
-2.65
Unsklled Labour (those employed)
1.27
Skilled Labour
1.38
Physcal captal
1.24
Natural Resources
1.20
Notes:
a
All results in this table are based on the adoption of Fiscal policy 1: government spending is held constant as a share of GDP
and the revenue lost from tariff reform is not made up in other taxes, so the iscal deicit expands. Key exogenous variables are
hghlghted as per the long-run closure dscussed n the text.
b
E
s the nomnal exchange rate n US$ per unt of local currency.
c
P
C
s the domestc consumer prce level; the CPI. Note that ths s an ndex of the prces of both home and mported goods.
Source:
Model simulations described in the text.
