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Rudiger Dornbusch 《Journal of International Economics》1976,6(3):231-244
The adjustment process to a monetary disturbance is studied in a model of perfect capital mobility and flexible exchange rates. Exchange rate expectations are emphasized and used to establish an adjustment process. In the short run, a monetary expansion gives rise to a depreciation in the exchange rate and a reduction in saving due to the terms of trade deterioration. The exchange rate depreciation, in the short run, may be in excess of the long-run depreciation. The trade balance in the short run may worsen. The long-run equilibrium of the analysis conforms to the Mundell-Fleming results that establish the force of monetary policy under flexible rates. 相似文献
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Immediate challenges for the European Central Bank 总被引:8,自引:0,他引:8
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This paper explores macroeconomic policies that can sustain structural change in China and India. A two-sector open-economy model with endogenous productivity growth, demand driven output and income distribution as an important determinant of economic activity is calibrated to a 2000 SAM for China and a 1999/2000 SAM for India. Short-run analysis concerns temporary equilibria for output, productivity and employment growth rates in the formal sector. In the long-run, the model allows for multiple equilibria which can describe cases of (a) underdevelopment and structural heterogeneity or (b) sustained growth and development. Several simulation exercises are conducted. Specifically, we consider how changes in investment, wages, labor productivity trend and a depreciation of currency affect the macroeconomy and job creation in the formal sector. 相似文献
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Robert A. Mundell's Nobel Memorial Prize 总被引:1,自引:0,他引:1
Rudiger Dornbusch 《The Scandinavian journal of economics》2000,102(2):199-210
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In economies where price control has been the rule, the mostserious concern may be recognition of the inflation problem.Beyond the initial correction of subsidies there is the broaderissue of the risk of a serious inflation. This article looksat the problem of high inflation in developing countries inEurope and Latin America and draws lessons from historical experience.It analyzes the dynamics of the interaction among deficit finance,institutional innovation in financial markets, dollarization,and the shortening of wage contracts in high-inflation situations.When stabilization is undertaken, there is neither immediate,spontaneous resumption of longer adjustment periods for wagesand prices nor instant increase of real money demand to noninflationarylevels. Incomes policyfreezing exchange rates, wages,and pricesis advocated as an effective supplement tothe inevitable budget cut to make up for institutional inertiaand facilitate the start of the stabilization process. 相似文献
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Rudiger Dornbusch 《The World Economy》1984,7(2):145-162
‘The history of investment in South America throughout the last century has been one of confidence followed by disillusionment, of borrowing cycles followed by widespread defaults and of a series of alternating repudiations and recognitions of external debts…The ability of the most creditworthy governments to avoid default must necessarily be impaired if any considerable part of the nominal value of loans has not, in fact, been put to the use for which it was intended’—The Problem of International Investment, Report by a Study Group of Members of the Royal Institute of International Affairs, London (1937) 相似文献
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Rudiger von Arnim 《Metroeconomica》2011,62(2):235-264
This paper discusses a Post‐Keynesian model of income, production and trade. The one‐country, one‐sector model features Kaleckian investment demand, Kaldorian productivity and a labor market module based on a wage–price spiral. The model is first presented for a closed economy with exogenous real wages; second, for a closed economy with endogenous real wages; third, for an economy open to trade with endogenous real wages. Simulations with different calibrations show key characteristics of the model. Monte Carlo simulations over reasonable parameter ranges shed some light on the effectiveness of wage policies in open economies. 相似文献
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