Open Economy MacroeconomicsBasic Books, 1980 M10 23 - 304 páginas Employment, the trade balance and relative prices; Money and payments adjustment; Assets markets, capital mobility, and stabilization policy; Portfolio balance and the current account. |
Contenido
Some Basic Relations | 12 |
Employment the Trade Balance and Relative Prices | 31 |
Money Prices and Payments Adjustment | 119 |
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abroad Accordingly adjustment process aggregate demand analysis assets market assume assumption balance of payments capital mobility central bank chapter commodity credit creation credit expansion current account decline deficit demand for domestic determined devaluation domestic credit domestic residents Dornbusch elasticity equal equation equilibrium output excess demand exchange depreciation expenditure exports external balance fixed exchange rates flexible exchange rates foreign assets foreign demand full employment function given growth higher home country implies income and spending income effect increase inflation interest rate intervention investment librium long-run equilibrium macroeconomics market equilibrium money wages nominal interest rate nominal money nontraded offset open economy perfect foresight price level raises rate of depreciation rate of interest rational expectations real balances real exchange rate real income real wage real wealth real-wage reduces relative price repercussion effects rise saving sector shows sloped terms of home terms of trade trade balance worsens yield on capital YY schedule