The authors analyze the impact of three classes of external shocks in open economies, using a rational expectations framework that nests three prototype economies: a neoclassical full-employment benchmark, with intertemporally optimizing consumers and firms an instant clearing of asset, goods, and factor markets; a full-employment case with partly liquidity-constrained consumers and investors; and a Keynesian economy, with liquidity constraints and...
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1994/05/31
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Documento de trabalho sobre pesquisa de políticas
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WPS1300
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1
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1
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2010/07/01
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Dynamic response to external shocks in classical and Keynesian economies
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real exchange rate
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