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Anticipated Real Exchange Rate Changes
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aggregate demand anticipated rate anticipated real depreciation anticipated real exchange appreciation and anticipated assume AX/X capital accumulation capital stock effect Chile and Uruguay closed capital account content of capital content of investment contractionary cost of capital degree of capital desired capital stock Devaluation disinflation dynamics of investment Economic equation ex-ante real interest exchange rate changes expectations of real Figure flight into foreign foreign assets Hence high capital mobility high import content IMF Staff Papers impact increase initial jump instant instantaneous probability jump in Q late seventies long run capital low capital mobility Macroeconomic Adjustment nominal exchange rate optimal capital stock perfect capital mobility private investment profits Q and investment rate in terms rate of depreciation rate of real Rational Expectations real cost real exchange rate real interest rate real output run capital stock terms of capital Tobin's Q transitory real appreciation user cost World Bank zero