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Adjustment to devaluation with money and nontraded goods
Authors:Michael Connolly  Dean Taylor
Affiliation:University of Florida, Gainesville, FL 32611, U.S.A.
Abstract:This paper analyzes the dynamics of adjustment to devaluation in a framework which highlights the role played by nontraded goods and money. We provide a specific analytical model of devaluation incorporating substitution effects in production and consumption as well as liquidity effects resulting from a stock-flow adjustment process. The analysis provides specific solutions for the time path of the balance of payments and the price of nontraded goods following devaluation.
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