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Interest Rate Parity and Imperfect Substitutabilityk rather than relying on a monetary approach. The latter, by taking domestic and foreign assets as perfect substitutes, emphasises only one asset, money. In contrast, by removing the perfect substitutability assumption, the portfolio-balance approach allows current-account imbalances to affect the ehysterectomy 发表于 2025-3-22 06:16:46
The Theory of the Financial Economyfies modelling the financial economy according to portfolio-balance principles. The literature on this subject is of recent vintage. While Fleming (1962) and Mundell (1963) are credited with having inspired the portfolio-balance approach, it was not until the early 1970s that economists adapted JameCorroborate 发表于 2025-3-22 11:35:24
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Monetary Policy in an Interdependent Worldons I to III we analyse changes in the nature of economic interdependence from the 1960s to the 1970s and offer some explanations for these changes. In doing so, we draw upon the framework of analysis developed in the previous chapters of the book. In Sections IV and V we study the transmission abro无能的人 发表于 2025-3-22 21:17:48
Summary and Conclusionre of the productive system; others from financial disturbances. This book has dealt with some aspects of these difficulties. In the first part of the book we directed our attention to the supply side of the economy, and asked the questions how and to what extent the supply of manufacturing output iimpale 发表于 2025-3-23 05:23:39
Monetary Policy in an Interdependent Worldn doing so, we draw upon the framework of analysis developed in the previous chapters of the book. In Sections IV and V we study the transmission abroad of policy shocks originating in the United States in recent history.扩大 发表于 2025-3-23 06:54:22
Graham A. Tobin,Linda M. Whiteford net external claims (net external liabilities), that is an economy with a surplus (deficit) in its cumulative current account of the balance of payments.. The exchange rate, in this framework, adjusts so as to ensure that asset supplies are willing held. Thus, by its very nature, this view emphasises the short run.