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- W2049668077 abstract "number of ways. Both in the short run and in the long run the model respects the flow of funds and balance sheet identities or stock-flow constraints that characterize all properly specified sequential temporary (or momentary) general equilibrium,1 open-economy models with money and other financial claims. The so-called approach to the balance of payments represents the simple end of the wide spectrum occupied by this class of models.2 The determination of the level of real economic activity and of the current account balance is consistent with the absorption approach.3 The role of import and export price elasticities in the determination of the trade balance is clearly brought out.4 In spirit the model has a close affinity to the ideas developed by Turnovsky (1977). The economy is small (i.e., a price-taker) in the international financial market and in the markets for its imports, but can affect the world price for its exports. The short-run behaviour of the economy is Keynesian. The money wage and the price of domestic output are sticky. Domestic output is determined by effective demand. As time passes, both the money wage and the price of domestic output respond to excess demand pressures. The long-run, steady-state properties of the model are those of a strictly classical growth model. The model is specified in such a way as to bring out very clearly the importance for the adjustment process of relative price changes. Both exogenous and endogenous changes in relative prices are considered. Changes in the terms of trade will affect the economy by altering real income and real wealth as well as via substitution effects. In monetary models of the balance of payments, exchange rate changes affect private spending and portfolio allocation decisions via the wealth effects of the changes in the general price level that they bring about. Depreciation increases the domestic currency price of traded goods. This reduces the real value of the nominal stock of money balances (and of any other nominally denominated private assets). This inflationary effect of" @default.
- W2049668077 created "2016-06-24" @default.
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- W2049668077 date "1978-08-01" @default.
- W2049668077 modified "2023-10-16" @default.
- W2049668077 title "Short-Run and Long-Run Effects of External Disturbances under a Floating Exchange Rate" @default.
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- W2049668077 doi "https://doi.org/10.2307/2553071" @default.
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