Notes on Intertemporal Trade in Goods and Money
AbstractOver the past decade, open economy macroeconomics has been broadened to encompass international lending and it has been deepened by microeconomic approaches to the role of money and the determinants of intertemporal resource allocation. The present paper offers a highly simplified model of trade in goods and money to explore the determinants of real interest rates and the price level in the world economy. The purpose of the paper is to set out the absolutely simplest model of the world economy where money and debt are held and traded so as to create foundations for the ambitious questions of welfare economics or risk that are now increasingly attracting attention.
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Bibliographic InfoArticle provided by Universidad del CEMA in its journal Journal of Applied Economics.
Volume (Year): I (1998)
Issue (Month): (November)
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- Giancarlo Corsetti & Paolo Pesenti, 1997.
"Welfare and Macroeconomic Interdependence,"
NBER Working Papers
6307, National Bureau of Economic Research, Inc.
- Rudiger Dornbusch, 1983.
"Real Interest Rates, Home Goods, and Optimal External Borrowing,"
NBER Working Papers
0779, National Bureau of Economic Research, Inc.
- Dornbusch, Rudiger, 1983. "Real Interest Rates, Home Goods, and Optimal External Borrowing," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 141-53, February.
- Svensson, Lars E O & Razin, Assaf, 1983. "The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 97-125, February.
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