The collapse of the fixed exchange regime with sticky wages and imperfect substitutability between domestic and foreign bonds

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Title: The collapse of the fixed exchange regime with sticky wages and imperfect substitutability between domestic and foreign bonds
Author: Willman, Alpo
Organization: Bank of Finland
Department / Unit: Tutkimusosasto
Research Department
Series: Tutkimusyksikkö. Monistettuja tutkimuksia. Research Papers.
Series number: 8/1987
Year of publication: 1987
Publication date: 9.6.1987
Pages: 40
Subject (yso): joukkovelkakirjat
Keywords: kotimaiset joukkovelkakirjat; ulkomaiset joukkovelkakirjat; Suomen Pankki; monistettuja tutkimuksia
Other keywords: domestic bonds; foreign bonds; research papers
Abstract: The paper extends the recent literature on balance-of-payments crises by allowing real effects to be connected with them. The collapse of the fixed exchange rate regime and the dynamics associated with this regime shift are studied. In addition, the effects of a fiscal expansion under the fixed exchange rate regime are studied, taking into account the fact that the viability of the regime is policy dependent.
Rights: https://helda.helsinki.fi/bof/copyright


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