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    题名: Currency Substitution, Foreign Inflation, and Terms-of-Trade Dynamics
    作者: Chen, Chau-nan;Tsaur, Tien-wang;劉順傑;Liu, Shun-chieh
    贡献者: 淡江大學財務金融學系
    日期: 1989-08
    上传时间: 2009-11-30 17:51:59 (UTC+8)
    出版者: Chicago: University of Chicago Press
    摘要: This paper incorporates rational expectations, full price flexibility, and currency substitution into the usual small-economy model, taking explicit account of inflation abroad. Not only will the steady-state terms of trade be affected by an increase in the rate of monetary expansion when the inflation rate abroad is assumed to be nonzero, but its dynamic path may also be different from the usual case in which inflation abroad is ignored. It has been shown that if the import demands are relatively inelastic, the terms of trade will undershoot their equilibrium value; if the import demands are elastic, the terms of trade will overshoot. The key to these diametrically opposite results is the degree of ultimate deterioration in the terms of trade, which, in turn, turn on the size of the two import demand elasticities.
    關聯: Journal of political economy 97(4), pp.955-964
    DOI: 10.1086/261635
    显示于类别:[財務金融學系暨研究所] 期刊論文


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