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The effects of monetary and fiscal policy for a small open economy with flexible exchange rates.

机译：货币和财政政策对具有灵活汇率的小型开放经济的影响。

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The conventional view of the impact of monetary and fiscal policies on output for a small open economy with flexible exchange rates and capital mobility are derived from the papers of Mundell and Fleming (1960's). Some more recent models by Casas, Argy and Salop, and Sachs in the seventies and eighties have added new elements to the traditional Mundell-Fleming framework such as a labor market with a wage indexation structure, and the distinction between producer prices and consumer prices. In these newer models, in situations where real wages are fixed, the traditional Mundell-Fleming result of monetary policy being effective and fiscal policy being ineffective is reversed.;This dissertation has two primary tasks. One is to determine which countries of the world fit the common assumptions of these models since the Bretton Woods breakdown, and hence could be empirically estimated. Somewhat a surprise, the only country found to be totally applicable is found to be Canada during this flexible exchange rate period. The second task is to empirically estimate a discrete time version of a model similar to that used by Sachs. This is performed with inconclusive empirical results for Canada using quarterly data. Because of the nature of the estimation, it is suggested that estimation with annual data be performed when that becomes possible.

机译：货币和财政政策对具有灵活汇率和资本流动性的小型开放经济体产出的影响的传统观点源自蒙代尔和弗莱明（1960年代）的论文。 Casas，Argy和Salop和Sachs在70年代和80年代的一些最新模型为传统的Mundell-Fleming框架添加了新元素，例如具有工资指数结构的劳动力市场，以及生产者价格和消费者价格之间的区别。在这些较新的模型中，在固定实际工资的情况下，货币政策有效和财政政策无效的传统蒙代夫-弗莱明结果是相反的。一种是确定自布雷顿森林体系崩溃以来，世界上哪些国家符合这些模型的共同假设，因此可以凭经验进行估算。令人惊讶的是，在这个灵活的汇率时期内，发现唯一完全适用的国家是加拿大。第二项任务是根据经验估算与Sachs使用的模型类似的离散时间版本。使用季度数据得出的加拿大经验性结论尚无定论。由于估算的性质，建议在可能时使用年度数据进行估算。

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作者
Reuben, Steven A.;
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作者单位

University of Illinois at Urbana-Champaign.;

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授予单位 University of Illinois at Urbana-Champaign.;
学科 Economics General.;Political Science International Law and Relations.
学位 Ph.D.
年度 1988
页码 120 p.
总页数 120
原文格式 PDF
正文语种 eng
中图分类
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The effects of monetary and fiscal policy for a small open economy with flexible exchange rates.

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