haku: @author Serven, L. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Serven, L. |
| Otsikko: | Capital goods imports, the real exchange rate and the current account |
| Lehti: | Journal of International Economics
1995 : AUG, VOL. 39:1/2, p. 79-102 |
| Asiasana: | INTERNATIONAL ECONOMICS EXCHANGE RATES |
| Kieli: | eng |
| Tiivistelmä: | Conventional open aggregate models typically rule out capital goods imports - an assumption that is completely arbitrary. This paper shows that removing such an assumption in a standard intertemporal model with investment subject to adjustment costs has major consequences for the effects of macroeconomic policies and external shocks. Long-run output and the real exchange rate are inversely related. Fiscal policy disturbances and wealth transfers from abroad alter the long-run capital stock. |
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