Business, 02.03.2021 02:40, stormhorn491

[4 points] In August 2020, Haiti and the Dominican Republic, two Caribbean economies, were hit by hurricane Laura, experiencing a negative aggregate supply shock as a result. (a) Haitians assume this is a one-time shock, so it is expected to have no wealth effects. Use the labor market and the production function to describe the effects on employment, output, and the real wage. (b) In the Dominican Republic the shock is believed to be permanent, so there is a negative wealth effect. Redo (a). What are the differences

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[4 points] In August 2020, Haiti and the Dominican Republic, two Caribbean economies, were hit by hu...