Download e-book for iPad: External Imbalances and Policy Constraints in the 1990s: by Chris Milner, Nick Snowden

By Chris Milner, Nick Snowden

ISBN-10: 0312079788

ISBN-13: 9780312079789

ISBN-10: 1349224537

ISBN-13: 9781349224531

ISBN-10: 1349224553

ISBN-13: 9781349224555

Reconsiders the present account within the context of built-in global capital markets. The case of the united kingdom gets specific emphasis with financing and competitiveness matters absolutely appraised.

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Extra resources for External Imbalances and Policy Constraints in the 1990s: Papers of the Fifteenth Annual Conference of the International Study Group

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But for extreme jumps these devices would be inadequate and we could expect the contract to reflect the likely overlap; as Taylor (1979) has shown, this creates a serially correlated pattern of wage movements in response to a shock in expected prices, starting from the quarter of the shock. Together these factors argue for a special adjustment of current wages in response to the prospect of future devaluation. The adjustment we make for illustrative purposes is equal to approximately one third of the parity change expected in the following year.

W. (1990) 'Macroeconomic Effects of Projected Population Aging in Industrial Countries', IMF Working Paper 90/5. Noguchi, Y. (1989) 'Japan's Fiscal Policy and External Balance', mimeo. Summers, R. and Heston, A. (1988) 'A New Set of International Comparisons of Real Product and Price Level Estimates for 130 Countries, 195{}1985', Review of Income and Wealth, March. Underwood, J. (j March. Williamson, J. (1983) The Exchange Rate System (Washington: Institute for International Economics) revised edn 1985.

MODELLING THE EMS The European Monetary System is a supplement to domestic monetary systems. Quite how it works depends on the countries involved. For example, Holland treats the DM-Guilder link as effectively fixed. Italy and France by contrast allow devaluations periodically, after discussions with EMS partners, principally Germany. As argued in Minford (1989a) fixed and floating rate systems differ little in their transmission of real shocks. As for monetary shocks, though the direction of impact of foreign monetary shocks is altered, floating does not insulate against these shocks because the exchange rate tends to move sharply in response.

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External Imbalances and Policy Constraints in the 1990s: Papers of the Fifteenth Annual Conference of the International Study Group by Chris Milner, Nick Snowden


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