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This study analyzes the theory of stabilization policy as it has developed from the trade oriented models of the 1950's to the recent models employing rational expectations. Throughout the study one model is presented with appropriate modifications to take into account international capital...
Persistent link: https://www.econbiz.de/10012477985
This paper examines the desirability of wage indexation in an open economy subject to economic disturbances which change the terms of trade and raise the prices of imported goods. Two indexation rules are considered, the traditional form of indexation to the consumer price index and indexation...
Persistent link: https://www.econbiz.de/10012478059
This study analyzes the theory of stabilization policy as it has developed from the trade oriented models of the 1950's to the recent models employing rational expectations. Throughout the study one model is presented with appropriate modifications to take into account international capital...
Persistent link: https://www.econbiz.de/10013218731
This paper analyzes two simple wage rules that keep employment constant when there are shocks to the prices of imported materials. One rule ties nominal wages to the GNP deflator rather than the consumer price index. The second rule, followed by Japan after the second oil price shock, ties the...
Persistent link: https://www.econbiz.de/10013312509
This paper analyzes two simple wage rules that keep employment constant when there are shocks to the prices of imported materials. One rule ties nominal wages to the GNP deflator rather than the consumer price index. The second rule, followed by Japan after the second oil price shock, ties the...
Persistent link: https://www.econbiz.de/10012477843
This chapter discusses that the modern open economy is not the one found in most macroeconomic textbooks, an economy that occasionally imports Bordeaux wine but which produces most of what it consumes at prices determined domestically. It is rather an economy integrated with those abroad through...
Persistent link: https://www.econbiz.de/10014025000