Titlebook: Open Economy Macrodynamics; An Integrated Disequ Toichiro Asada,Carl Chiarella,Reiner Franke Book 2003 Springer-Verlag Berlin Heidelberg 20

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Classical Two-Country Dynamics: Pure Price Adjustments?odities), with fully employed resources in both countries and with the specie flow mechanism to which international trade necessarily gives rise under the rules of the gold standard. This mechanism represents the most basic possibility for integrating international capital flows into a consistent re

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Exchange Rate Volatilitywhere quantities rather than prices adjusted in order to clear the markets for the domestically produced and the foreign good. The flexprice approach may be considered the earliest in the study of international trade and balance of payments adjustments, while the Keynesian international multiplier a

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KMG Model Building: The Baseline Case of a ‘Closed’ US-Economys, implying in particular over- or underutilized labor as well as capital in the evolution of the economy and a resulting real wage dynamics that allows for a variety of stability scenarios with respect to the role of income distribution.. We thus depart significantly from the conventional IS-LM-PC

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Small Open KMG Economies: Australia and the Murphy modeluilibrium both in the labor and in the goods market. We integrate the real dynamics of Goodwin and Rose type employment cycles, an inflationary dynamics of Tobin (1975) type, Metzlerian inventory dynamics — as introduced in Chiarella and Flaschel (2000a, ch.6) — now with Dornbusch’s exchange rate dy

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Global Stability: Subsystem Approachesrameters are — broadly speaking — sufficiently small and shocks out of the balanced growth position not too large such that the economy is pushed out of its stability basin. However, the size of the parameters and the shocks that will allow for such outcomes is not really known and can basically onl

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