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THE QUANTITY THEORY IN A CLOSED ECONOMY
THE QUANTITYTHEORY MODEL EXTENDED TO AN OPEN ECONOMY
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50 units A's elasticity A's terms adjustment mechanism analysis balance-of-payments deficit completely specialized Coun Country B's demand for A-good demand for imports demand for money depending Devaluation in Country devaluing country distribution of gold Economic elasticity of demand equal equation 9 equations 4a equi equilibrium distribution equilibrium gold stock equilibrium value excess demand excess supply exchange rate Exchange-Rate export Foreign Exchange Fritz Machlup gain gold gold movement gold standard gold-stock multiplier increase inflation International Finance Section International Monetary Jacob Viner June less line in quadrant lose gold Marcus Fleming money in Country money stock money supply open economy paying country price level price of B-good price of gold proportion quantity theory rate of interest Raymond F real net income real output receiving country reduced relative price rise Robert Triffin Sir Roy Harrod stability supply of money terms of trade unchanged units of A-good