Most industrial countries have recently found inflation to be more intractable than had generally been anticipated, and conviction has been growing that the authorities will have to supplement financial policies with more direct restraint on rises in wages and prices. Hence, the current interest...

This paper focuses on the current account as an indicator of the need for adjustment, its role in the adjustment process, and the implications of possible inconsistencies in countries' desired current account for exchange rate surveillance. Fundamentally, the current account is the difference...

Dans cette étude, l'auteur s'efforce de résumer et d'analyser les conclusions des travaux empiriques effectués récemment sur les mouvements de capitaux à long terme, s'attaquant d'abord aux investissements directs à l'étranger et ensuite aux mouvements des placements à long terme en...

From the mid-1950s to the late 1960s, the record of prices and unemployment in the United States supports the notion of a trade-off between unemployment and inflation, and econometric models based on this notion have accordingly performed reasonably well in tracing the fluctuations of prices in...

On affirme souvent que de faibles modifications des taux de change ont généralement des effets négligeables sur la balance commerciale. Il est difficile de soutenir cette thèse en se fondant sur la théorie, et il est probable que la question ne pourrait être tranchée qu'en utilisant la...

This paper develops a model of inflation against the background of the recent literature. The model allows for a number of systematic determinants of the inflation process. These determinants include (i) inflationary expectations, (ii) changes in money, as regards their role in expectations,...

This paper explores the cumulative monthly response of export and import unit values to exchange rate changes and the corresponding terms of trade effect on the trade balance. Results from the estimation of export and import unit value equations over the period January 1973 through April 1978...

L'auteur analyse les relations entre le chômage et l'inflation dans douze pays industriels: Allemagne, Autriche, Belgique, Canada, Danemark, Etats-Unis, France, Italie, Japon, Pays-Bas, Royaume-Uni et Suède. Il adopte, pour cela, l'hypothèse, formulée par Phillips, d'une liaison entre les...