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We identify the non-Walrasian, fix-price, flex-quantity, temporary equilibria of a specific factors economy that has a traded and a nontraded sector. In this framework, we investigate the effects of exchange rate shocks on capacity utilization and employment of labor. We find that the asymmetry between the specific factors and the mobile factor that obtains in the Walrasian equilibrium also extends to non-Walrasian temporary equilibria: in a Walrasian (non-Walrasian temporary) equilibrium, the specific factors' prices (employment levels) move in a direction opposite to the one in which the price (employment level) of the mobile factor changes.

jahrbücher für nationalökonomie und statistik

Exchange Rate Variations and Capacity Utilization. A Specific Factors, Temporary Equilibrium Analysis / Wechselkursschwankungen und Kapazitätsauslastung. Eine Analyse kurzfristiger Gleichgewichte in einer Ökonomie mit sektorspezifischen Faktoren