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The Fundamental Problem By W A ELTIS
How Best to Deflate the Economy By M FG SCOTT
Some Policy Implications of the Monetary Approach to Balance
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adjustment aggregate analysis appreciation approach assets assumed assumption average balance of payments Bank base bonds British capital cause cent changes compared competitiveness consider constant contraction costs countries current account curve decline demand depends depreciation determined discussed domestic economy effects elasticity equation equilibrium estimates expectations expenditure exports extent factors fall final follows foreign further given gold growth higher implies important income increase industries inflation influence initial interest interest rates investment labour lead less London long run lower manufactures monetary policy monetary targets money supply nominal non-tradeables North Sea oil noted output period position possible pressure price level problems profits question raise rational real exchange rate reduced relative response rise sector shift shocks short significant sterling suggests Table theory trade tradeables Treasury unemployment unit variables wage