Flexible Exchange Rates and Employment Policy |
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Page 509
... employment that grew out of the Great Depression was not long in influencing ... employment and output , has now hardened into a dogma and filtered down into ... level of employment in an economy whose exchange rate is substantially free ...
... employment that grew out of the Great Depression was not long in influencing ... employment and output , has now hardened into a dogma and filtered down into ... level of employment in an economy whose exchange rate is substantially free ...
Page 510
... employment . These assumptions have the advantage of reducing the system to two equilibrium conditions in two variables , the level of output ( correlated with the level of employment ) and the exchange rate ( defined as the price of ...
... employment . These assumptions have the advantage of reducing the system to two equilibrium conditions in two variables , the level of output ( correlated with the level of employment ) and the exchange rate ( defined as the price of ...
Page 512
... level of output will be moving in the directions indicated by the arrows in each quadrant from any of the points , A ... employment and output . III . FISCAL POLICY AND EMPLOYMENT I shall define fiscal policy as a budget deficit ...
... level of output will be moving in the directions indicated by the arrows in each quadrant from any of the points , A ... employment and output . III . FISCAL POLICY AND EMPLOYMENT I shall define fiscal policy as a budget deficit ...
Common terms and phrases
assume balance of payments capital movements central bank changes commercial policy creates an excess depreciation dynamic system effective under flexible effects of fiscal eliminated employment and output equilibrium exceed the slope excess demand excess supply exchange rate-output complex exports F X FIGURE FF schedule fiscal policy fixed exchange rates flexible exchange rates foreign balance schedule foreign exchange foreign trade multiplier foreign-balance schedule improve employment income expansion increase employment increase in income increase in output increased investment interest rate internal balance schedule internal-balance schedule Keynesian Laursen-and-Metzler leakage through foreign level of employment level of output locus of exchange ment monetary policy multiplier effect Policy on Employment positive slope price of foreign quadrants RATE X F reduce capital imports situation in Figure slope of FF slope of XX spending on home STABILITY CONDITIONS terms of trade Theory of Employment XX curve XX exceed XX line XX schedule θα ах