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- W2079129654 abstract "This paper develops a partial adjustment theory of the balance of payments by incorporating the inter-temporal optimizing behavior of the two agents of the society: the public and the central bank. The central bank is viewed as the government's regulator of domestic credit and its objectives are taken as distinct from and possibly at odds with the public's objectives due to imperfect competition in the political marketplace. The final equation derived here implies that the balance of payments reflects both the active behavior of the central bank concerning foreign reserves and the contribution of the public's flow demand for money." @default.
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- W2079129654 date "1984-02-01" @default.
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- W2079129654 title "Essay No.148, November 1982, monetary approaches to the balance of payments and exchange rates" @default.
- W2079129654 doi "https://doi.org/10.1016/0022-1996(84)90059-x" @default.
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