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- W2058174106 abstract "This paper studies the transmission of economic fluctuations under flexible and fixed exchange rates. In a model incorporating short-run and long-run Phillips curves, two channels of interdependence are studied: one through the balance of payments and the other through changes in the terms of trade and wage-price spirals. Under fixed rates both channels work; under flexible rates the second channel still works, although the first is blocked. While a recession in one country tends to be transmitted as a recession in the other under fixed rates, it tends to be transmitted as stagflation in the other under flexible rates." @default.
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- W2058174106 date "1978-10-01" @default.
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- W2058174106 title "International Transmission of Stagflation under Fixed and Flexible Exchange Rates" @default.
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- W2058174106 doi "https://doi.org/10.1086/260716" @default.
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