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Similarly to other developed countries, the US has experienced a sharp increase in wage inequality in the last few decades. This question asks you to think about the extent to which increasing wage inequality in the US may be driven by Heckscher-Ohlin type forces.
(a) Explain what the 2x2x2 Heckscher-Ohlin model would predict about the change in the US skill premium (skilled to unskilled wage ratio), if the US opened up to trade with a country which was relatively more abundant in unskilled labor.
(b) How would factor intensities change in the two industries in the US? Why? Is this prediction borne out in the data for the US?
(c) What would the 2x2x2 Heckscher-Ohlin model predict about the change in the skill premium in the unskilled-labor abundant trading partner?
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