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

作者: Alpo Willman

DOI: 10.1016/0014-2921(88)90087-6

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摘要: Abstract The paper extends the recent literature on balance-of-payments crises by allowing real effects to be connected with them. collapse of fixed exchange rate regime and dynamics associated this shift are studied. In addition, a fiscal expansion under studied, taking into account fact that viability is policy dependent.

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