Monetary Non-Neutrality and the Intertemporal Approach to the Balance of Trade: The UK Trade Balance under Bretton Woods |
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Authors: | Kit Pasula |
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Institution: | Okanagan University College, Kelowna, British Columbia, V1V 1V7, Canada |
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Abstract: | Previous research on the intertemporal approach is based on the standard, real model of the balance of trade. This paper outlines a more general model that allows for monetary non-neutrality, and tests the general model against a restricted version that embodies neutrality. While the empirical analysis focuses on the UK trade balance during the Bretton Woods era, the fundamental issues are of interest to more than just students of Bretton Woods. |
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