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202251due代写英国economics专业英语essay论文精修 The monetarist approach to the BoP

By August 19, 2022essay代写

202251due代写英国economics专业英语essay论文精修 The monetarist approach to the BoP

202251due代写英国economics专业英语essay论文精修 The monetarist approach to the BoP

本文主要从The monetarist approach分析,由指导留学生论文中心策划组提供。是英文语种、economics研究方向、不需要数据处理的本科课程论文 BA Assignment,不需要盲审(博士或硕士生有这个需要),如有需求请联系本站论文购买中心或者提交相关文章的指导需求。

1. Introduction

In part it reflected growing dissatisfaction with a macroeconomic apparatus whichwas still dominated by Keynesian thinking and which was perceived to have failed to provide asatisfactory explanation for current problems. However, it also represented a change in thinkingabout macroeconomic phenomena which in many respects returned to the classical tradition ineconomic thought.The traditional approach [examined in the last two lectures] was based upon a macroeconomicframework which focused primarily on the short-run, where an economy need not gravitateautomatically to full employment, where both fixed exchange rates and sticky prices typicallyprevailed, and (except in the Mundell case) relatively little consideration was given to the analysis ofinternational capital movements. The BoP would, therefore, be brought back into equilibriumthrough a combination of automatic adjustment mechanisms based upon a synthesis of theelasticities approach and the absorption approach, together with a judicious selection of demandmanagement policies by the authorities.Monetarists, by contrast, concentrate more upon long-run problems. They tend to assume aneconomy which displays an in-built tendency towards full employment, price flexibility (including insome cases flexible exchange rates), and stress the importance of short-term international capitalmarkets for BoP analysis. Payments adjustment is seen through income or relative price changes,and policy would tend to reflect a more laissez-faire attitude on behalf of the authorities., not all recent developments in BoP theory have been due to economists who might callthemselves monetarists, and it is as misleading to talk about the ‘monetarist model’ as it is to depictthe traditional synthesis as a monolithic representation of Keynesianism. Nonetheless, there arecertain key ideas associated with the monetarists revival which have an important bearing upon BoPtheory.Although the traditional approach did not ignore the role of money, since this was represented bythe LM side of the analysis, monetarist believe that money should be the central focus of attentionin BoP theory. Instead of looking narrowly at the current account, monetarists want to look at theBoP as a whole in terms of an inflow or outflow of money. If you want to understand the BoP, theyargue, the best place to start is in the money market to see if there is any imbalance between supplyand demand.

2. The monetarist perspective3. The monetarist adjustment mechanism4. Monetarist policies5. Appraisal

References(1) Williamson, J. & Milner, C., The World Economy, pp.185-188, 207-216, 219-240(2) Chrystal, K.A., Controversies in Macroeconomics, pp.92-99(3) Kindleberger, C & Lindert, P., International Economics, chapter 17(4) Winters, L. Alan., International Economics, chapter 20(5) Söderston, B., International Economics, chapter 26(6) Thirlwall, A.P., Balance of Payments Theory, chapter 5(7) Frenkel, J & Johnson, H., The Monetary Approach to the Balance of Payments.您可能对指导英语论文感兴趣,请登录


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