Exchange rate policy, employment and external balance

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Nimeke: Exchange rate policy, employment and external balance
Tekijä: Korkman, Sixten
Julkaisija: Suomen Pankki
Sarjan nimi: Suomen Pankki. B = Bank of Finland. B
Sarjan numero: 33
Julkaisuvuosi: 1980
Ilmestymispäivämäärä: 2.5.1980
Asiasanat (yso): valuuttakurssit; valuuttapolitiikka; työllisyys; investoinnit
Hakusanat: tasapainoteoria
Sisällysluettelo: PREFACE 5 1. INTRODUCTION 7 1.1 Aim and Outline of the Study 10 2. DEVALUATION ANALYSIS: A SELECTIVE SURVEY 15 2.1 The Monetary General Equilibrium Approach 15 2.1.1 Assumptions 16 2.1.2 Exchange Devaluation 17 2.1.3 Exchange Stability 21 2.1.4 The Monetary Mechanism of Adjustment 22 2.1.5 Concluding Comments 24 2.2 Keynesian Devaluation Analysis 25 2.2.1 The Elasticities Approach 26 2.2.2 The Absorption Approach 28 2.2.3 The Standard Open Economy Model 29 2.2.4 Effects of a Devaluation: Unemployment 32 2.2.5 Effects of a Devaluation: Full Employment 36 2.2.6 Concluding Comments 39 3. INTERNAL AND EXTERNAL BALANCE 42 3.1 Tinbergen's Rule and Mundell's Principle 43 3.2 Meade on the Exchange Rate Regime 45 3.3 Mundell on the Exchange Rate Regime 49 3.4 The Assignment of Exchange Rate Policy 52 3.5 The Assignment Principle: An Extension 55 3.6 Concluding Comments 58 4. ANALYSIS OF EXCHANGE RATE POLICY IN A SIMPLE DYNAMIC MODEL 61 4.1 The Model 62 4.2 Short-run Comparative Statics 68 4.3 Dynamics 72 4.4 The Exchange Rate, Demand Management and Employment 77 4.5 Alternative Norms for Exchange Rate Policy 79 4.5.1 Fixed Exchange Rates 81 4.5.2 The Inflation Norm 82 4.5.3 The Competitiveness Norm 83 4.6 Concluding Comments 84 5. EXTERNAL BALANCE AND THE LONG RUN 87 5.1 The Concept of Structural Balance 88 5.1.1 Imbalance and Adjustment: Some Preliminary Observations 95 5.2 Accumulation and Intersectoral Allocation 99 5.2.1 Dynamic Investment Allocation: First Example 100 5.2.2 Dynamic Investment Allocation: Second Example 106 5.3 Devaluation and Accumulation 112 5.3.1 Effects of a Devaluation 112 5.3.2 The Devaluation Cycle 115 5.4 Conditions for Balanced Growth 119 5.5 Concluding Comment 122 6. SUMMARY, CONCLUSIONS AND SOME FINAL COMMENTS 124 REFERENCES 130
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