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The International Division of Labor
Money Prices and Exchange Rates
The Monetary Approach
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adjustment process analysis arbitrage assumed assumption bonds borrowing capital flows capital outflow capital-goods prices cash balances central bank chapter commodity consequence consumption covered interest arbitrage currency decline depends deposits depreciation determined devaluation discussion dollar domestic dynamic economy elasticity approach England English equal equations equilibrium escudo Eurodollar Eurodollar market Euromarket exchange-rate exogenous exports factors figure fixed exchange rates fixed rates floating exchange rates floating rates fluctuations foreign assets foreign-exchange forward market function given gold import demand income increase inflation initial interest parity interest rates international asset lending liquidity long-run monetary approach monetary expansion monetary policy money supply offer curve open-market output overshooting pegged portfolio Portugal Portugal's Portuguese price level purchases purchasing-power parity real balances reduced relative prices result rise risk shift speculation spot stability sterling sterling price stocks Swiss Swiss francs terms of trade tion trade balance transaction costs wealth wine