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Item type:Publication, La macroeconomía de una economía abierta: el mercado de trabajo y la oferta agregada(Pontificia Universidad Católica del Perú. Departamento de Economía, 2003)In this paper we study the operation of the labor market, of which is derived the curve of aggregate supply, for the case of a closed and open economy, in the short, medium and Iong term. In an open economy, an important part of the production costs is derived of the use of imported inputs in the fabrication of the products. Therefore, the domestic level of prices, besides depending on the level of the nominal wage, is also associated to factors like the exchange rate or to the international price of the imported inputs. In the short term, since the nominal wage and the exchange rate are independent of the activity level, the level of prices is constant and therefore the aggregate supply is perfectly elastic. In the medium term, an increment of the level of economic activity, when reducing the unemployment rate, produces an increment of the wages, that which elevates the costs of production of the companies and the level of prices of the economy. Therefore, the companies are willing to offer a bigger production but at a higher level of prices. In the long term, the prices don’t influence in the level of economic activity, this implies that the aggregate supply is perfectly inelastic. After presenting the different versions of the aggregate supply, in the final part of the paper we carried out exercises of comparative static to show the effects in the aggregate supply of the technological change and the increment of the international price of the petroleum.