The Effects of exchange rate adjustments: the proceedings of a conference sponsored by OASIA Research, Department of the Treasury, April 4 and 5, 1974
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Preface _________________________________________________ _
A Note on the Monetary Approach to the Balance
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aggregate analysis assets assumed assumption balance of payments billion capital account capital ﬂows central banks coefficient commodity costs country’s current account deﬁcit deﬁned depreciation devaluation devaluing country direct investment dollar prices domestic prices Economic effects of exchange-rate elasticities equation equilibrium estimated exchange rate changes exchange-rate changes expected export prices Federal Reserve System ﬁnd ﬁnished manufactures ﬁrm ﬁrst ﬁxed ﬂexible foreign currency impact imports and exports imports of ﬁnished income increase industrial inﬂation inﬂationary inﬂows inﬂuence interest rates International investors Japan Kwack Laffer long-run monetarist monetary approach money supply nontraded numeraire outﬂows output paper period portfolio pound proﬁts realignment reﬂect regression relative prices sector shift short run signiﬁcant Smithsonian Agreement speciﬁcation steel trade balance U.S. dollars U.S. imports U.S. money U.S. securities U.S. trade unit values United Kingdom variables wealth effects wealth-holders weighted average Willett