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Output and Unanticipated Money in the Dependent Economy Model

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  • Peter J. Montiel

    (International Monetary Fund)

Abstract

This paper builds a "new classical" model for a fixed-exchange rate economy based on the dependent economy framework, which has proved particularly fruitful for the analysis of macroeconomic issues in developing countries. The implied reduced-form output equations are quite different from their closed, one-sector counterparts. In particular, anticipated policy changes have real effects in this model, though these effects differ from those of unanticipated changes. These equations are estimated for Mexico for the fixed exchange-rate period 1953-75. The results cast some doubts on the relevance of new classical analysis for Mexico during this period.

Suggested Citation

  • Peter J. Montiel, 1987. "Output and Unanticipated Money in the Dependent Economy Model," IMF Staff Papers, Palgrave Macmillan, vol. 34(2), pages 228-259, June.
    • Handle: RePEc:pal:imfstp:v:34:y:1987:i:2:p:228-259
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    Cited by:

    1. Dr.Godwin Chukwudum Nwaobi, 2004. "Money And Output Interraction In Nigeria," Macroeconomics 0405012, University Library of Munich, Germany.
    2. Zijp, R. van, 1990. "New classical monetary business cycle theory," Serie Research Memoranda 0058, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.

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