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- W3201324116 abstract "In this article, we are in favourite that a country should keep its own currency that reflects its unique tradition and religion. Dornbusch’s model was an attempt to model exchange rate and currency fluctuations with macroeconomic indicators as the purchasing power parity, (PPP), does not hold continuously and the good prices were not flexible in either direction on the IS – LM curve. Aggregate demand in the goods market is a function of expenditure, domestic income and domestic interest rate. The model is trying to adjust macroeconomic variables in relation to the exchange rate in order to keep equilibrium and PPP holds. Thus, increase in domestic prices leads to depreciation of exchange rate. The economy is at less than full employment. For example, an expansionary monetary policy will shift the LM curve to the right, while a contractionary monetary policy will shift it to the left. Increase in the money supply causes the interest rate to fall. The lower rate results to increased investment spending and, therefore, it raises national income. When the LM curve is vertical, then we have perfectly interest inelastic demand for money and the monetary policy is successful. Similarly, when the IS curve is horizontal, the perfectly interest – elastic investment, then monetary policy affect the equilibrium level of income and employment. Monetarists, claim that changes in the money supply affects directly aggregate demand. Their view contradicts Keynesians as they regard the fiscal policy to be a more effective tool in stimulating aggregate demand. The answer of the question of which view is correct is that both views lack the building blocks of the Orthodox Church." @default.
- W3201324116 created "2021-09-27" @default.
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- W3201324116 date "2021-04-08" @default.
- W3201324116 modified "2023-09-25" @default.
- W3201324116 title "How a Country Should Keep Its Own Currency That Reflects Its Unique Tradition and Religion. Extension of the McKinnon and Dornbusch Approach." @default.
- W3201324116 hasPublicationYear "2021" @default.
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