External Shocks in Classical and Keynesian Economies
Klaus Schmidt-Hebbel · Luis Serven
Jan 1994 · World Bank Publications
Ebook
58
Pages
About this ebook
Transitory and permanent shocks may have opposite effects on the current account. In particular, an increase in foreign transfers or a terms- of- trade windfall, if permanent, can result in a current account deficit. But if temporary, they cause a surplus. Liquidity constraints and wage rigidities tend to amplify the cyclical adjustment to external shocks.
Transitory and permanent shocks may have opposite effects on the current account. In particular, an increase in foreign transfers or a terms- of- trade windfall, if permanent, can result in a current account deficit. But if temporary, they cause a surplus. Liquidity constraints and wage rigiditie...
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