Exchange rate policy, employment and external balance

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dc.contributor Suomen Pankki
dc.contributor.author Korkman, Sixten
dc.date.accessioned 2017-08-15T11:21:39Z
dc.date.available 2017-08-15T11:21:39Z
dc.date.issued 1980
dc.identifier.issn 0357-4776
dc.identifier.uri https://helda.helsinki.fi/bof/handle/123456789/14879
dc.description.tableofcontents 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
dc.language.iso ENG
dc.relation.ispartofseries Suomen Pankki. B
dc.rights https://helda.helsinki.fi/bof/copyright
dc.subject tasapainoteoria
dc.title Exchange rate policy, employment and external balance
dc.type Book
dc.identifier.urn URN:NBN:fi:bof-201708151543
dc.series.name Suomen Pankki. B = Bank of Finland. B
dc.series.number 33
dc.series.sortingnumber 0033
dc.date.publication 2.5.1980
dc.subject.yso valuuttakurssit
dc.subject.yso valuuttapolitiikka
dc.subject.yso työllisyys
dc.subject.yso investoinnit

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