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- W2034374106 abstract "Money illusion, taking the form of lagged price perceptions and viewed in a competitive general equilibrium context, is shown in this paper to reduce the change in a country's balance of payments attributable to a devaluation of given size. Illusion's effect on adjustment is also shown to be probably greater under flexible than under fixed exchange-rate arrangements. The results contrast with a view that illusion, in disguising real-income changes, facilitates the elimination of a balance-of-payments deficit." @default.
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- W2034374106 title "Money Illusion and Balance-of-Payments Adjustment" @default.
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- W2034374106 doi "https://doi.org/10.1086/260410" @default.
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