The transmission of shocks and policy changes depends crucially on the structure of the economy. The authors analyze the impact of two classes of external shocks in open economies, using a rational-expectations framework that tests three prototype economies: (1) a neoclassical, full-employment benchmark economy, with intertemporally optimizing consumers and firms and instantaneous clearing of asset, goods, and factor markets; (2) a full employment...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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1992/12/31
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Рабочий документ в рамках исследования вопросов политики
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WPS1061
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1
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1
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2010/07/01
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Dynamic response to foreign transfers and terms-of-trade shocks in open economies
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real exchange rate
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